To the Point
Ford, Chrysler and General Motors: With Hats in Hand
The Big Three are launching a big push for a Washington bailout. If Democrats and Republicans can't resolve their differences, will the auto industry still be in business when the White House changes hands? Also the Treasury Secretary tells Congress the bailout is making progress, and a giant oil tanker has been captured by pirates under the noses of the world's most powerful navies.
By Warren Olney • • 1h 0m ListenThe Big Three are launching a big push for a Washington bailout. If Democrats and Republicans can't resolve their differences, will the auto industry still be in business when the White House changes hands? Also Treasury Secretary Hank Paulson tells the Congress the bailout is making progress, and warships from the US and other navies couldn't prevent the biggest haul yet by pirates off the Horn of Africa.
Banner iamge: (L-R) Chrysler Group CEO Tom LaSorda, Ford Motor Company CEO Alan Mulally, General Motors CEO Rick Wagoner and UAW President Ron Gettelfinger participate in the Senate Democrats Manufacturing Summit on Capitol Hill last year. Photo: Chip Somodevilla/Getty Images
In this episode
3 storiesPaulson Tells Congress the Bailout is Making Progress
The $700 billion bailout was known as TARP , the Troubled Assets Relief Program. It's gone from buying the troubled assets of banks to buying part of the banks themselves. On Capitol Hill today, Treasury Henry Paulson said he's required to adjust to changing circumstances.
Read the story34 minWill Congress Save Detroit?
The CEO's of the Big Three are putting the pressure on Democrats and Republicans. GMAC is running full-page newspaper ads headlining "The Auto Industry Matters" and warning about the ripple effects if plants close and laid off workers can't feed their families or pay taxes.
Read the story34 minSomali Pirates Hijack Oil Tanker in Brazen Raid
After Somalia pirates seized a Ukrainian ship loaded with weapons, the US, Russia and the European Union all sent warships to patrol the Indian Ocean. That was in September. Now, a much larger ship has been taken, much further off shore.
Read the story9 min
