Failure of Big 3 would be disaster, Rep. Frank says
9:47a ET December 5, 2008 (MarketWatch)
WASHINGTON (MarketWatch) -- The failure of any of the Big 3 automakers would be an "unmitigated disaster" in the midst of a recession, said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. Speaking at the beginning of the second day of hearings on the automakers' request for $34 billion in loans, Frank said bankruptcy of General Motors , Ford or Chrysler would worsen the credit crisis on Wall Street. Rep. Spencer Bachus, R-Ala., the top Republican on the panel, said he agrees the loss of any of the companies would be detrimental to the economy, but said he would support a tough restructuring program, not a bailout that would only delay the day of reckoning.
wonder how many shares he owns? or maybe he has a homo lover in management like he had with Freddy Mac |
