Narrowerthanexpected loss and well talk to Ceo John Chen about it first on cnbc. Cbs outdoor americas ipo capping off what has been a big week for offerings. Cbs Ceo Les Moonves and jeremy male will join us on a first on cnbc. And walmart suing visa for 5 billion over what the retailer deems excessively high credit card swipe fees talk about that. But blackberry did report much narrowerthanexpected quarterly operating loss of eight cents a share and revenue below consensus as smartphone sales fell across all regions. And john chen said they are on sounder footing with a path to returning to growth and profitability. Hell be a guest later on on squawk on the street. I dont know, eight cents, i think the estimate was for a 55 cent loss. Look, there are a lot of people who turned on this company no matter what they say. Now, there is revenue decline and theyre not talking about really great numbers for until fiscal year 16. But do you know what, lets just hand it to the kceo. There were p
Now the testimony of gms Ceo Mary Barra and the attorney who conducted the investigation. The hearing is just under three hours. [inaudible conversations] i now convene this hearing titled the gm ignition switch recall investigation update. Ms. Barra when you were before the committee three months ago, you could not answer many of the questions about why to took gm years to figure out why the air bags were not deploying in your vehicles when they should have. It took years before issuing a safety recall. Now the report is public and it concludes it doesnt appear to be a case of coverup or conspira conspiracy. Instead the failure to recall the vehicles was a case of imco imcomptence and neglect. I still have questions about the whether the employees willingly withheld information that could have led to an earlier recall and prevented some of the tragedies that occurred. The facts surrounding the recall are far more concerning than a coverup. The employees giving the facts and who were t
You mr. Valukas and your team have compiled a report about serious internal shortcomin kuc that General Motors has contributed to the companys failure to report a safety defect in the chevrolet cobalt. I know that mrs. Barra serves with grave concern about the report finding, and i look to her and the gm leadership for establishing more responsible and communicated clufs in gm. We all recognize your report is not an end to the investigation. It does include a number of comments on recommendations which i feel gm should commit to implementing in full. My questions to mrs. Barra today will require simple yes or no answers. Now, to mrs. Barra. We have learned that cobalts ignition switch was redesigned, but it was not given a new part number. This obfuscated the companys certainly investigation. And contributed to a delay in defects and subsequent recalls. Mr. Valukas suggests in his report that gm adopt procedures that include a specific protocol for reviewing authorizations of added spe
Who, again, face a very important condition as to whether i dont know what the risk of whether nhtsa has assessed the risk, with regard to power steering, whether thats significant or not. But a lot of consumers out there, im sure, are wondering whether they should be driving or not. Again, i would encourage them to call the Customer Engagement center and we can talk about the situation. Okay. I yield to the ranking member. I just wanted to ask you, a question, miss barra, since theres a little time here. So you had testified that out of the roughly 2. 6 million of these dollars were recalled, you guys have set 400,000 parts out to your dealers, is that right . Produced and ship. I am sorry . Yes. Yes, roughly. As of monday it looks like only about 177,000 of these vehicles have been repaired. And you had testified a little bit earlier so thats 177,000 vehicles out of 2. 6 million vehicles. And weve talked about this before. Is this one of our big concerns on this committee, is how do
Breakdowns and fundamental misunderstandings that permitted gm engineers not to suspect a safety problem when cobalts were stalling due to a faulty switch. The possibility these problems are pervasive and cultural deeply concerns me. Concerns us all. We learn machine that gm has announced yet another recall. 39th since january. This one is hauntingly similar to the cobalt ignition switch recall. The ignition switch in certain buicks, chevys and cadillacs moves out to the run position moves out of the run position if the key has too much weight on it causing the car to lose power and stall. The model years goes back to the year 2000. Your report tells us about the engineering and legal findings of gm but what it doesnt divulge is weather gm attorneys made conscious decisions during discovery and prevented the truth from coming out sooner and potentially saving lives. That kind of malfeasance should be the crux of a coverup. I want to delve deeper into that issue n find out if that occur