CNBC's Burnett Downplays Senator's Opposition to Auto Bailout
Representing your constituentsâ€™ interest is simply code for taking an ideological position, according to CNBC â€śStreet Signsâ€ť host Erin Burnett.
Burnett appeared on MSNBCâ€™s â€ś1600 Pennsylvania Avenue,â€ť hosted by David Gregory, to analyze testimony delivered to Congress Dec. 4 by the executives of the big three automakers â€“ Ford (NYSE:F), General Motors (NYSE:GM) and Chrysler (NYSE:DAI).
There had been opposition during the hearing, most notably from Senate Banking Committee ranking Republican Sen. Richard Shelby of
â€śPeople like Richard Shelby from
But Burnettâ€™s view that
â€śA lot of people believe sincerely that the restructuring plans each of your companies have provided to us are not a serious set of plans, that they contain little detail,â€ť
â€śI believe their best option would be some type of Chapter 11 bankruptcy, where they can renegotiate â€“ get rid of the management,â€ť
â€śGeneral Motors Corp. and Chrysler LLC executives are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multibillion-dollar government bailout, said a person familiar with their internal discussions,â€ť James Rowley and Linda Sandler wrote for Bloomberg on Dec. 4.