To consumers. And then it deceived the United States government. Ive already spoken on the floor about section 612 of the agreement that g. M. Signed that indicated there were no material adverse facts at the time that it was bailed out, 2009, as part of a reorganization. That deception is bad enough. But what happened as a result of that reorganization was a shield from liability, a form of immunity against legal accountability that was granted only because g. M. Failed to disclose to the United States and to the Bankruptcy Court that at that might well be liable and in fact was responsible for these defective vehicles. That shield from liability still bedevils the victims of injuries, death, and economic damage as they seek to hold g. M. Accountable, because g. M. Itself is invoking that shield in courts today aren around the cy and seeking to dismiss actions brought against it, seeking to return them to the Bankruptcy Court where the black hole of discharge will prevent recovery. I
Jon a car gal, an auto dame, a jel loppy broad. [ laughter ] never has an outgoing ceo promoted change while so perfectly demonstratinging so much further they industrial to go. Have to go but for this horseless carriaged tomato, its looked like nothing but open road. We have a warning for you tonight. Gm is recalling nearly 780,000 older model compact cars. The cars in question Chevrolet Cobalt and pontiac g5s. Jon its a speed bump a recall. Happens all the time. What are are we talking about overdpliewd decals . Vanity light bulb brightness issue . Objects in mirror are the actual distance away that they appear to be . What have you got . Gm admitted the ignition switch on more that two dozen vehicles may move to the off or accessory position shutting off the engine, disablinging power steering, power brakes, the seatbelts and the airbags. [laughter] jon oh, or that. I guess. Or for no reason your car may perhaps form to an uncontrollable 2500 power dead metallic blue cannon ball, sa
Absolutely. Damian paletta and james tankersley, thank you both for being with us today. Thank you. [captioning performed by national captioning institute] [captions Copyright National cable satellite corp. 2014] like hsbcake a case that got a 1. 9 billion settlement levied at them a year ago. Of the deferred prosecution theyment is they admitted have laundered as much as 850 million for a pair of central and south American Drug cartels. We are talking that not only did they commit minor financial infractions, technical infractions, we are talking about an organization that was operating at the top of the eagle narcotics pyramid. Criminal andor surprise. They admitted it. If they did not find the evidence to put those people in jail, that is on them. That is a failure of the regulatory system. Are guilty. D they they are in league with truly dangerous and violent people and helping them out with the worst kind of behavior that a thing can be involved with. Nobody does a single day in j
Earlier the last decade the word came in from birse there wer buyers that there were problems. Consistent reports that the car would shut off. Shut off while moving in traffic. Germ motors didnt redesign the ignition, didnt recall the cars for repairs. Just told drivers not to overload their key chains. Now that the cars have been recalled, the details with the problems of the cobalt and related automobiles are come to go light. Mr. Chairman, i have a copy of the ignition switch assembly for one of these vehicles, this is that. A spring inside the switch, a piece that costs pennies failed. G. M. New about this problem in 2001. They were warned again and again over the next decade but they did nothing. I just want to show how easy it is to turn this key when this switch. Do you swear the testimony youre about to give is the truth, the whole truth and nothing but the truth. Congress demanded answers specifically why did g. M. Take so long to recall 2 million cars when they knew there wer
Isnt working very well is customer feedback. Earlier the last decade the word came in from birse there wer bue were problems. Consistent reports that the car would shut off. Shut off while moving in traffic. Germ motors didnt redesign the ignition, didnt recall the cars for repairs. Just told drivers not to overload their key chains. Now that the cars have been recalled, the details with the problems of the cobalt and related automobiles are come to go light. Mr. Chairman, i have a copy of the ignition switch assembly for one of these vehicles, this is that. A spring inside the switch, a piece that costs pennies failed. G. M. New about this problem in 2001. They were warned again and again over the next decade but they did nothing. I just want to show how easy it is to turn this key when this switch. Do you swear the testimony youre about to give is the truth, the whole truth and nothing but the truth. Congress demanded answers specifically why did g. M. Take so long to recall 2 millio