Pelosi, Frank Send Un-Valentine to Automakers Ahead of Restructuring Plan Deadline

For executives at Chrysler and GM, “long weekend” may take on a new meaning these next few days. The two companies have until Tuesday to submit their restructuring plans to the federal government. Speaker of the House Nancy Pelosi and Financial Services Committee Chairman Barney Frank sent a little note on Friday reminding the automakers of their assignment. In short: Show us how on earth you represent a good investment for taxpayers.

The letter, released publicly on Speaker Pelosi’s site, includes this tidbit on what’s expected in terms of innovation and efficiency:

A demonstration of your ability to achieve or exceed the fuel efficiency requirements set forth in the Energy Independence and Security Act of 2007, and the emissions standards adopted by California and other states, if they receive Federal approval, and become a long-term global leader in the production of fuel-efficient and advanced technology vehicles.

And then, the signoff:

We trust that your restructuring plan will demonstrate to the world that you are willing to make the tough decisions that modernize your operations, restructure your debt, enhance your competitive status in the global marketplace, and protect American jobs for the future. Thank you for your consideration of this matter.

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