MSNBC Interview - Transcript

Interview

NORAH O'DONNELL: Now we're joined by New York Congressman Gregory Meeks. He's a Democratic member of the Financial Services Committee.

So here you have the Big Three guys going back in. This time, they're not taking the private planes. One is flying commercial. A couple others are driving to Washington, D.C.

Is that a good start? What do you need to hear from them in order to feel like, okay, we can move forward on a plan.

REP. MEEKS: Well, you know, we've got to make sure that they get it, first, that the day of the golden parachutes and huge executive compensation -- those days have to be over if you accept a loan from the people, with the people's money.

But also we're looking for to make sure that we're not throwing our $25 billion down the drain, that they're going to utilize the money in a fashion that will keep the industry afloat, for many years to go, that they're going to be able to compete with some of the other companies.

MS. O'DONNELL: We've already heard, from a couple of the CEOs, that they're willing to take a dollar in payment, annual salary, from these companies. So there's a start to executive compensation, that they're going to look at those golden parachutes, that they're going to restructure their design and product lines, so that they're offering more fuel-efficient vehicles for the future.

All of that aside, their problems began long before our overall economy began to implode.

REP. MEEKS: Well, they didn't get it. And they thought that they could just be a consumer-driven kind of business, as opposed to looking in the future.

I think that there's room there for all of us have to get it. Number one, the American citizen has to understand that we had better look at a different kind of car that we buy.

But --

MS. O'DONNELL: I mean, how do you go to these guys then and say, this time around, we're going to make sure you're spending the money, the bailout money that we give you, the way that we're telling you to spend it.

I mean, how do you put those sort of rules and regulations on them?

REP. MEEKS: Because we make sure that we set up an oversight group that is now going to watch what they do. And they've got to agree to give us whatever information that we ask for, so that we can make --

MS. O'DONNELL: Do you think the CEOs should step aside?

REP. MEEKS: Well, I think that that's a strong possibility if, in fact, they're not moving, if they don't get it. And I think that's the reason why we gave them till today, to put a plan together that can be reviewed not only by us but by other experts, in the area, other business experts that will have a chance to look at it to see if, in fact, they get it. If they don't get it, then they may have to be removed. Because we can't take the chance of losing another 5 million jobs for hard-working Americans.

MS. O'DONNELL: So we're stuck between and rock and a hard place there.

You told me earlier, the House is going to wait for the Senate to move on this. So we'll wait to see what all the lawmakers in both houses do on this bailout plan for the automakers.

Thank you, Congressman.

REP. MEEKS: Good being with you.

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