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Senator -- maybe not sure of the Sony hello Latin player had a pair of -- alone great wind gets it about time that I got past that you.
I -- and I got to let GM here and one of the big things coming out say about this issue would GM is the bond holders.
At the bondholders are gonna have to come back to the table and their returns are in jeopardy that's America -- Pension fund -- mutual fund.
What is your -- -- answer.
Well -- said all along that I thought these solutions to GM and Chrysler.
Problems I would -- to go to Chapter Eleven and then get -- -- Financing.
And you would be able to come out of out of there -- trimmed down company with a lot less bloated management a lot less.
Bloated labor force and if they come -- with some good models then they can compete short of that.
I see guess years and years taxpayers' money wasting.
But that's the -- senator telling you not have this discussion on Fox Business that you said that that Chapter Eleven today happened months ago.
What about all the money that the taxpayers now wasted.
On GM and Chrysler.
Well -- raise that issue back in the following you'll recall I believe right we view on this program among others.
I thought it would be wasted in you know you've you've got a have been made you got it.
Given -- -- life support to companies that have already failed let's be honest about it.
And they would already had been -- -- Chapter Eleven where they've blown leads to orderly process it makes me so I think President Obama had given credit.
The fact that he even brought that idea before the American people in a big way the other day.
I think that's the way GM and Chrysler survive if they want to survive.
Senator what did you make of basically the government firing Rick Wagner is the CEO General Motors.
I'll I think that the board should have fired him years ago anybody they've presided over as the CEO of a company they had lost.
Billions and billions of dollars in the best of economic times.
My -- what kind of -- board is that you know -- answerable to stockholders.
See where most a lot of the board leaving now they should have done these years ago.
And now they should look at management and say to labor.
We're going to trim management that gets used the term 40%.
And then we don't -- you 40% and we're going make this company right Bobble company.
This isn't a real quick if we -- you see these companies going to bankruptcy and we have to give them more taxpayer money.
What's your reaction going to be about.
Well I think we will have to provide some financing if they go into Chapter Eleven I think we could -- could furnish.
Some debtor in possession money we would have to keep on going but they.
Once they under Chapter Eleven they honor dressed.
They're going to come out of there and they don't be leaner and they don't be more competitive it's a lot better than us trying to run it from the outside.
Senator what do you say to people that worked for the suppliers of the dealerships.
That they automakers themselves the potentially are gonna lose their job under Chapter Eleven what -- ended -- person.
Well I say they look for another job just like I did before when I got fired from the job when -- very young it was the best thing ever happened to me now.
There will be jobs there will be new companies that come along but you can't depend on one company and you should never depend on the government to prop up -- company.
Senator we say -- television one door closes another girl opens without -- and our business as well.
Senator Richard Shelby Republican -- as -- Ali -- talk to.
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