QUOTEBOX-Auto execs and U.S. lawmakers sound off on bailout idea

Wed Nov 19, 2008 3:44am GMT
 
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(Reuters) - Following are comments by top executives with General Motors Corp, Ford Motor Co and Chrysler LLC, and by U.S. lawmakers about the industry's pleas for federal assistance:

Robert Nardelli, chief executive of Chrysler:

"Without immediate bridge financing support, Chrysler's liquidity could fall below the level necessary to sustain operations in the ordinary course."

"We are willing to provide full financial transparency, and welcome the government as a stakeholder -- including as an equity holder."

"The overall amount and cost of financing the restructuring will be significantly higher in a Chapter 11 process than the working capital bridge we are requesting here today."

"I think the systemic risk would be dramatic across the entire economy," Nardelli said when asked what impact a bankruptcy filing would have on the U.S. economy. "The lenders, the financial institutions would be at total risk relative to being able to recover their investments in this industry .... There would be tremendous impact on the financial institutions."

Alan Mulally, Ford Motor Co chief executive:

"I think the most significant risk would be what would happen to economic development, the GDP growth," Mulally said, when asked by a lawmaker about the impact of an automaker's bankruptcy.

Rick Wagoner, General Motors chief executive:  Continued...

 
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