mr. feinberg on friday. we think he's an expert in the area, and we want to do what's right, so we thought he was a person with the most expertise to go forward. i would also -- to the previous question, if a perp is not comfortable driving these models, we have loaners free of charge. >> with feinberg on board, does that suggest that gm is going to compensate owners who feel the need that they have to park their car? other than the loaner that you're speaking about? >> again, working with mr. feinberg, there's many aspects that we need to work through with him, and so that will -- that is why he, on his timeline, is saying it's about 60 days. >> the center of auto safety has suggested that they think this defect may have caused over 300 deaths. that's a big difference from the 13 you've acknowledged. why do you think those numbers are so far apart? >> my understanding is there's data sources from the fars data base where it captures a proportion of incidents that occurred in the vehicles in a broader popula

mr. feinberg.feel he has had extensive experience and he will bring his experience and objectivity to assess what are the appropriate next steps because we understand we have civic responsibilities as well as legal responsibilities. >> are you saying the hiring of mr. feinberg indicates gm will give some kind of settlement with those individuals and families whose loved ones lost lives? >> we have just begun to work with mr. feinberg. our first meeting will be on friday and it will take 30 to 60 days to evaluate the situation. decisions, made any we have just started the process. >> does that include people who might have been injured as well. restructuring, did company disclosed what it knew about this ignition switch? by 2009, there is no doubt officials at gm were aware of this problem. was not aware of this issue. i cannot speak to what was disclosed. knowledge, it was not known by the senior leadership of the company. inspect the policy? >> we the good situation is tragic and we are doing a fu

mr. feinberg indicates that gm will give some kind of settlement? >> it will take probably 30-60 days to evaluate the situation. we've not made any decisions. we've just started this process with mr. feinberg. >> and that might include people who have been injured as well. >> we've not made any decisions. >> jon: we don't know what he will say. maybe our lawyer will recommend we dangle money in front of people and not give them anymore or maybe the families owe us money. we have to wait and see. this is up to now the pleasant cruise of a story encounters a problem and careens into a ditch. why would gm have the ability to in any way wait and see how they feel about settling the cases with the clearly wronged families? how are they not auto matticly liable for damages? >> under the terms of the emergence from federal bankruptcy protection in 2009 the new gm is not liable for claims that happened before july of that year. >> jon: and once again we learned that not only corporations are people they have some sort of weird mutant power that allows them

mr. feinberg brings expertise and objectivity to this effort. have said, i consider this to be an extraordinary event and we are responding to it in an extraordinary way. as i see it, gm has civil responsibilities and legal responsibilities. we are thinking through exactly what those responsibilities are and how to balance them in an appropriate manner. bringing on mr. feinberg is the first step. i will now be happy to answer your questions. thank you. >> thank you, miss barra. i want to acknowledge the families here today know we are aware and sympathies from all the committee. one, miss ruddy from stranton, pennsylvania, we offer chicago to the family but we have all o. miss barra, our committee reviewed 200,000 documents. what we found is as soon as cobalt hit the road in 2004 drivers began to immediately complain to general motors that the cars ignition systems didn't work properly. you can imagine how frightening it is where suddenly you lose power steering and brakes. when the switch for the cobalt built in '92, gm knew it didn't meet spec

mr. feinberg have that would work so that the families would get their compensation. >> we hired mr.fienberg released last week. we had our first meeting on friday and it's open right now. he has guided us on what we need to consider. we have civic and legal responsibilities. and we anticipate based on the timeline he has given it will take about 60 days. that's the timeline he told us to prepare for as we explore and look at all the different options. we haven't made any decisions yet. all options are open but i don't have that decision today. >> should they be regardless of the bankruptcy issue? >> that's why we hired mr. fienberg to look at the issue. >> last question. what does gm have to do to regain the american public trust? >> we have to work everyday and i am 100% committed so with my team to make sure that we are putting the safest and highest quality vehicles on the road across the globe and that is what we will work to do. that is what the men and women of general motors want to do. >> senator coats. >> thank you very much. ms. barra correct me if i'm wrong but yesterday

mr. feinberg brings expertise and objectivity to this effort.i have said, i consider this to be an extraordinary event and we are responding to it in an extraordinary way. as i see it, gm has civil responsibilities and legal responsibilities. we are thinking through exactly what those responsibilities are and how to balance them in an appropriate manner. bringing on mr. feinberg is the first step. i would now be happy to answer your questions. thank you. >> thank you, ms. barra. >> nbc capital correspondent kelly o'donnell is back. kelly, ms. barra talking about meeting with the new vp of safety and also talking about bringing on kenneth feinberg, who as she noted viewers may remember from his role in determining post-9/11 compensation, the bp oil spill and the boston marathon bombing. >> he is an enormous name with a great deal of credibility and specious at very difficult work, looking at the lives of victims and assessing a dollar value. that is very hard to do. it's not the kind of thing that makes anybody comfortable, but it looks at things

mr. feinberg or others as to best or worst-case scenario? >> we have been in conversations with him and i believe we will work through him to evaluate the situation. >> has anybody else given you a best or worst-case scenario in the situation? >> there have been a lot of estimates but none specifically to he. >> would those liability issues have negatively impacted the prospects of either a bail out by the federal government or prior to the bail out, the people who were lending you money to keep gm afloat with it's heavy liabilities would not those that have come forward by this problem have had the potential to dissuade private investors or the federal government from giving cash to gm. >> as i look attis, and fix it, then there aren't liabilities and they are contained. we are going to make the change and accept that. >> i don't feel appropriate commenting. >> i appreciate that. >> when this issue first came up the core spending problem resolution tracking report document identified the issue of severity three. i'm referencing back to some

mr. feinberg or others as to best or worst-case scenario? >> we have been in conversations with him and i believe we will work through him to evaluate the situation. >> has anybody else given you a best or worst-case scenario in the situation? >> there have been a lot of estimates but none specifically to he. >> would those liability issues have negatively impacted the prospects of either a bail out by the federal government or prior to the bail out, the people who were lending you money to keep gm afloat with it's heavy liabilities would not those that have come forward by this problem have had the potential to dissuade private investors or the federal government from giving cash to gm. >> as i look attis, and fix it, then there aren't liabilities and they are contained. we are going to make the change and accept that. >> i don't feel appropriate commenting. >> i appreciate that. >> when this issue first came up the core spending problem resolution tracking report document identified the issue of severity three. i'm referencing back to some

mr. feinberg that ms.s just on our show last week, a compensation attorney, very well-known and gm has just hired him. he also worked with the 9/11 victims and the fund disbursements there, as well as the boston marathon bombing. so he knows a thing or two about giving out money to people who have been harmed. for the legal view on all of this, i want to bring back cnn's legal analyst, danny cevallos and paul callan. ms. barra said something like, we're thinking through exactly what those responsibilities are. is it really up to her and her company to think through what those responsibilities are? or if she doesn't think them through to the end, someone is going to think them through for her. >> i thought she was hedging very carefully in her answers about saying, well, we accept responsibility, but what does she mean by that? she doesn't mean she's going to give money to people who had accidents before 2009. remember, the bankruptcy order says any accidents prior to 2009, they're not liable. and i will sa

mr. feinberg. >> reporter: malaysian airlines paid $5,000 to the families of each passenger and that's the beginning. demanding payments of $150,000 to $175,000 each are and relatives can sue on top of that. the first legal action already thrown out, but it won't be the last. >> we have is to know what suits up before we respond. >> raising the difficult question, what is a life worth? jeffrey toobin is cnn legal analyst and former federal prosecutor. obviously general motors and malaysia are two very different stories, very different circumstances. no amount of money can ever bring somebody back, but when it comes to the law what is a life worth? you how do you value a life? >> the sad truth the legal system has a lot of experience with this question, because in every personal injury case where a death has been caused, whether it's a car accident, or an industrial accident of some kind, the question arises, is what -- what was a life worth? and ken feinberg, just hired by gm, probably has more experience on this question than anyone in the world, because he was in charge of dividing up th

mr. feinberg brings expertise and objectivity to this effort. as i have said, i consider this to be an extraordinary event and we are responding to it in an extraordinary way. as i see it, gm has civil responsibilities and legal responsibilities. we are thinking through exactly what those responsibilities are and how to balance them in an appropriate manner. bringing on mr. feinberg is the first step. i would now be happy to answer your questions. thank you. >> thank you, miss barra. i want to acknowledge the families are here and have sympathies, one kelly erin ruddy of pennsylvania is one of those we offer sympathy to the families and we have all of you in our hearts. miss barra, our committee reviewed more than 200,000 pages of documents. what we have found is that as soon as the cobalt hit the road in 2004 drivers began to immediately complain to general motors that the cars ignition systems didn't work properly. you can imagine how frightening it is to drive a car that suddenly you lose the power steering and power brakes. when the switch f

mr. feinberg is highly qualified and very experienced in handling matters such as this. >> reporter: general motors ceo mary barra making the announcement when testifying b congress about the flawed switches. they're blamed for 13 deaths and 31 accidents. it's not an unfamiliar role for feinberg. he made a name for himself 30 years ago, quickly settling a long-running dispute between makers of the defolian agent orange and a quarter of a million vietnam veterans. he's served as the government's pay czar determining compensation paid out to companies. and victims of the aurora, colorado and virginia tech shooters, boston marathon bombings and families of 9/11. during his three years in this role, feinberg's empathetic and practical approach to a seemingly unsolved problem brought him praise. >> he'll have meetings, try to reach out. he does it in a way that's fundamentally therapeutic. he's not someone who uses a mathematical formula. he doesn't attempt complete decision >> reporter: he isn't above reproach as overseer for victims fund for b.p.'s deep water horizon oil spill, the critics krit

mr. feinberg brings expertise and objectivity to this effort. as i have said, i consider this to be an extraordinary event, and we are responding to it in an extraordinary way. as i see it, gm has civil responsibilities, and legal responsibilities. we are thinking through exactly what those responsibilities are, and how do balance them in an appropriate manner. bringing on mr. feinberg is the first step. i would now be happy to answer your questions. thank you. >> thank you, ms. barra. i also want to acknowledge all the families are here today. kelly of scranton, pennsylvania, is one of those that we offer sympathies to their families. we have all of you in our hearts. >> all right, let's run this out in conversation. you just heard mary barra, the ceo of general motors. her mea culpa there in front of this house subcommittee. but really to the american public and specifically to some of these families here in recent years. gm has released the figures 13, 13 deaths because of this faulty ignition switch that ultimately just totally shuts off the

mr. feinberg comes in and doles out money. what is mary barra think she is doing to change it?till has possibility of a really bright future. she came on as ceo in the middle of january. it seems that as soon as she took the reins of this company, she started to act on this important issue. there are a lot of interesting coincidences. until theot come government had exited its stake in the company. this seems to be her first order of business. she wants to get this behind her. an errort make up for that caused the loss of human life. she wants to get it behind her the best she can. she wants to spin it forward. gm said this is the older that made these errors. the new gm is customer oriented. we are not cost oriented and quality and safety are our focus is. >> thank you, matt miller. he will do anything to get into a baseball game. he is going to go see the orioles and the red sox today. something like that. matt miller in washington. important testimony by mary barra. >> date to. the twitterring question of the day to you. do you believe in this bilull market? > ♪ >> good morn

mr. feinberg to help us assessed the situation. >> there is no money involved at this point? >> we have hired him and begin working with him on friday. >> he has not been given ability to compensate vick tip. >> we are going to work with him to determine what the course of action is. >> might that include compensation? >> we haven't made a decision yet. >> we thank you for your time today. gm has cooperated with this investigation. let me make a couple of requests. members will have other questions for you and we hope that you respond to those within a timely manner. we also plan to conduct interviews in the recall part and may be requesting more records will you make those available to us? >> we will absolutely cooperate. >> we would like to be notified when you get your internal report and review that report as well. >> we will notify you. >> thank you very much. >> i thank you ms. barra. you will be dismissed but while this is taking place. we are going to take a five minute break to allow mr. freidman to take his seat and we will reconvene the hearing in five minutes. tha

mr. feinberg, we plan to work with him and understand his expertise.here are civic and legal responsibilities and we want to make sure we are thoughtful and what we do. 2.5 hours ofd questioning yesterday. several things resonated. the difference between old gm and new gm. is presumably new gm. >> i cannot turn back the clock. as soon as i learned, we acted without hesitation. we told the world we had a problem that needed to be fixed. whatever mistakes were made in the past, we will not shirk from our responsibilities now or in the future. today's gm will do the right thing. of congressembers are convinced. >> you responded to a question and told us that you were going to run gm differently than it has been run in the past. before this hearing, an iowa family harmed by another defective gm vehicle gave me this promotional screwdriver set. has a slogan., it "safety comes first at gm." question for you and i think the question these families want to know is what has changed at gm? isn't it true that throughout its corporate history, gm has represented t

mr. feinberg is the first step. i will now be happy to answer your questions. thank you.cknowledgent to that the families are here today. we know we are aware and our we have all of you in our hearts. our committee reviewed more than 200,000 pages of documents. we have found that as soon as the cobalt hit the road in 2004, drivers began to immediately complain to gm about the car's ignition system. is toe how frightening it drive a car that suddenly loses power steering and power brakes. when the cobalt was being built back in 2002, gm knew this which did not meet its specification for pork. am i correct? >> yes. >> they understood the torque measured below its own specifications. there is a difference between a part meeting or not meeting specifications and a part being effective. >> under what scenario is that affecting parts that don't meet gm specs allowable? specificationt a for steel but because of the different suppliers and availability of steel to make products, you will assess the performance, functionality, durability, the aspects of the to livet is necessary u

mr. feinberg late last week. we have our first meeting with mr. feinberg on friday. guided us on the different things that we need to consider. again, as i said, we have civic and legal responsibilities. we are going to work through those. i anticipate based on the timeline he's given us it will take about 60 days. that's the timeline he's told us to plan for. as we explore and look at all the different options we have not made any decisions yet. all options are still open. i don't have a decision to that. >> so do you think that these families should be able to compensated regardless of the bankruptcy issue. >> that's why we hired mr. -- >> you're listening to gm ceo mary barra in her second questions on capitol hill. this time with senate committee. she just said that there could be future recalls as the company sees them. they will issue further recalls and saying that they have scheduled their first meetings with claims executive, an expert ken feinberg, who handled the claim processing for september 11th. >>> we want to get to auto nation chairman and ceo mike j

mr. feinberg is the first that. i would now be happy to answer your questions. thank you. [inaudible conversations] the hearing will come to order. we want to will, our witness sec chairman ms. white thank you to testify before the subcommittee. the sec has a uniquely important job to maintain fair and efficient security markets to encourage capital formation and protect the investment. it is not an easy task but incredible part to keep our economy thriving. fiscal year 2015 the sec is asking 350 million or 26 percent increase over last year funding level. this is an especially large increase for any agency while the sec is funded by fees, i believe congressional oversight over your budget is important task on the commission's activities checklist. what we went from the sec is a securities regulator that is both capable and economical. the sec to argue money will solve all problems of the world but we expect to see results before appropriating additional dollars. the house included bill language fully funding the risk analysis i am anxious to hear how you're using that fun

mr. feinberg to help us assessed the situation. >> there is no money involved at this point? >> we have hired him and begin working with him on friday. >> he has not been given ability to compensate vick tip. >> we are going to work with him to determine what the course of action is. >> might that include compensation? >> we haven't made a decision yet. >> we thank you for your time today. gm has cooperated with this investigation. let me make a couple of requests. members will have other questions for you and we hope that you respond to those within a timely manner. we also plan to conduct interviews in the recall part and may be requesting more records will you make those available to us? >> we will absolutely cooperate. >> we would like to be notified when you get your internal report and review that report as well. >> we will notify you. >> thank you very much. >> i thank you ms. barra. you will be dismissed but while this is taking place. we are going to take a five minute break to allow mr. fr freidman to take his seat and we will reconvene the hearing >> after her test

mr. feinberg is the first step. >> what more can you tell us about what steps they are taking?> well, let's say what they have not yet done. g.m. has not yet established a compensation fund. in part, they don't have to because the legally protected recall that they received a federally guaranteed bankruptcy protection some years ago, so they don't have to establish a compensation fund, but they are being advised by members of congress that they should do it. now, as barra indicated, feinberg he is retained as a consultant. if a compensation fund is established, of course feinberg has the expertise to run it. he has doled out or advised billions of dollars of compensation for victims of 9/11 of the b.p. oil spill, of hurricane katrina, of the shooting victims at -- >> we have had problems and lost randall pinkston for now only satellite wise. >> the n.s.a. confirming it has searched americans calls and emails without wants in a letter to the senate intelligence committee. the director of national intelligence said the nsa used a back door loophole in the law to screen communicat

mr. feinberg, i have a better idea. you keep the money, give me my leg back. how's that?ittle bit of sense, though, of the spirit here, the need to bounce back. and this race today is a part of it. as we said, well underway now. and as we said, so far, so good. back to you. >> interesting to hear the anecdotes from ken feinberg. what a job he has. thanks very much. we'll continue to check back in with you a little later on the show. also throughout the day on cnbc from boston. and the owner of the boston celtics and managing director of bain capital will be on "squawk on the street" later in the show. also henry blodget with us for the next hour. squares future, netflix earnings. no short of topics to discuss with henry. who do you work for? your boss? yourself? your parents? your family? at baird, what matters most to you... matters most to us. as an employee owned firm, our financial advisors have the freedom and resources to realize a plan to fit your family's unique needs. we'll listen. we'll talk. we'll plan. baird. all stations come over to mithis is for real this t