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Updated: 5:24 PM Dec 1, 2008
Lawmaker Says Big 3 Chiefs Should Forfeit Jobs
Congressman says executive jobs should be condition of bailout.
Posted: 5:24 PM Dec 1, 2008Reporter: Associated Press |
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The chief executives of the nation's Big Three automakers should give up their jobs, not just their lavish executive pay packages as a condition of $25 billion in proposed federal help to keep the companies operating, U.S. House Majority Whip Jim Clyburn said Monday.
"If I had my way, all three of those guys would be in the unemployment line and I think that ought to be one of the conditions for us doing this," Clyburn, D-S.C., told reporters at a news conference. "They need to be giving up their jobs, not just their packages."
Democratic leaders have demanded blueprints from Chrysler LLC, Ford Motor Co. and General Motors Corp. before they will hold votes on any new federal aid.
Clyburn will be responsible for rounding up the votes needed for any automaker rescue package.
"We need to have new leadership. That's what we would do if we had this kind of failure on a football field. We would be getting a new coach -- sometimes a new athletic director," he said. "We need to clean house with these guys and bring in new people."
He said money for the carmakers should come from the $700 billion already set aside to help Wall Street and banks, and not a separate $25 billion. He also criticized the executives for previously flying on separate private jets to congressional hearings.
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