This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GM, Ford Wrap Up Plea Before Congress

Now it's up to Congress.

The CEOs of the Detroit three automakers appeared before the House Financial Services committee Friday, making their fourth plea for a bailout in less than three weeks. The appearances were likely their last in 2008.

While no consensus on the source or amount of funding emerged, indications were that Congress will come up with some form of funding. "There's a lot more agreement that we should do something," said committee chairman Barney Frank, D-Mass, as the hearing concluded.

"It's fair to say that the jobs report today, this disastrous jobs report, has heightened the interest in doing something," Frank said. "If we are lucky, we will come out with a bill next week that nobody likes, because any bill that everybody likes couldn't pass. There is an understanding that we have to work together (and) there are a lot of ways to do this."

Pressure is mounting. General Motors (GM - Get Report) and Chrysler say they are running out of money, as the financial crisis and lack of credit have spooked potential car buyers.

Chrysler wants $4 billion this month, while GM wants $4 billion this month and $10 billion by the end of the first quarter. Ford (F - Get Report) says it does not have an immediate need for cash, although it is seeking access to a $9 billion line of credit. The total request is $34 billion.

"I don't want to open the paper to see what the markets look like on Monday morning because Congress has gone home" with offering anything, said Columbia University professor Jeffrey Sachs, who testified at the hearing Friday. "It's really important to get this thing done."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
F $15.77 0.00%
GM $35.59 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs