Steve Cohen

I believe that the axiom holds true.

I have got to ask the question, Why? Because their management, unlike their companies' founders, didn't rely on private enterprise and the time-tested American remedy for corporate failure, that being bankruptcy and reorganization.

In America today, remarkable inspiring things still take place, but sadly, they are not taking place through the auto task force or the bankruptcies of General Motors and Chrysler.

The same for African Americans?

General Motors has worked out I believe the situation with the Tort claims, is that correct?

Compare the salaries of General Motors and Chrysler executives with those at Nissan and Toyota for me.

I think that is a matter that we would expect to be discussing.

You don't think that the task force maybe should have some reason to look after the people that are injured in Chrysler, if there are, hopefully there will be none, but if there are----

Why is there a difference?

It is true, and I don't think the union----

I support your bill that would rectify this wrong.

These closures will be devastating. Instead of having a dealership that is easy for consumers to access so that they can purchase cars...

And I intend to explore through the hearings today and tomorrow the treatment of our Nation's automobile dealers.

And it seems to me that significant numbers of automobile dealers have been sacrificed without just cause, without explanation and without any available resource...

We don't want to hurt the auto manufacturers in their restructuring efforts moving forward, but auto dealers are indeed a big part of our local community and the national economy.

At this point I would like to make it clear that I believe that Congress has no interest in running the day-to-day operations of these companies nor does the Obama administration.

And you know, this was foreseeable; many people tried to deny it but at this point, only those who have their heads firmly implanted I guess I will say in the soil, would not dispute the effects of how automobiles contribute to the global…

So when the taxpayers are called upon to bail out the industry to the tune of billions upon tens of billions of dollars, then the taxpayers have a right to regulate how these companies operate...

But exclaiming that bankruptcies require sacrifices from all parties involved does not answer the fundamental question of whether or not parties to these bankruptcies have been treated fairly.

Yet the Congress and the American public were left in the dark as to how the task force, then led by Steven Rattner, reached its conclusion.

One side thinks this is a war on capitalism and the other side thinks it is a surgery to try to protect against Wall Street inflicted suicide on capitalism.

The important thing--it would be one thing if Freddie and Fannie were simply private companies. We are Freddie and Fannie, and the taxpayer will back that.

I think it is up to us to step forward once again and not to give up on this, Mr. Chairman, because I think it is not yet too late to enact this reform and to stem this collapse of the housing market in the United States.

I think it is shameful that the Treasury Department is too busy to deal with the Congress with regard to the collapse of the housing market in America.

What these programs need is not to be replaced by a government program that is mandating modifications.