Earlier in the week, U.S. Representative Darrell Issa (R, Calif.) called for an amendment to a financial reform bill that would bar any company at least five percent owned by the government from lobbying Congress. The measure was shot down Thursday in a 9-13 vote by the financial services conference committee. The requested amendment was clearly aimed at preventing General Motors and Chrysler from spending money to influence our nation's leaders. All but one Democrat voted against the proposed a
The conference room where Chrysler and Fiat worked out Fiat's 35% stake in the Pentastar probably still smells like hors d'oeuvres and bottled water, and already a Congressman is thinking about making Chrysler return its $4 billion dollar bridge loan.
When Congress wants to hand out money, it apparently wants to include everybody. Barney Frank, Chairman of the House Financial Services Committee, is likely to propose a measure that lets automakers tap into the $700 billion vein of rescue dollars that's ostensibly intended for financial institutions, yet is being hungrily eyed by everyone.
Some U.S. policymakers believe that the domestic auto industry needs a multi-billion $hot in the arm, but the sticking point seems to be where to find the funds. Rep. Barney Frank (D-Mass.) is calling for a portion of the financial sector's $700 billion TARP buyout to be apportioned to Detroit, but Treasury Secretary Henry Paulson doesn't like the sound of that at all. Instead, Paulson would like to see the automakers get the $25 billion they've already been promised, and suggests that it be mad