to me he is right, i mean, i know the old gm and the new gm analogy, but a lot of the old guys in chargeerseeing the cobalt line and all the other cars are running the new gm so as of their culpability there we mac absolutely. it's the same people. the people that created this that covered up the defect, they are still at gm-- >> neil: but are they's shielded because of this old versus new pre-bankrupt then rescue company? >> if gm committed fraud and they covered this defect up in fraud will penetrate the bankruptcy shield, but we want to get beyond this. senator-- said today look, we with this bank of the shield, wave the statutes and take responsibility. after all, it's people's lives. we don't know how many there are, but we believe there are hundreds, not the 13 that general motors has said there is. >> neil: it's interesting what the company knew and when did they know it and what would be the smoking gun , is in a memo or an e-mail that says-- because private lawsuits were starting, so you are a lawyer, if the lawsuits is starting in your gathering evidence, so higher up are presu

the new gm stands by correcting the mistakes of the old gm. that is important. >> that's important because when you overpromise and underdeliver you have a problem. but i think that she is a new ceo and the new gm and she has a chance to be a rock star, really. she's taking those aggressive and proactive actions to make sure that they understand why it happens and to make sure that it doesn't happen again. and this individual is in charge of all safety situations and recalls and having direct and quick access communication wise to the gm board and top management. so that is very important. neil: i want wanted to respond to this. gm may have made a business decision not to order this. here is the clip of this gm meagher switch is the main source of the problem. >> gm puts profits over the safety of business. >> objection. >> it made a business decision not to fix this problem and five months later sold that vehicle. >> you can answer. >> that is what happened, yes we want the charge has to stick. gm says that's not what happened. but do you thin

and possible legal defense might be -- well this is the old gm. e rescued this is the new gm. >> neil, i am not a bankruptcy lawyer, you need expert opinion on this. but from my recollection this is not a bankruptcy by gm it was a government takeover, i'm not sure how that alters the equation, it may be the government is liable for those claims. neil: what do you' to find out with these hearing, what took so longer whether during the time of buying out and rescue. -- bailout and rescue, they wanted to keep this hush, that certainly, would not have helped the argument for rescue, right? >> well, remember we have some history with uncom manded acceleration in the toyota cars around that same time, and democratic control house at that . was very quick to jump on the toyota manufacturing and brought their high executive to our committee to testify. neil: i remember well. >> if there was other evidence or other problems we should look at, maybe the numbers not as significant, but still, 13 fatalities is no central matter, the other question -- no small

bankruptcy, even albeit through taxpayer help, and that legally they don't have to, so this is the old gm'she new gm's headache so sorry might just be enough to cover it. what do you think of that? >> ithat? >> i guess it depends on if they want future customers. the way i read it, neil, is this is a huge coverup, and i'm sorry, but mary barry has to be bauved. she's been with the company for 34 years. she's been in almost every part of the company, vice president of engineering, vice president of human resources, vice president of product development. now she comes in and says, oh, my gosh, we made all these mistakes. my question was, you were there. are you trying to say you didn't know about that? i think the whole thing stinks, ne neil. >> what is interesting is the way it's viewed certainly in the investment company, gm is holding up because a lot of investors think it will survive this, but when i see how far these accidents and deaths go back, first it was ten years, now it's back to 2001. first it involved one line of cars, now several. you know, it just seems to get bigger and bigg

they cannot sue the new gm but old gm. >> than they do that.tated spinet did they know about the ignition failure prior to bankruptcy? neil: we are pressed for breaking news. new worries that the sniper attack could be a dry wine -- run we down half years this would go national and how susceptible of our gritted really is. gritted really is. real in the new new york, we don't back down. gritted really is. real we only know one direction: up so we're up early. up late. thinking up game-changing ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com ameriprise asked people a simple question: can you keep your lifestyle in retirement? i don't want to think about the alternative. i don't even know how to answer that. i mean, no one knows how long their money is going to last. i try not to wo

history and talking about a grabrand new st and all of this echos and evokes memory ares of the bad old gm it is a great thing. >> thank you both. >> up next we are on the money. how to survive the worst of the worst. what you need to know when you fly. later tax steps for every stage of life. we have you covered. >>> i thought i must be issue some third world country. >> vice president putting new york's airport in the news. part of a growing list of concerns for the airline industry as the fliers try to navigate weather. sara thank you so much for being here. all in all, is this a good time to be an airline from the business perspective for that. airlines have seen an increase in revenue. especially because of the baggage fees. we're not seeing them go away anytime soon. we were saying this is a good time to buy airline stocks. if you are a consumer and you are traveling on an airline these days, what is that like? >> what we saw is that it is not great news for travellers. there is an uptick for frustration. there were more delays in january than december. so, consumers suffered through

they cannot sue the new gm but old gm. >> than they do that.meditated spinet did they know about the ignition failure prior to bankruptcy? neil: we are pressed for breaking news. new worries that the sniper attack could be a dry wine -- run we down half years this would go national and how susceptible of our gritted really is. gritted really is. real so ally bank really has no hidden fees on savings accounts? gritted really is. real that's right, no hidd fees. it's just that i'm worried about, you know, "hidden things." ok, why's that? well uhhh... surprise!!! um... well, it's true. at ally there are no hidden fees. not one. that's nice. no hidden fees, no worries. ally bank. your money needs an ally. but with less ergy, moodiness, i had to do something. i saw mdoctor. a blood test showed it was low testosterone, not age. we talked about axiron the onlynderarm low t treaent that can restore t vels to normal in about two weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, espe

but the controversy is blurring the line between the old gm and the image the company has been tryingo craft since . >> they are going to look into it, and the meltons are hopeful that the truth will come out. >> in a letter to employees mary barra promised th the internal review about the recall as an untarnished report. they have learned the hard way that it pays to keep drivers safe. 18 automakers issued 184 recalls according to the highway traffic administration. now one could argue the industry is quick to issue recalls to reveto regulator investigation not to mention trial lawyers. matt said general motors is facing a defining moment, what do you mean by that, matt? >> i think it's a question of trust. in light of the bailout gm has an opportunity here to show how it's going to handle these cases in the future. i think that's one of the issues on the table here. as mary barra promised a full and unvarnished report, they need to do that to establish that link of trust. certainly there were people who didn't favor the bailout, people who did, and because they took public money to

distinction that after the bankruptcy, the new gm took over the assets but not the liabilities of the old gm. and as i said, to you previously, because the recall should have been done well before the bankruptcy, gm is in effect being rewarded for not having done the recall during those years before the bankruptcy. gerri: that's right. that's. here is fred upton who leads that house energy and commerce committee. here is what he has to say about this. he is listening in obviously tomorrow. lives were at stake. we'll pinpoint where the system failed we know the red flags are many. those responsible failed to connect the dots. upton sound like he will conduct a very serious inquiry but at the end of the day is this more dog and pony and less about reality. >> so far congress appears to be rather bipartisan on this which is somewhat unusual for congress of recent years, particularly the house of representatives. both republicans and democrats seeming to agree that a recall should have been done earlier. and i hope they will give nhtsa more resources and more authority to compel manufacturers to

she is old school gm. has said a lot of very positive things that we hadn't heard before from heads of companies, heads of car companies. she said something went terribly wrong. we applaud that. she is saying we are going to get to the bottom of this. and she is talking about pulling together a $3 billion fund. bailed out, they got all their liabilities wiped away. that is unconscionable, since they knew there were many problems in preceding years. it is very important they put together a fund, given they got a bailout that gave them liability waivers. an outsideed up investigation, which hopefully has a little more weight than the kind chris christie open. she put a vice president in charge of safety. but i wonder, sally, what you think about what the government knew. and before him steve ran away in there as a representative of the majority ratner --r -- even were in there as a representative of the majority shareholder. it is not just chat on the factory floor. the guy who is running the majority shareh

you go to the old gm for money, not the new gm.ankruptcy attorneys talking to us said this was a special government-managed bankruptcy. that could change the landscape and also, if the bankruptcy court did not know about this problem, it could be is called a fraudulent conveyance according to bankruptcy attorneys which also, jeopardized their protection by bankruptcy law. so, a lot to digest there. we'll stay on it, adam. adam: jeff flock. thank you. cheryl: we're getting more breaking news. go ahead down to the floor of the new york stock exchange. nicole petallides. now we're seeing nu skin, nu skin, nicole, a company obviously in the same space as herbalife. we're getting headlines crossings on nu skin. >> well the fact that both of these companies here were moving to new highs. both were on very high volume. nu skin enterprises is now halted. you can see a little bit of a drop-off right best halt. we were watching new skin now. it is halted in the same sort of business, when you think of health, wellness, and products that go a

if they want to show that they're not the company that they used to--they are not the old gm, that this won't catch us off guard again. >> thank you. in a desperate search for water some drought stricken californian farmers are hiring witches to help them find water. >>> plus from this brick to the modern day smart phone. you're watching real money. keep it right here. ♪ what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system, only from xfinity. tv and internet together like never before. . >> the drought in california has sam farmers calling for a witch doctor, dousing or water witching. it calls for a copper rod or a piece of wood that looks like a wish bone that reacts to body of water. it's a practice dating back centuries brought to america by european settlers. it pays to have

the area by stated that this has been prompted by the need to get rid of the negative image of the old gm and completely revamp the repetition of the company without consideration for costs one point two million buick enclave chevrolet traverse jim ticket idiot and saturn outlook eyes released in the period between two thousand and eight two thousand thirteen haven't well functioning in businessweek which affects the functioning of their backs that may not open the case of an accident. and test. us. six employees at the olympics. it's the only new scientific research institute and charismatic both of us will be no meaningful. the descents and dictated to solve problems of the tracks in the speed of the unicorns to start the second concentrates to see me. a thirsty. it should be noted that more than four hundred another instance of the institute for ecological seedlings grow into adults of the bbc. the timing of its stock. in two thousand and three that the publishers association was reduced to its association with the indictment of the proceeds to tell me that i can to provide our incomes

all this really, evokes memories of a bad old gm. not a good thing. >> thank you both. talking to you. up next we are "on the money." ranking america's airlines, airports. how to survive the worst of the worst. what you need to know when you fly. later, tax tips for every stage >> the real deal, gets up to 750 miles per tank. >> 1,000 fuel reward card. never done that. that's why there has never been a better time to buy a passat. >> took you to la guardia airport in new york, you would think i must be in some third-world country. >> vice president joe biden putting new york's la guardia airport in the news about the infrastructure, part of growing concerns for the airline industry as big fliers try to navigate, weather, competition, and demand. a special correspondent at travel & leisure. thank you for joining us. >> thank you. >> i know we had weather delays this winter. a big issue. all in all. a good time to be an airline from the business perspective. airline business. >> air lanes have seen an increase in revenue because of baggage fees. in the first three months

near a bar at stated that this has been prompted by the need to get rid of the negative image of the old gm and completely revamp the reputation of the company without consideration for costs one point two million buick enclave chevrolet traverse gmc acadia and saturn outlook cars released in the period between two thousand and eight in two thousand thirteen. well functioning ignition switning of their backs that may not opening the case of an accident. in them. day. often. artists sixty four years ago and it is because that might be only in scientific research institute and non charismatic most was when he asked leaning towards. i just sent said it needed to solve problems of its facts and instead of ordinary ones as well as respect and confidence to seeing the scene in a thirsty man it should be noted that more than five hundred km east of the institute for collecting quotes the ringtones might also be the decent achievement of national economy of us in sa. in two thousand and three has extended his publishers association was reduced to its association with the indictment and the competen

at the old gm, people didn't push bad news up the chain.ere is jeff green. >> ever since they emerged from bankruptcy, that is what they are trying to do. change the way they are thinking, speed things up. toyota had to look at the same thing after their recall. there is a lot of bureaucracy in automakers. engineers like to look at data. they like to think about things. they like to study and act once they know all the facts. in this case, it took them too long to know all the facts. we have to figure out why. has tohe top, barra change the culture of the company. in engineering, they just have to change the seats of the corvette. for decades, the interior of the sports cars had a less than stellar reputation. a new team which includes a designer fresh out of grad school promises great things. >> i am matt miller. as you can see, i am slightly terrified but also having the time of my life doing doughnuts in a 450 horsepower corvette stingray. my driver is an engineer behind the car's new critically acclaimed seats. do you like the seats? >>

really wants to put the right foot forward, they need to accept total responsibility, whether it was old gm, it's still gm on the building downtown detroit. >> civil lawsuits have been filed. gm is facing a federal criminal probe. rival toyota faces similar investigation after its huge recall four years ago. it reached a deal with the justice department and agreed to pay 1.2 billion. in gm's case it han said yet if it accepts liability. >> the lawyers will be pressing her not to be as equitable as general motors could be. >> for barra, this test could define her legacy less than 100 days into her tenure as ceo. christine romans, cnn, new york. >> you need to stick with cnn as the story unfolds. >>> two earthquakes in less than 24 hours. is southern california ready for the big one? did you run into traffic? no, just had to stop by the house to grab a few things. you stopped by the house? uh-huh. yea. alright, whenever you get your stuff, run upstairs, get cleaned up for dinner. you leave the house in good shape? yea. yea, of course. ♪ [ sportscaster talking on tv ] last-second field go-- ye

a different whole scenario that takes place but yeah, most of this cost could be absorbed by the old gm and because of that a lot of analysts are not seeing a kind of financial impact on the new gm. the biggest question that the new gm faces is really fine that is it could face from federal regulators. >> host: our phone lines are open. 202-585-3808 for democrats. we also welcome our listeners, joining oust on c-span radio heard coast to coast on xm channel 120. here in the baltimore, washington area, 90.1 fm. donna joins us from york, pennsylvania on the republican line with jeff bennett, joining us from outside of detroit in southfield, michigan. he writes for "the wall street journal." good morning, donna. >> caller: i have a 2007 chevy cobalt. i've been driving it for years. i have good luck with it. i keep that from my car. never had it stalled on me. so, you know, i just got my thing from gm for recall. so, i called them and as soon as the part comes in i'll take it in, have it repaired but as far as i'm concerned i never had trouble with my ignition at all. >> host: donna, did th

driver is a 28-year-old engineer behind the cars new critically acclaimed seats. >> how do you like the seeds? >> unbelievable. they are very supportive. the seeds were at the top of the gmriority list when overhauling the legendary sports car. the old ones were universally criticized for being cheap and flimsy. >> the important thing about a is it's your main communication with the road. you feel everything going on and that is what is communicated and that will help you get the most out of the car. >> one of your main jobs is to be the butt guy? i wouldn't go that far. you have to look at the population that buys the car. have buyers from females up to 90% male so it's a broad range. you want to fine-tune where that seat will be. >> this time around, general motors created the seat drive team comprised of employees of all different shapes and sizes. in a special seat leprechaun additional pressure mapping system have buyers from femalesp to 90% male so it's a broad range. you want to fine-tune where that seat will be. >> this time around, general motors created the seat drive team comprised of employees of all different shapes and sizes. in a special seat leprechaun ad

>> when you look at this story, you have got to keep in mind this all happened at the old gm.-bankruptcy general motors. it was really a different company. this all happened before the u.s. government, before you and i in treasury had a majority stake and sold off. before she was ceo. while she has been at the really all her life, she wants to make a fresh start as ceo, a fresh start as an independent publicly traded company. >> you will be in washington. >> i am. i will leave right now. i want to get down there and get organized. it is a 5 hour drive here from new york city. and i amto talk to you now leaving. >> i am moved. thank you. we will have live coverage of the general motor's ceo testimony. 2:00 p.m. washed in time tuesday afternoon, the special edition, matt miller will be down there as well. thank you. 26 past the hour, bloomberg is on the markets. olivia has the details. quest stocks are rising following dovish comments from janet yellen, who said the labor market has considerable slack left and continue support from the federal reserve. all the indexes are rising

>> with this bankruptcy in 2009 it could be shielded from the depths of the old gm if they could prove that the do gm help to cover up. neil: the old one went bankrupt with the federal rescue so is it a new company? >> if there was fraud involved then that was the one running the company. >> and with that one case which was the 2013 settlement to announce that release why not the exact same data you knowledge jay problem -- a problem? >> is this affecting their survival? >> i don't know how they could not. neil: there saying they're not liable for damages prior >> if we did not like zedillo really have six months to revoke so we have to recover this from 2009 but of course, the bottom line is a fitting is facing a mess now people are wondering if they forgot to tell us anything else. >> with the initial side my argument why this may not be completely devastating is they may not be liable but the fact they could with those in executives or are there a good portion? that changes the game. it could be worse. right now wall street does not see this as a complete meltdown analysts have not

who may have suffered, they really aren't going to have much resource because what was left of the old gmn't have that much money and the new gm is not going to be liable for that. that was part of the restruct e restructuring. it's a very interesting situation. if they knew about this before they filed for bankruptcy and did nothing and yet now it leaves people with very little legal recourse. >> yeah. it's -- how this all comes out. thanks for that, bertha. have a good day. we have more news coming out now from malaysia. this time malaysia airlines ceo says the last data transmission from the plane was around 30 minutes after takeoff. and he says that boeing and rolls-royce did not receive any further data from the missing plane. remember, this after reports in the u.s. papers saying rolls-royce were getting data that suggests the plane flew on for hours. the malaysian ceo saying that is not the case. >>> and the u.s. government is announcing wednesday that it released 500 million barrels of oil from the reserve. the department of energy says this is a test sale to evaluate how the syst

most of this cost could be absorbed the old gm. t of analysts are not seeing a financial impact on the new gm. the biggest question the new gm faces as rhymes it could face from federal regulators. host: republicans, democrats, our phone numbers are -- we also welcome our radio listeners. donna is joining us from pennsylvania. good morning. caller: i have a 2007 chevy cobalt. never had it stalled on me. i just got my thing from gm for the recall. soon as the parts come in, i will take it and have it declared. i've never had trouble with my mission at all. >> did a notice come in e-mail or in the mail? >> i got it in a letter. >> what did it specifically state? collected dated about the ignition. >> did you buy it new or used? >> used. one time, i stopped it and could not get the keys out of it. so i took it to my son's service and it was a shifter. but my call never stalled on me ever. >> thank you for the call. >> yes. i would still say some of these have not stalled. happening across a vast majority. it is just very spotty. i woul

question i think here, jack, is gm going to be able to hide behind the fact this is a new gm, not the old gmdequate protection? >> does gm wan wants to hide bed that? public relations that is a bad idea. taxpayers paid for general motors to be in business right now. for that company to hide behind that to avoid a product liability suit like this seems a very difficult to sell to the public. gerri: it could be devastating financially given the fact according to one source we had three accidents as a result of this thing. i'm sure you saw this same the problem is much more widespread. do you agree with that and financial impact on his company could be huge. >> the financial impact could be huge, but at the same time there is probably not 300 vehicles related to this problem. maybe 300 deaths related to driving the cars over the course of time. per attribute all of them to this ignition problem may be pushing it a bit. gerri: how it' is doing handlina p.r. nightmare and a financial nightmare? >> i think she is getting good advice, but thi is a difficult g to deal with. something building up for

conducted the recall earlier, the earlier time period covers not only the time of the pre-bankruptcy old gm but also the years since the bankruptcy. why was this recall first initiated in february of 2014 rather than a year earlier, two years earlier, let alone 10 years earlier? gerri: good point. lear are some cars being recalled as we said many times. chevy cobalt. pontiac g5. we have a full screen to tell you cars we're talking about. if you own one of these things you need to get to the dealer pronto and ask for this thing to get fixed. i'm sorry, alan, another commentary we had this afternoon from a consumer activist, ralph nader, saying there has been a cover-up here. there needs to be an investigation. do you think there has been a cover-up? >> the preliminary information certainly seems to suggest that general motors should have recalled the car a lot earlier. now why they didn't and who the individuals were who were involved remains to be seen. the national highway traffic safety administration recently sent a very detailed special order to general motors with 107 items on it. esse

this is old gm. it is a legal culture. to put her foot down and say we have to be equitiable. adam: you bring up the oldm. richard wagner, was ceo at the time of this 2000, to 2009 he was forced out because of bankruptcy. shouldn't he be hauled in and make some kind of a statement. or should mary barra throw him under the bus? >> rick wagoner, famously flew a private plane to the bankruptcy hearings in washington. adam: i was there for that. >> this is under his watch. shouldn't throw him under the bus but he has a real problem with congress. he has to let the investigation take its to. when it is -- take its toll. when it is through the facts should speak for themselves and that should be the end of it. adam: would rick wagoner summoned to gm headquarters and 20 million-dollar pension he kept after the bankruptcy and explain what went wrong. >> she has to find out, adam, who did what, when, and most specifically why we didn't recall these cars when we knew that ignition was faulty. he and the executives at the time have a

neil: so with bankruptcy law, they should take claims that this is part of the old gm.ut others argue that they can make good on that they could bankrupt the company. you agree with that, and is not a legitimate fear? >> i don't think it could bankrupt the company. but the consumer groups have written a letter suggesting an alternative, which is that gm set up a 1 billion-dollar fund nk people out of back so that the limits of how much they would allocate, i think that would take care of what they would do and i think the more important issue is i think this company will survive this. but the more important issue is whether or not there's going to be criminal enforcement of the general motors this behavior. and whether or not the people that stop this investigation will have some kind of penalty applied to them. and i think that there will be criminal sanctions here. but no one was put into jail. i think until someone is put into jail in these companies, that they're never going to get the message that they cannot behave this way and harmed the public. neil: good for yo

bankruptcy she had, the immunity shield from 2009, gm went bankrupt in 2009, they're saying this is old gm'sblems. that bankruptcy shield goes away if they find any indication of a cover-up. new gm will be hit with a cascade of lawsuits. already getting hit with lawsuits. cheryl: they will be looking for it. lizzie, thank you. >> yeah, sure. cheryl: we have a deal to tell you about. madison square garden has bought a 50% stake in tribeca enterprises, valuing the company as $45 million. tribeca enterprises was co-founded by robert de niro, runs two international film festivals a two-screen theater and decision that releases movies in digitally and theaters. this brings two entertainment companies looking to expand. big news there. especially for southern manhattan. anyway. >>> news you can use from the friends that you trust. creator of friendster's new venture has the likes of marc andreessen and mark cuban signing up. adam: say good-bye to wichita state, kansas, syracuse, because hum buck. -- bao humbug. upsets that some people call the remaining teams, the bittersweet 16. 16. ♪ [ chainsaw

gm is asserting this was old gm they have no responsibility for what occurred. gm wind up being rewarded for not having conducted recall earlier. remind me after child who kilts his parents and pleads for mercy on the ground he is an orphan. gerri: i have to tell you, the whole thing is very concerning. alan, quickly, what do you think needs to happen next? >> senator markey introduced a bill which i hope becomes law which would require manufacturers to submit a whole lot more information to the agency. i would, and requires the agency to make it public, so that interested parties and public citizen groups can scrutinize the process. i would like to see nhtsa get criminal penalty sanctions. the first time i've seen this was in the recent toyota settlement, $1.2 billion plus a monitor in the corporation. the basis for that was not any statutes nhtsa has but the wire fraud statutes. and i hope that's a great precedent but i would like to see nhtsa get criminal penalty authority and also much higher civil penalty authority. right now the agency's maximum civil penal

don't know if that has been shown conclusively but if it can be, people who before 2009, the old gm customers who were deprived of the opportunity to investigate or be aware of the fact that there was an ignition problem that could get gm on the hook as the judgment creditor and the ability to join in to the bankruptcy proceedings as us and creditors may come back and say you perpetrated a fraud on me. i shouldn't be foreclosed for now seeking my relief because you kept the information purposefully. adam: a lot of possibilities and may bes but gm stock going up because most likely that wouldn't happen in even if it did the amount of recovery for those people would be minimal since the gm responsible for the alleged cover-up no longer exists. >> a lot of possibilities describe the legal system. >> the company doesn't exist for which you would recover. the new company has nothing to do with the old company. how do you ever get money? >> its assets, the assets of the company that created these cars and possibly covered up, all of the personnel are still with the new gm. was restricted and went t

liz: you have covered the auto industry long time, layers of old gm, unbelievably thick. >> you can invite them to the top without spending a couple weeks running around, no doubt about that so this might not have gotten up there but at some point there had to be someone in some sort of position that we need to deal with this now and whether they would bring it to the top and say how do you go about this or handle it themselves that would happen. liz: sergio marchionne knows if one companies in the auto industry another could have the same problems. we saw this with toyota but he made some news on the show reiterating, strengthening his position about when fiat chrysler would go public. >> and i tell you, this guy in contradiction to what you were talking about with rick vander, he knows everything about every piece of the company and today exclusively on fox business network, set oct. first typing my finance people are going apoplectic now that i sit this day but october 1st, mentioned it before. that is when you will trade fiat chrysler automobile stock on the stock exchange, a quick slu

so that, gm is trying to emphasize this is old gm, something that happened in the past while also explainingthe company that emerged from bankruptcy decided, you know, to act the way they did. and gm apologized which is pretty rare and its new c.e.o. has vowed to get to the bottom of it. not something that companies tip clee have to do with a recall. >> ifill: did they stop producing, has it ever happened that they stopped producing models in part because they have a problem they can't fix? >> that probably happened more in the 60ses and '70s. today models have natural lifecycles. and generally speaking, it's far more expensive to build a whole new model than fix one part. >> ifill: you mentioned the new gm c.e.o.. how big a challenge is this for her just getting on the job? >> oh, it's huge. she's only been on the job for less than two months. and you know, this goes to some of the heart of what every person thinks when they buy a new car. is the car safe, are my kid goesing to be safe driving the around. can i trust the company to put my safety ahead of their profits. and so the company is

because of your fraud of even being a judgment creditor and having a shot at some of the assets of the old gm. if i'm representing someone post-2009 that was injured, i say to the new entity, continue to cover this up. they bought the assets of the old entity. the new entity new presumably, it seems like there were a lot of the same people still in charge, still in key positions, they knew or should have known this defect was out there. they continued to perpetuate this concealment, the evidence now suggests, and so i would say that makes them liable. >> what about that, seth? >> well, that is a recognized legal theory but in the world of reality it will be very, very difficult for anybody to be able to provide clear and convincing evidence, the basic legal standard, for purposeful, fraudulent conceal am. >> the government has opened a criminal investigation into this. the senate is looking into it, the house is looking into it. if they can find -- what you're saying then is it's going to be difficult for anybody to prove that there was actual intentional fraud on the part of general motors w

is old gm. there's a new company now and this is why i don't find the story very interesting.t rebranding. sac is changing its name to point 72 management. they're considering where are the path forward is a family office would be easier if it operated with a new name and they plan to hire their own internal regulator to monitor trades and insure -- [laughter] sac capital is moving back to court. >> i have an internal regulator also. are they becoming a family regulator anyway? -- a family business anyway? >> you have the same people, same people, same process, aren't you the same company? >> on the margin at least it's not sac so they will not associated with that. allhey are not attracting the external funds. >> you would think they would figure out who this company is. >> it does not matter. the important part of the story is that steven a cohen made billions of dollars by what means is currently being investigated. it does not matter. he will still have billions of dollars. and those to read. at some point there'll be some kind of smoking gun and with all of the due dilige

they're not liable for accidents prior to july 10 of 2009 which is the date new gm was created out of old gm'suptcy. if that holds true in court, that could drastically limit the liability. >> let me phrase this differently. if the news is going to get worse before it gets better and we continue to see any damage to the stock, is it a buying opportunity fundamentally going forward? do you think the company is in good order? >> for the most part, yes. they have a lot of work to do in their international segment, gmio to continue to turn around. they made a lot of progress in europe cutting their loss by roughly half last year. they still have a lot more economies of scale to realize. they can adopt more common platforms. they just have to get past this recall crisis first. 96% of volume by 2018 would be uncommon platform compared to 29% in 2010. that's a lot of scale. >> pfizer halted. i want to jump in with dave. sit tight. pfizer halted for news pending. we don't know what it is. that's why they call it news pending. we will bring it to you. down 13 cents. to follow up on mandy's excellent qu