>> that's a good question so the fund for ken fineberg to manage only covers the first two recalls, whichs about 10% of the defective vehicles. so there is a yes and no answer. this particular client's car was not eligible to go into the fund even though it was recalled for a defective ignition switch. if you have a defective ignition switch and your accident occurred before 2009 and your car was recall but not during the first two recalls, then you are not eligible for the fund and now you cannot file a lawsuit, so it's a double hit. >> does this mean that gm has zero legal liability for the faulty ignition switches before the bankruptcy? >> again, i apologize, but it's a yes and no answer. they have zero liability if your accident occurred pre-'09. what the judge said yesterday is let's say you bought the car after bankruptcy and you would not have bought the car had gm issued a recall and because of the recall you have a [ inaudible ] of value in your resale. those claims survived against new gm and you might recall if you have an old, pre-2009 vehicle, and your accident occurred after

prior to coming to the f.i..a miss fineberg served as chief of staff to the secretary of transportation rngs providing strategic advice and counsel regarding all modes of transportation. now updating us about the major goals and initiatives about the federal railroad administration we'll turn to miss fineberg. please join me in welcoming her. [ applause ] >> good afternoon. it is such a pleasure to be here today with my colleague and friend therese mcmillan. you know in my old role as the chief of staff for secretary fox, i always appreciated the commitment that this organization shares with the administration's goal of making our national transportation network safer, more interconnected, more reliable, and more efficient. to your president your board, your members and staff, thank you for your partnership and support over the years. i'm so honored to be here with you today as there are no greater friends to the department of transportation. now, i'm a pretty frank person so, let me get right to my main points and then let me get to the moderated conversation. today i want to spend our

forward to working with all of you and taking your questions. [ applause ] >> well, thank you, miss fineberg, for your remarks. certainly both of you gave us very inspirational and insightful speeches. but certainly clearly communicated that it's up to all of us to make the future successful. so we're going to take some questions from the floor. but before we do that i'd like to start out just talking about funding and financing. obviously, demand's increasing and funding and financing is becoming more and more challenging. so one strategy to address potential long-term financing involves public-private partnerships. and i'm just curious what you see as some of the great success stories and what advice you might have for those seeking public-private partnerships. >> sure. i'm happy to go. am i -- >> yeah. you're on. >> so i think you're exactly right. public-private partnerships are -- we're seeing increasing numbers of them all the time. i think what secretary fox and the president have both said which i think is really important is that it is part of the answer but it is not the answer. so

the other charge that's going to get attention, they are increasing the cost of the fineberg ignition was supposed to be total of 400 million. it'll now be going up to 550 million. they are taking another charge of $100 million as they increase the cost of that program up to 550. again, gm a miss on the top and the bottom line earning 86 cents per share. don't forget we have cfo chuck stevens first coming up first on cnbc right here on squawk box in 20 minutes. we'll talk about where gm is and the question that's out there for investors, is this as good as it gets? you've already got the catalyst out there in terms of the greater dividend and the stock buybacks that are out there. now the question comes if you're an investor why do you invest in general motors? back to you. >> phil do you think it was a mistake to pursue the dividend? >> i don't, but i do understand in talking with analysts and those who are actively working, their investments with general motors. when you talk with them. the question is looming out there, where's the next catalyst? okay they were focussed edsed on th