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

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

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

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

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?

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

This is the American taxpayers' one opportunity to participate in the upside.

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.

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

I think that is probably the only valid option.

I believe that what we ought to be doing is saying to the regulatory agencies... that we give them the charge to do it.

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