Today, CEO Rick Wagoner of General Motors, Alan Mulally of Ford and Robert Nardelli of Chrysler testified at a hearing with the Senate Banking Committee regarding the potential for $25 billion in loans.
Notably, even before the credit crises unfolded, GM had “bet the ranch” on its Volt hybrid car. During the hearing, Mr. Wagoner did not focus on the Volt’s potential and only mentioned that it would be available sometime in the future. Perhaps the bet is not paying off. Hopefully, US taxpayers are not caught holding the bag.