Auto execs drive away from Congress empty-handed
WASHINGTON (Reuters) - After a tough two days that saw them pitied, lectured and scolded, America's auto bosses drove away from the U.S. Capitol on Friday uncertain what -- if any -- help they will receive to avoid catastrophic collapse.
The CEOs of Detroit's "Big Three" automakers spent hours testifying for lawmakers in their bid to secure $34 billion to keep their struggling companies in business.
Before setting out for home, they were chided like children.
"Please leave. Right now. Go," Democratic Rep. Barney Frank ordered the chief executives of General Motors Corp, Ford Motor Co and Chrysler LLC when they failed to promptly exit as requested after testifying before his panel.
"You can do your socializing outside," barked Frank, of Massachusetts who chairs the House of Representatives Financial Services Committee, as he cleared the way for other witnesses.
Senate Banking Committee Chairman Chris Dodd, a Connecticut Democrat who chaired Thursday's hearing with the auto executives, has said he would try to draft a rescue bill that the Senate could begin to consider on Monday.
It remained unclear where the money would come from, what strings would be attached to it and if the Senate and House would approve it and send such a measure to President George W. Bush to sign into law.
The unceremonious departure of the company leaders brought the curtain down on their second difficult mission to Capitol Hill in two months.
Mocked the first time for arriving in private jets to beg for bailouts, they traveled this time from their Detroit headquarters in hybrid vehicles -- symbols of a hoped-for future for their beleaguered industry.
The CEOs, whose companies have long been among the mightiest in the country, humbly spelled out plans to retool their businesses and reconfigure factories which together employ about 250,000 workers and generate untold more jobs nationwide.
"GM has been an important part of American culture for 100 years, most as the world's leading automaker," said Rick Wagoner, the company's chairman and CEO.
But Wagoner admitted that GM made mistakes and that "forces beyond our control and the credit markets have pushed us to the brink."
It will take money -- lots of it-- to bring them back. GM wants $12 billion in loans, $4 billion of it right now. Chrysler wants a loan of $7 billion. And Ford is asking for a $9 billion credit line -- to be tapped later if needed.
U.S. lawmakers fear that if the auto giants collapse, it would deepen the recession. But many are also reluctant to approve another rescue plan in wake of the $700 billion package they passed for Wall Street that generated plenty of voter backlash in the November 4 congressional elections.
Many also have argued that market forces ought to determine the fate of the auto industry, not government intervention.
By the close of business on Friday, nobody was placing any bets on what would happen next.
"Great discussion," Alan Mulally, Ford's president and CEO, told a reporter outside the Capitol when asked if he expected federal help.
(Editing by Andrew Quinn and Vicki Allen)