The group will include Wall Street financier Steven Rattner and Steelworkers union official Ron Bloom, and will be joined by United Auto Workers (UAW) chief Ron Gettelfinger. They will have to make the tough decision as to whether or not GM and Chrysler deserve more aid so you can bet the two ailing carmakers will be doing their best to impress. A final decision is expected on March 31, reports the Associated Press.
The move also serves as an attempt to end criticism that the task force lacks firsthand knowledge of the industry, however, we doubt just one day in Detroit will help.
At the same time, GOP senators John McCain and Richard Shelby are calling for a Chapter 11 bankruptcy filing for the two ailing Detroit carmakers, and even GM’s own auditors have raised doubts about the firm’s ability to service its debts. Not the stuff an auto task force member wants to hear when deciding on lending almost $40 billion in taxpayer funded aid.
