Smaller Salaries

Published: Wed, 7 Oct 2009

Description: GM CEO Fritz Henderson on White House czar's plan to cut paychecks of top earners at companies that received federal bailouts

Automatically Generated Transcript (may not be 100% accurate)

" Getting tips from countries it was supposed to do it does -- cells in this case from September. Our best estimate of cash for clunkers and -- but 700000 vehicles. And a reasonable portion of them brought forth you know we're basically diverted for use cars. I also wondered what -- whether it it it he would tease people too much and now they've got up Pablo -- and type response that. Unless they're gonna get a significant discount. 4500. You know dollar and -- for clunker -- You know discount on they're not gonna show up."

" It was be good program -- was short. It was successful. In it was over. And you know I think in their four wolf what we're experiencing weeks for its September was. He short ends we think will be short any severe. Impact for the new car portion of -- guy die I don't think it's the Manhattan would have a law lasting impact there are very competitive offers in the marketplace for consumers. I think it's really much more a function of consumer confidence and credit."

" I'm. It'll. That the government to lose lose the Senate's and say who is still calling the shots at GM that you can't make a move. Without the government looking over your shoulder. It is that true. -- wrong. So when you make could call you introduce a model or you're going to have a big campaign. To either announce in the case of Saturn at a bar -- weigh -- on Saturday goes away. You don't have to bounce that off anyone in the White House. -- so and Saturn. Lost a buyer. You didn't. Pass along to anyone in the government that Saturn was gone."

" What they read -- same time we did actually. I mean really did I know that there's this conspiracy theory but it's simply not true."

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to put more fuel in the pipeline of the administration's cash for clunkers program seems to be heading toward the finish line. Senate leaders say they expect to see the checkered flag before leaving for vacation. Senior White House correspondent Major Garrett has an update. After serenading President Obama with a chorus of happy birthday democratic senators emerged from the White House confident the cash for clunkers program. We'll keep on keep an all but conquered the world after a point where we. Before we leave here. The Senate summer clock strikes midnight on Friday then it's a month long recess lawmakers from Michigan who called cash for clunkers and economic life line. Said things look good for the Senate to site and two billion dollars from the deficit financed stimulus bill to keep it all though it looks. Very strong because we're hearing from dealers and consumers all across the country. That this is -- stimulus that is working for the -- top sellers are Japanese models to its Camry corolla and Prius and Honda Civic. The only US model the top -- low is the Ford Focus. The White House says it's satisfied US auto makers account for 47%. Of clunker sales people are making decisions about -- For the First Amendment along the original cash for -- legislation and cash discounts for cars built outside the US. And offered bigger discounts for cars built here than in Mexico or Canada. That language was dropped with White House approval.

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