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 Ave, Caesar, morituri te salutant! - White House Press Briefing by Dana Perino 12/8/08 — Monday, December 08, 2008 —  Q What about this idea of an oversight board? Is the White House okay with that? MS. PERINO: One of our ideas was a financial viability advisor. They gave me an acronym of FVA, if you want to add one to your list. (Laughter.) This is a person who would be named by the President with the authority to negotiate a credible viability plan with automakers seeking assistance. So, for example, if an automaker comes to the government seeking assistance, we will make short-term financing available, providing that the automakers and the stakeholders, like the UAW, agree to negotiate with the advisor in good faith and on a credible plan for long-term viability. Near the end of that short-term period, the FVA will report on whether the automaker is executing a credible plan for long-term viability. And if he or she determines that they are indeed -- and progress is being made in negotiations, then additional assistance could be made available at that time. If the talks, however, are not headed in that direction and if that fails, then the FVA will submit an alternative viability plan that would involve restructuring through Chapter 11, and require automakers to repay the government the amount of their short-term bridge financing. Long-term financing in this case would only be made available subject to the approval of this new advisor. Q So -- and that's different from what they're talking about is an oversight board? MS. PERINO: Not necessarily. Again, we don't know what the legislative language is going to show. I think that the key is advisor, more than one, but an entity that would serve as a viability validator. Q But what you're talking about are conditions for oversight to work, not necessarily if it's this particular person or board or whatever. MS. PERINO: Right. Our idea was one person that would serve as an advisor, somebody appointed by the President. Of course when you're working on a negotiation, you talk to them about their ideas, as well; we'll see what they come back with. But our concern right now is on the process, because we haven't seen the legislation, so we can't give you any more details. Automobile Industry | Congress | Dana Perino | Legislation | Press Briefing | White House Press Corps Labels: Automobile Industry, Congress, Dana Perino, Legislation, Press Briefing, White House Press Corps >> Full Story
Posted by White House Press Corps @ 8:27:00 PM
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