Morici opposes federal bailout of auto industry

Nov 19, 2008 | 01:17 PM | Martyn Chase

Peter Morici, a business professor at the University of Maryland and an analyst well-known in the steel industry, grabbed the national spotlight Tuesday as the only witness opposing the bailout of the Big Three automakers at a high-profile hearing before the Senate Banking Committee.

Morici also provided a bit of comic relief at several points during the lengthy four-hour hearing chaired by Sen. Chris Dodd (D., Conn.).

At the outset, Morici noted that he was the only witness on the panel opposing the auto bailout. The heads of General Motors Corp., Ford Motor Co. and Chrysler LLC, as well as Ron Gettelfinger of the United Auto Workers union, had a different idea. "Let's see .?.?. we have three chief executives and one union leader on one side and one terrapin on the other side," Morici said. "It seems like....

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