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Geithner may appoint panel rather than car czar on loans

Post Time:Jan 23,2009Classify:Industry NewsView:114

President Barack Obama’s pick for Treasury secretary indicated that he may appoint a “car czar” team to monitor Chrysler LLC and General Motors Corp.’s progress after getting $17.4 billion in rescue loans.

“We are in the process now of putting together a team of people with expertise in manufacturing, in restructurings, who understand how these labor contracts work, so we can give the president the best advice and then come back to you,” Treasury Secretary-nominee Tim Geithner told a Senate panel yesterday.

Executives from both companies have said they would benefit from a quick appointment of an “auto czar” after President Barack Obama’s administration took over responsibility for overseeing the loans Jan. 20. Under the loan program, a progress report must be presented to the Treasury Department by Feb. 17.

Geithner didn’t say how quickly his team would be assembled, according to a Jan. 22 Bloomberg report.

Read about the Big Three loan.

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Source: http://www.glassmagazine.com/news-item/auto/geithner-may-appoint-panel-rather-car-czar-loansAuthor:

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