General Motors chief says ‘sorry’ for tax cash plea
The chief executive of General Motors apologised for asking for US taxpayers' money today as the Big Three of the American auto industry prepared to plead with the US Congress for more than $34bn (€26bn) in loans.
General Motors (GM), Chrysler and Ford were appearing before congressional committees today and tomorrow to ask for federal assistance after both GM and Chrysler said they would not survive beyond the end of the month without the rescue package.
The so-called Big Three submitted separate revised plans for their survival on Tuesday in a bid to convince the panels to call members of the US Congress back to Washington for a special session to vote on the car industry bail-out next week.
It is the second time the senior executives will face the hearings after they failed to convince a sceptical Congress they were worthy of the loans last month.
Today, GM chief executive Rick Wagoner told reporters: ``We're sorry to be asking for this support. We wish the market conditions were better. They're not.''
Chrysler CEO Bob Nardelli said stakes were incredibly high.
Mr Wagoner, Mr Nardelli and Ford CEO Alan Mulally all arrived by car today after they were widely criticised for travelling to the first hearing to ask for more money by private jet.
