CNBC's Burnett Downplays Senator's Opposition to Auto Bailout
Representing your constituents‚Äô interest is simply code for taking an ideological position, according to CNBC ‚ÄúStreet Signs‚ÄĚ host Erin Burnett.
Burnett appeared on MSNBC‚Äôs ‚Äú1600 Pennsylvania Avenue,‚ÄĚ hosted by David Gregory, to analyze testimony delivered to Congress Dec. 4 by the executives of the big three automakers ‚Äď Ford (NYSE:F), General Motors (NYSE:GM) and Chrysler (NYSE:DAI).
There had been opposition during the hearing, most notably from Senate Banking Committee ranking Republican Sen. Richard Shelby of
‚ÄúPeople like Richard Shelby from
But Burnett‚Äôs view that
‚ÄúA lot of people believe sincerely that the restructuring plans each of your companies have provided to us are not a serious set of plans, that they contain little detail,‚ÄĚ
‚ÄúI believe their best option would be some type of Chapter 11 bankruptcy, where they can renegotiate ‚Äď get rid of the management,‚ÄĚ
‚ÄúGeneral Motors Corp. and Chrysler LLC executives are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multibillion-dollar government bailout, said a person familiar with their internal discussions,‚ÄĚ James Rowley and Linda Sandler wrote for Bloomberg on Dec. 4.