Elizabeth Warren

I understand that at the time you purchased your bonds, you paid 43 cents on the dollar for them.

I am simply asking the question if post-petition dollars are being used...

So can you give me an idea, Mr. Borst, about your estimate of capital needs in the near and medium term and how you plan to deal with them?

So you would say neither more nor less intrusive than one would ordinarily see for an investor of this----

It is the expectation of us that we try to take the company public in 2010.

We will have regular reporting responsibilities to the U.S. Treasury on things like cash flow, liquidity, and annual plans.

Thank you very much. Thank you, Mr. Bloom. I appreciate your being here.

After the IPO and the Government has, hopefully, receded from the field here, how will we know if the taxpayers' investment was a success?

Will it be possible to give us some idea of what kinds of metrics are to be in the reports?

Well, I understand your point about wanting to take advantage of the markets if the markets open up more than you had otherwise anticipated.

If the question was unartful, the answer was, nonetheless, responsive.

Treasury's decision to invest in the auto industry through the Automobile Industry Financing Program provided General Motors and Chrysler with approximately $80 billion in financial assistance.

Such a failure would threaten hundreds of thousands of jobs, ranging from the auto industry itself to suppliers, dealers, and small businesses.

Today, we are here in Detroit, Michigan to examine the Treasury's use of TARP funds to support the automotive industry.

The sale itself is not uncommon.

Well, I think, Congressman, this is really the policy choice that Congress should be making, and the legislation is ambiguous on this point.

We issue a public report every 30 days.

We have business working meetings that are not public meetings.

We can hire as many as we need.

When there is a market-based auction, no taxpayer needs to wonder what happened behind closed doors.

Exiting in the fastest possible way in return for getting the lowest cost for the taxpayer may not be ultimately beneficial.

Our financial models are laid out in many, many pages in our report.

I actually think the report says exactly that, that there should be flexibility.

We hit three repeating themes, and that is the need for transparency, the need for accountability, and the need for clearly articulated programs by Treasury.

Our job is to review the current state of financial markets in the financial regulatory system and to report to Congress every 30 days.