US car companies appeal for $25 billion bailout

Описание: (19 Nov 2008) SHOTLIST
POOL
1. Wide of General Motors Corporation Chief Executive Officer (CEO), Rick Wagoner, Chrysler LLC CEO, Bob Nardelli, Ford Motor Company CEO, Alan Mulally and United Auto Workers President, Ron Gettelfinger sitting down
2. Cutaway Wagoner, Nardelli, Mulally, Gettelfinger
3. Close-up of Wagoner
4. SOUNDBITE: (English) Congressman Paul Kanjorski, Democrat from Pennsylvania: ++start of soundbite overlaid by previous shot++
"Maybe I'm dense or something Mr. Wagoner; I don't quite understand what the hell you just told me. Can't you just tell me in absolute terms, how much money do you need to survive. General Motors from today until March 30th."
5. SOUNDBITE (English), Rick Wagoner, General Motors Corporation CEO:
"Congressman it's going to depend on what happens with suppliers and markets.
(Kanjorski: I understand that give me, your worst case scenario.)
Worst case scenario, the amount of money would be significant, we have supplier... of four or five billion dollars every month.
(Kanjorski: Since you anticipate borrowing 15 to 18 billion dollars under this authorisation, if the market doesn't turn around, and the economy doesn't recover by that time, and I think you have to be a wishful thinker to think it will, by March 30th you're out of money. Is that correct?)
The analysis we've done is based on an assumption is that the US markets continues at about the current rate, which is week level. We don't assume a lot of recovery, we hope it won't get worse. On that basis, we would with the amount of funding that proportionately would presumably allocated to us, we think we have a good shot to make it through next year."
6. Cutaway Nardelli speaking
7. SOUNDBITE: (English) Bob Nardelli, Chrysler LLC CEO:
"The overall amount in cost of financing the restructuring would be significantly higher in a chapter 11 process than the working capital bridge that we are requesting here today. And finally, we cannot be confident that we will be able to successfully emerge from bankruptcy."
8. Cutaway Mulally speaking
9. SOUNDBITE: (English) Alan Mulally, Ford Motor Company CEO:
"We at Ford are hopeful that we have enough liquidity but we also must prepare ourselves for the prospect of further deteriorating economic conditions in 2009. In addition, the collapse of one of our competitors would have a severe impact on Ford and our transformation plan. Because a domestic auto industry is highly interdependent. It would also have a devastating ripple effect across the entire US economy."
10. SOUNDBITE: (English) Barney Frank, Chairman, House Financial Services Committee: ++soundbite starts on wide shot, zoom-in to Frank++
"I have been struck, not happily, in the time that we have been discussing this, at what frankly seems to be an inherent cultural bias. There's a double standard here; aid to blue collar employees has been judged by a standard different than white collar employees."
11. Wide shot Senate floor
12. SOUNDBITE:(English), Harry Reid, Senate Majority Leader:
"Congress need do nothing. Treasury can put whatever restrictions they choose on that. So I hope that we can pass legislation to aid the auto industry this next day or two, that if we can't do it here legislatively, I would hope that the Secretary of Treasury would listen loud and clear because they could take this into their own hands and do what I think is appropriate from their perspective."
AP Television
13. White House press secretary Dana Perino walks to pod
14. SOUNDBITE: (English) Dana Perino, White House Press Secretary:
15. Cutaway Perino
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