WASHINGTON, Dec. 4 (UPI) -- U.S. Sen. Christopher Dodd, D-Conn., said he believes Congress may be able to fashion a bailout plan for U.S. automakers based on what he heard Thursday.
"I believe we've got the makings that we can put something together," Dodd said after he adjourned the Senate Banking Committee hearing on government assistance for Detroit's Big Three. "I've got a working situation here and I'm going to try to get something done."
Chief executives of Chrysler, General Motors (NYSE:GM) and Ford, along with the United Auto Workers union president and others, spent nearly six hours answering questions about why the auto industry needs bridge loans to make it through first quarter 2009.
Dodd, chairman of the committee, said after the hearing he believed congressional members agree that some type of assistance is needed and also agree that "we're not going to write a check for any amount of money without serious conditionality."
He chided U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke for not exercising the authority Congress granted them when it approved the $700 billion bailout for U.S. financial markets.
"Their refusal to do anything at all is deeply disturbing," he said.
Referring to UAW President Ron Gettlefinger's stated belief that General Motors would collapse by year's end if it doesn't receive a cash infusion, Dodd said, "I don't think any of us wants to play Russian roulette" with the automakers specifically and the U.S. economy generally.
About four hours into the hearing, protesters interrupted the questioning, chanting, "the bailout is a sellout" before being escorted from the hearing room.
The automakers will testify Friday before the House of Representatives Financial Services Committee.
One-day layoffs total 20,650
NEW YORK, Dec. 4 (UPI) -- One-day job cuts announced by U.S. companies totaled 20,650 Thursday as four industry leaders said they would meet the recession with staff reductions.
Telecommunications giant AT&T announced a 4 percent payroll reduction, amounting to 12,000 jobs lost. DuPont Co. added to the list by announcing 2,500 job cuts. Viacom Inc. said it would shed 7 percent of its workforce, canceling 850 jobs. And Credit Suisse Group said it would cut 5,300 jobs, 11 percent of its worldwide workforce, CNNMoney reported.
The losses come on the heels of Wednesday's corporate cutbacks of 3,000 jobs announced by State Street (NYSE:STT) Corp., Jefferies Group (NYSE:JEF) and The Carlyle Group.
State Street said it would erase 1,600 to 1,800 jobs, CNNMoney said.
The numbers add to an already bleak employment picture. Through first10 months of the year, 1.2 million U.S. jobs have been lost.
"The markets are terrible and we need to adjust accordingly," Carlyle Group spokesman Christopher Ullman said.
"We're making the adjustments to deal with the current realities of the economy," he said.
Threats lead to Indian airport red-alerts
NEW DELHI, Dec. 4 (UPI) -- Some international airports in India are on red-alert after authorities received repeated threatening e-mails, officials said.
Even though security experts said they doubted the authenticity of the e-mail messages, given the deadly terrorist attacks Mumbai last week, airport authorities weren't taking chances, the Voice of America reported.
Security efforts, including closer and repeated luggage inspection, have been increased at airports in New Delhi, Bangalore and Chennai, officials said.
The threatening e-mails sent to media organizations have been traced to a computer relay server in Saudi Arabia, VOA reported. Analysts said they couldn't match the pattern and language of previous credible communications from the group known as Deccan Mujahideen.
Putin expects better U.S. relationship
MOSCOW, Dec. 4 (UPI) -- Prime Minister Vladimir Putin said Thursday that he expects better relations between Russia and the United States when Barack Obama becomes president.
Putin took questions from the public during a three-hour session that was broadcast on radio and television, his first such appearance since he became prime minister, the RIA Novosti news agency reported.
He said Obama appears to be less enthusiastic about a proposed missile defense shield in Poland and the Czech Republic than the Bush administration. Obama has said he would only support the shield if it is shown to be effective.
Putin also said that he does not believe Russia needs permanent military bases in Cuba or Venezuela. He called the recent joint naval maneuvers with Venezuela a success.
President Dmitry Medvedev visited the two countries, meeting with Venezuelan President Hugo Chavez and with Fidel and Raul Castro in Cuba. The U.S. government generally ignored the Russian foray into its backyard.
High court to decide on hearing Obama case
WASHINGTON, Dec. 4 (UPI) -- The U.S. Supreme Court is to consider Friday whether to hear a lawsuit challenging President-elect Barack Obama's U.S. citizenship, court officials said.
The lawsuit, a continuation of a New Jersey case embraced by some opponents of Obama's election, originally sought to stay the election.
Legal experts said it has little chance of succeeding, The Chicago Tribune reported. Records show it to be a part of nationwide efforts to derail Obama's election.
The Obama campaign has maintained that he was born in Hawaii. Hawaiian officials agree.
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