Bailout update
Created: November 12, 2008 03:35 PM    
Modified: November 12, 2008 03:35 PM


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Earlier today, KTBS News Now reported on the plea from the Louisiana UAW to its members to contact lawmakers in an effort to push for a bailout of the auto industry.

Now, U.S. Senator David Vitter of Louisiana is expressing deep concern over news reports of widening bailout measures to other industries. 

Vitter specifically referred to the troubled auto industry.

In a statement Vitter just released, he says, "Of course, the U.S. car companies' deep problems were around way before the present credit and financial crisis.  To have any chance of succeeding, further government help would have to be accompanied by two things: the complete replacement of upper management by a qualified team from the outside, and the cancellation of the companies' huge cost burdens - like certain union obligations - that make them so uncompetitive."

From Sherri Talley, KTBS News Now

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