gm? >> yes. >> you both worked for the old gm. can you tell me what is going to be different in the new gm, even though everybody and the 40 inspectors that connors and butterfield talks abdomen. >> i agree with you. it will be the actions we take. the men and women or general motors, the vast majority come to work and want to do a good job. they heard me talk about the report. they are as deeply troubled as i am. they are taking action. we are create agriculture. i have evidence of it. employees want to do the right thing and produce high quality, safe vehicles. >> i only have a minute. that needs to continue because, i also know how it works on the shop floor. oh, don't talk about that, just do your job. that's what's got gm into this position. you company set up a compensation fund for victims this fall. in recognizing that no amount of money can replace a lovered one or compensate for someone who is terribly injured, how will that fund be. have you announced a total for that? >> we haven't. it's run by ken fineberg who is an ex

gm? >> yes, he's -- >> so you all both worked for the old gm. can you tell me what is going to be different in the new gm, even though everybody and the 40 inspectors that congressman butterfield are gm. you need a culture change and not just verbiage. >> i completely agree with you so it will be the actions we're taking. but i can also tell you the men and women of general motors, the vast majority come to work and want to do a good job. they heard me talk about this report. they are as deeply troubled as i am. they are taking action. we're creating a culture. i have evidence every day where employees are coming forward. they want to do the right thing. they want to provide high-quality safety. >> i only have a minute. and i agree that needs to continue. i also know how it works on the shop floor, oh, don't talk about that, just do your job. that's what got gm into this position. your company set up a compensation fund for victims. and recognizing that no amount of money can replace a loved one or can compensate for someone who is injured. how w

gm? >> yes, he's -- >> so you all both worked for the old gm. can you tell me what is going to be different in the new gm, even though everybody and the 40 inspectors that congressman butterfield are gm. you need a culture change and not just verbiage. >> i completely agree with you so it will be the actions we're taking. but i can also tell you the men and women of general motors, the vast majority come to work and want to do a good job. they heard me talk about this report. they are as deeply troubled as i am. they are taking action. we're creating a culture. i have evidence every day where employees are coming forward. they want to do the right thing. they want to provide high-quality safety. >> i only have a minute. and i agree that needs to continue. i also know how it works on the shop floor, oh, don't talk about that, just do your job. that's what got gm into this position. your company set up a compensation fund for victims. and recognizing that no amount of money can replace a loved one or can compensate for someone who is injured. how w

gm. you both worked for the old gm. can you tell me what is going to be different in the new gm, even though everybody, the 40 inspectors congressman butterfield talked about, are gm? you need a culture change, not just verbiage. >> it will be the actions we are taking, but i can also tell you that the men and women of general motors, the vast majority come to work every day and want to do a good job. they are as deeply troubled as i am, and they are taking action. culture -- iting a have evidence of it every day -- where employees want to produce high-quality, safe vehicles. >> i also know how it works on the shop floor. do not talk about that. just do your job. that is what got gm into this position. you set up compensation for notims, recognizing that amount of money can replace a loved one, can compensate for someone who is terribly injured. how would that fund be administered? have you announced a total for that? >> we have not announced the total. ,t is being run by ken feinberg who is known as an expert in this ar

they -- they keep saying it's the old gm versus the new gm, nonsense. >> the real problem is -- you know, is there really a new gm. the old gm was highbrow, bureaucratic, and guess what it's starting to look like the same thing is true in the new gm. can this company with this high-bound culture -- can it change. there are insiders who have changed cultures. mickael gorbachev comes to mind for for instance. but insiders usually don't know how to change the place. mary bair can.

not in the gm salute? what were these reforms? >> let me be specific on that. gm, without using those phrases, you have a situation where it took a plaintiffs lawyer to do this simple thing of comparing two switches one from 2006 and one from 2090 find out that gm and many -- are two separate switches. no one goes back to revisit previously made decisions so if the decision we have made we don't go back and revisit it to see if there's something else. we have a situation where we have had people within gm that had certain levels of information that was not shared with other individuals and so when the other individuals found that information is for instance in the indiana report officers young report that information was ultimately supplied by third parties outside of gm. gm did not know they have the information on file and in some wisdom public records. you have circumstances where among other things you have the sensitivity to the use of the word saws which might have created for something person that ma

the company maintaining, hey, it is old gm's fault, not the new gm's fault. all of us will continue covering this gm story. david: we'll be watching in fact. going to be watching right now. gerri, thank you very much. see you all tomorrow. gerri: thanks, guys. also coming on today's show. home health care workers. some are damaging background checks and could have criminal records. we'll investigate this dangerous loophole. >>> also football legend dan marino joins a concussion lawsuit against the nfl. we'll have the latest on the case. >>> new way to stop the airlines from losing your luggage. it may also stop thieves. >>> and, we begin tonight with shocking revelations about the general motors recall. a new report says that at least 74 people have been killed in crashes related to the faulty ignition switches. now, that number is higher, much higher than the 13 deaths gm already acknowledged. joining me now to help make sense of this information, car coach, lauren fix. and attorney bob hilyard, who represents families of some of these crash victims. lauren,

does this hurt gm's road to recovery? is now the time to invest in gm? >>> and is it a car or a motorcycle or a combination of both, and who will buy snit it's an elio. 84 miles per gallon on the highway and costs less than $7,000. should big automakers, or even google, be worried about this challenger? we'll have the answer from the founder in a fox business exclusive. "countdown to the closing bell" starts its ingenerals right now. engines right now. ♪ ♪ liz: good afternoon, everybody, i'm liz claman. it is the last hour of trading, a nice rally right now, and if you think what happens across the pond doesn't affect you or your money, clearly as you see the numbers on the bottom of your screen, you're wrong. because the european central bank and what it did today is driving much of the action. today it decided to lower key interest rates to below zero, negative. how does that work? we'll explain as it tries to elbow banks into lending more to stimulate them to start giving out money so that the economies over there grow. now, the euro initially, fascina

when the committee interviewed several gm engineers, they all told us they had no idea of the basis for that specification. and gm has received multiple reports indicating that the placement of the ignition switch in these vehicles could cause a driver's knee to hit the key or the key fob and turn off the switch isn't that right? >> neither of those individuals have been a part of the company as we have done or been involved in all of the extensive testing and validation that we've done specifically with the new product integrity organization. so they're really not in a position to comment. >> but certainly that would raise a concern if your former engineers tip to have concerns over the fix. >> i don't find mr. degorgio credible and i've reviewed the testing done by very seasoned engineers and i'm confident that the right validation has been done of the system in the vehicle. >> i yield back. >> now recognize mr. griffin for five minutes. >> thank you, mr. chairman. ms. barra, we've talked about the compensation trust fund and you have indicated that mr. feinberg will set parameters, b

egregious nature of their conduct. >> the gm victim fund will start processing claims on august 1st and by the end of the year, general motors is hoping the fund will resolve 90%st cases involving people who were killed or injured in defective gm cars. >> phil, i mean this is a -- could be a quagmire. but if anybody can do it, it's ken fineberg. he made a whole career of dealing with the heshg leeian funds. >> he said let me give you examples, general motors is optimistic that when you look at ken fineberg's track record, in the past when he's done this, whether it's with bp or to 9/11, about 90%st cases are very solved this way. that is what general motors is banking on. they would love to clear up most of the case this is way and avoid the uncertainty and cost of going to court. >> collin, what do you by this that? i'm sure you're running numbers and doing analysis on the potential liability for general motors. and ken fineberg sounds like he really wants to be fair about all. this this could really go to court and end up with a lot of money. is that what you

the switch had significant problems that were known to gm. and i want to congratulate of staff of our committee for the amazing work that they did independently to investigate all these issues. in his interview with the committee, mr. degorgio told committee staff that he met with his superiors around february 2002 to inform them that the ignition switch would be delayed. attendees at the meeting included the vehicle's chief engineer, the program engineering manager, and electrical directors. it was clear the switch was getting a lot of attention. so ms. barra, is it your belief that one engineer, mr. degorgio, unilaterally approved a part plagued by problems from the start? >> the basic issue is that the switch that he approved to go into production did not meet the performance requirements. that was the first mistake. >> and it was his alone is this. >> he was the one responsible for it. >> knowledge of the problem is important. t report notes there is no evidence that degeorge i don't told others at gm including engineers on the caldwell pr

in 2002 he warned the entire gm board of directors of safety defects in gm cars concerns he says werected upon. here's more of that exclusive interview. >> my reading of the report without your area of expertise and without your knowledge of the subject matter, i'm just a lay person when i take a look at it, but it seems as if there was one particular engineer who knew or had reason to know there was a problem actually changed the design of a particular part but did so without changing the corresponding part number in an effort, maybe, to hide that which he had done. how are you ever going to be able to weed out that kind of, for lack of a better description, bad apple? >> i'm not sure we're dealing with a bad apple here. i think that what he did was, he repaired the problem he had without admitting that it was a problem. and i actually believe the environment he was in required him to do that. and i don't think -- i'm not sure how much of a bad apple he was as much as he was a person who played along with the game that he was facing. you don't change the part number because if you ch

the attention of his supervisors. more of my exclusive interview with him. he was a gm and in 2002 wrote to the board of directors and warned of what he called safety defects that had come to his attention as the head of the corporate quality audit. they were concerns he says fell on deaf ears. what was your opinion as to why you were getting a, quote, hostile reaction from supervisors with whom you shared your safety concerns? >> well, you have to get into -- i have to get into my opinion here. my feeling was just talking to people that it wasn't particularly the defects that bothered people. it was the fact that if these defects actually existed, it called into question the entire system that was in place. if the entire system that was in place was in question, then there were a lot of people at the top of general motors that had been telling untruths to other people at the top of general motors. we were basically at that time living in a world of everything is wonderful and we have no problems. so the safety defects in and of themselves were pointing to a larger prob

david: sounds wild in the s&p futures pits. gm may have ignored early warnings of the ignition problem that resulted in at least 13 deaths, could this mean there was an institutional cover-up? the man who started the movement for across-the-board car safety regulation thinks so, consumer advocate ralph nader is going to be here in just a moment. liz: can't wait to hear what he says. the fed sharply downgrading and giving no new information on the time line for rate hikes. what got investors so exciteed? what are they seeing out there? we talked to a former fed official and the "wall street journal"'s fed insider. david: they know what's going on. looking to ring up new business, launching its own smartphone, is it a smart move to enter this crowded market or amazon setting itself up for failure? we're going to debate that. got people on both sides of the issue. liz: tell us what you think, we've shown it to you, giving you the details. can the amazon fire phone succeed? would you buy one? would you switch? tweet us, we'd love to h

she had to set the tone that gm is taking it seriously. she wants to use it for the company to change the culture and the way they do things and fix problems, and the way they build and design cars. >> sean kane, comment on the topic of safety. does gm do something different, or have they been doing something different than the other major automobile makers? >> in reality, they haven't. we have seen these kinds of problems show up time and time again. this is the new gm and being transparent. they keep changing that line. back in february when they did the first recall, they said they were recalling 700,000 cars. when they were outed by a longer -- a lawyer at the end of that week, they recalled another 700,000 cars. the culture of transparency seems to be a bit opaque as they make their way toward being more transparent. >> i should start out by saying nobody would have ever considered a cobalt or a pontiac v6 or a saturn ion a particularly good car. they were poorly made and did not get top safety marks. they are a lot different than the

gerri: we're staying on the gm story here. joining knee now -- me now by phone is a woman whose daughter was killed in one of the recalled vehicles in 2009. darrell, to you, i'm so sorry for your loss. tell us in your own words your reaction to mary barra's comments today? >> i was deeply affected by her comments. as i listened to her and i think about it now, i cry. she -- word that stood out for me initially were that her comment that the goal was to focus on honor, integrity and safety. and i, i cried when i heard her say that because i bought the car because i thought it was a company that had integrity, that had -- and did care about the safety of the people who, who purchased the car. i was deeply saddened because i realized that was in fact the not case. the level of inhumanity was just unconscionable to me. i, i'm so, still trying to process it. it has been difficult. gerri: i'm sure it has been difficult. your daughter died in 2009. >> yes. gerri: and it has taken 11 areas for the company to come to term with this, eve

the costs for gm will likely run into the billions, no question.ost of the recalls, payouts to victims' family, lost value of used cars, fines from the government. to say nothing of the reputation hit as angry families grieve. >> it's not about the money. we want -- >> not about the money. >> reporter: still, gm has deep pockets. in the years since taxpayers pailed it out in 2009, at a cost of $10.6 billion, gm sales are up. in fact, surging since the ignition defect recall was announced in february. seems consumers think gm really messed up, but they don't associate gm with the car brand they want to buy. >> the vast majority of people don't know that buick and cadillac and gmc are gm products. very interesting bifurcation between the image general motors has and the image that its brands have. >> reporter: and it's making money. gm revenue last year was $155 billion. and its stock is up since the recall. in fact, gm shares up about $1 since the recall. not really helping to drive the rally on wall street, but there are plenty of other companies m

gerri: continuing with the gm story, kenneth feinberg, who is heading up gm's victims compensation fund, we told you about that, is expected to issue his final report in the next few weeks. meantime many families of victims are getting ready for their day in court. with us now michael perez, whose 18-year-old sister emma was killed in a gm crash nearly nine years ago. thank you for coming on the show, michael. why are you convinced your sister's death is connected to this gm issue? >> you know, it is coming out in the reports that the problems with her cause was the cause of this interest. i really don't, can't go too far into the details as far as the connection of it. i'm not too aware of all the reports that have come out though. let's talk about your sister. 18 years old at the time she died in a 2005 saturn ion. tell us about the crash. what happened? >> i was deployed at the time. i can only tell you what i was told. i wasn't there at time of the accident. my sister, 18, in college, doing what all college kids do, having a good time with their friends, enjoying life. she went off

gerri: tonight we begin with the gm recall. the story gets bigger and bigger. we received word general motors is recalling 8.4 million more cars. gm has recalled over 28 million cars so far this year. that is more than every other carmaker recalled last year, all of last year. and settlement announced today is shaping up to be the biggest in u.s. history. some of the recalled cars today were involved in fatal crashes. we'll have more on that with consumer advocate ralph nader. first we have details of the gm ignition switch compensation fund. >> the following individual can file under this program. the driver. any passengers in the automobile. any pedestrian. any occupant of a second vehicle involved in the accident. all eligible to file a claim. gerri: that was ken feinberg. he is the fund's administrator. if his name sound familiar it is because he handled the compensation fund for september 11th victims at the world trade center. also victims of the bp oil spill and survivors of the boston bombing. here with more, here is more of what feinberg had to say. >>

she has had the chance to talk with employees at gm to change the corporate culture at gm, she is optimisticthey're on the way to doing that. >> our message is clear, as i said two clear things we need to do as we come out of this, do everything to help everybody harmed and i'm doing everything in a leadership role to make sure we create the right organization, support the process so that this never, ever happens again. >> while the annual meeting was going on a small group of people were protesting in front of gm headquarters, much as they were monday afternoon. that group included the parents of two women who were killed in recall gm models. one of those parents told me he believes gm ceo mary barra is sincere when she says she wants to change the company. >> i got a chance to meet mary personally when she was doing her meeting with the congressional hearings out in washington. it appears that she is trying to make things happen, which is good. it is good for all purposes, whether it is you know, to make sure that the cars are safer on the road. but we have to make sure that things like th

may have read a clue to it in the report. a gm employee named steven oakley said occasionally tried to get the attention of higher ups by using what he called hot wards, and he gave an example, stall. he said that he was reluctant to push on safety issues because he thought his predecessor had been pushed out for having done just that. i think that might be a clue to what the problem was at gm. >> well is that, is that coming through s that being acknowledged by the leadership of gm? >> no, i think they went to great pains to do the opposite. right in the opening the c.e.o. said the real problem here is that lower level people didn't do whatever it took to get it to the attention of the high level people, it's the fault of the low level people. they didn't bang the drums loudly enough. well, we have at least from one person some idea about they why they don't bang the drums loudly enough and the rest of the report i think

that family pledging to keep fighting. >> the pattern of incompetence and neglect. >> reporter: gm's o admitting the auto giant's failures n. short we misdiagnosed the problem from the very beginning. >> reporter: but those words aren't enough to the parents of brooke melton, who died driving a 2005 chevy cobalt on her 29th birthday. >> i kept thinking that this is not possible. it's her birthday. it can't -- this can't have happened that she died. >> when i touched her hand it was cold. i knew in my heart and gut there was something wrong with the car. that it wasn't her fault. >> reporter: it was here that goode state pa prol says brooke molten's 2005 chevrolet cobalt hydroplaned on a rainy evening four years ago. the car spun out and was struck by another vehicle and dropped 15 feet into this creek. the accident report says melton was driving too fast for roadway conditions, causing her to lose control of the vehicle. >> he was driving 58 and the speed limit was 55. do you believe that that could have caused the accident? >> no. i believe that she lost power. >> reporter: it's now

love was killed in the crash of the gm vehicle. hal are you feeling out everything you have heard today from general motors and mary barra? will the company to right buy you and do they understand you lost a child? >> they don't understand the loss of a child and other children are still out there driving these cars it could impact other loved ones especially when it was senseless my aid daughter lost one of her best friends. she got a scholarship for softball for college and a weakened 1/2. i will never quit hurting. has been eight years. my husband is like a knife in his heart. every day we live with it. cheryl: do you mind telling us what happened into the night that she died? >> she went to use the cheap but the car was broke so her and another boy drove and there were being followed and we just know she went off into the canal. the boy died instantly. she drowned trying to do get him now. half of the front end of the car was torn off why didn't the air bag go off? and then they would not have died. so we never knew until my gra

the switch had significant problems that were known to gm. and i want to congratulate of staff of our committee for the amazing work that they did independently to investigate all these issues. in his interview with the committee, mr. degorgio told committee staff that he met with his superiors around february 2002 to inform them that the ignition switch would be delayed. attendees at the meeting included the vehicle's chief engineer, the program engineering manager, and electrical directors. it was clear the switch was getting a lot of attention. so ms. barra, is it your belief that one engineer, mr. degorgio, unilaterally approved a part plagued by problems from the start? >> the basic issue is that the switch that he approved to go into production did not meet the performance requirements. that was the first mistake. >> and it was his alone is this. >> he was the one responsible for it. >> knowledge of the problem is important. t report notes there is no evidence that degeorge i don't told others at gm including engineers on the caldwell pr

bob pisani, i understand a lot of people are gathering around the gm trading post. d, right, hasn't started trading again is there a possibility according to rumors maybe they're waiting for more news to come out? >> right now, here's all the guys. you think there's nothing happening on the floor anymore. these people are waiting for the stock to open. the nyse can't open the stock until the company has notified them that all news is out. that's what "news pending" is. they say stop trading, we want all the news and information out. as of now, we are waiting for the company to say we have made all the news available, you can now release it. and the guys upstairs will call over to the dmm right there, the designated market maker, and say you can now begin trading. that's how it happens. they didn't decide to do this just themselves. as of now, they are still waiting for all the news to come out. i know everybody thinks all the news is out but there's a legal process that goes on here and probably have to start trading fairly soon. given indications once that happens i

the laws. especially when safety is at stake. on may 16th, gm agreed to pay the maximum fine for failure to report a safety-related defect and that, i believe, is $35 million. what was gm's net income in 2013? >> $. >> just under $4 billion. >> so the penalty for failing to report the ignition switch defect is less than 1% of gm's earnings for last year. >> that's correct math but our intent is to deal with the safety issues. by the time you talk about fines the customer has already been impacted in an incredibly negative way. we want to make sure we're putting high quality safe vehicles on the road and we want to work in cooperation with nitsa to do that. >> nonetheless can be not much of a deterrent, mr. chair. we need to increase this maximum penalty. $35 million is not an adequate depercent to a large, protect company like gm. in the penalty might have been higher gm might not have waited over a decade to report this safety defect to nitsa. and uds cleesh to me that nitsa needs higher penalty authorities. we need to make certain that the pen

i'm at ground zero involved in litigation and the gm lawyers are doing the exact opposite. for example, last week they claimed in 2006, a cold but was not designed, manufactured or sold by jim. so, that is going on while she makes her we are going to walk the walk comments and i applaud her for making them, but my cure is that either her lawyers getting their instructions or she's not controlling the attorneys who are defending the lawsuits that i'm involved in. gerri: there are to the-- different things aren't there? there is a lawsuit you are bringing and then there is a promise of special dispensation by the company that mr. feinberg who ran the line 11 fun and the boston fund, all of these funds is in charge of. two different things on two different tracks, which do you think will actually find realization? do you thank you will be successful with your lawsuit? >> well, how can a victim evaluate a compensation fund fairly if gm holds the bankruptcy sword over their head? if they say look, if you don't take this what will happen is we will assert bankruptcy and all you w

the compensation fund? >> correct to say. neil: new say gm has already said it proclaimed it was all pre-bankruptcy's stuff and there are responsible? >> as of right now every case file to date they are all from the bankruptcy fire sale orders. >> you were good enough to know with the bankruptcy filing how will you distinguish the are empowering back then are the same now? >> you will make two arguments the first is the new case so it was when it cannot of bankruptcy's so that sale order does not apply to the new gm car sales. with the old sales i am positive we will win that because the people who bought these cars did not know they had a claim. gm conceal the claim as a matter of due process they were required to give notice by mail that they had a claim and they did not do so neil: we will watch very closely. and we call the gm for a statement but they did not give us one hillary clinton did throat gets in trouble for the comment now president obama is a dirt rich? director first lady does not get paid and she works pretty hard. obviously

the awe automaker is under a congregation. gm could face criminal charges from the justice department. we have been digging through 300 plus pages of the gm report and clearing up a lot of mistremendouses surrounding the recalls and he joins us now from baltimore and cliff, is this a turning point for gm? >> well, i think it is going to clear up a lot of a misconceptions that were missing in the early time lines of the recalls, but there are a lot of questions that remain, especially another congressional panel hearing coming up and all of the class action lawsuits are on going and for a lot of the families and other people that want damages, they are asking a lot more questions. >> tell us about the mysteries that are now cleared up in the report. >> well, right now we are seeing they are mostly pending most of the blame on one of the employees that was let go and they don't know why there with no other basically no checks or balances essentially within the system to change the part. no one knows why no one else in gm took a loo

versus the new gm, nonsense. >> the real problem is -- you know, is there really a new gm. was highbrow, bureaucratic, and guess what it's starting to look like the same thing is true in the new gm. can this company with this high-bound culture -- can it change. there are insiders who have changed cultures. mickael gorbachev comes to mind for for instance. but insiders usually don't know how to change the place. mary bair can. >> i'm assuming this time around in testifying, she is going to have some information to give to congress that is at least going to allow the american public to pass some judgment. >> i think that's true. the lucas report came out -- >> that's the lawyer that gm hired to investigate this -- >> that's right. and it laid out the series of problems and steps that were taken -- or not taken i should say. the last time she was in congress she kept saying over and over, i can't talk about this before the report comes out. >> that's right. >> this time, however, the report is out. it's 300-plus pages long. she has read every page, and she will have to answer

that being acknowledged by the leadership of gm? o, i think they went to great pains to do the opposite. right in the opening the c.e.o. said the real problem here is that lower level people didn't do whatever it took to get it to the attention of the high level people, it's the fault of the low level people. they didn't bang the drums loudly enough. well, we have at least from one person some idea about they why they don't bang the drums loudly enough and the rest of the report i think you get a second idea which is it will take a lot of drum banging. because, in fact, a lot of people at gm did know about the problem. batted it back and forth and all of those actions apparently somehow weren't enough to get it to the attention of the higher level people. >> miki, this raises the question which we mentioned. and i want to ask you about this. culture where there's a nod or a gesture, what was that all about? >> right so, there were a couple of instances that are defined in the report. one is the gm nod, apparently this is where everyo

let's look at the key moments. february 2002 gmves the faulty ignition switch for installation. then in july 2005, 16-year-old amb amber marie rose was killed. april 2006 gm engineer who approved the ignition switch authorizes delfy to redesign it, but doesn't change the part number. december 2013, in coming ceo learns ago the defective switch. the recalculater grows to 2.6 million. last month the u.s. government fined gm $35 million for failing to disclose problems more quickly. heidi more works for the guardian and joins us more for the recall. we just went through the time line and a lot has happened, but a lot is still happening right now. another recall. an additional six recalls this afternoon. when is this part of it going to end? >> we actually have no way of knowing that. but it is alarming. if you are a gm customer or consumer, you have to wonder how long gm made these defective vehicles. now it's going back to 1997. far before anyone ever suspected. >> what kind of message is this sending to consumers to keep coming out

there is no ceiling on the aggregate dollars. also, gm anybody who already settled their claim with general motors before they knew about this coverup or this ignition switch problem may rip up the release they signed and come back into this program to get additional compensation. so i've read there are some individuals who already settled and gave up their right to sue in return for compensation. they may now ignore that release and come into this program. and receive additional compensation. the program will begin to receive claims on august 1st of this year, a month from now. and i want to thank the deputy administrator, my colleague for over 35 years, who is right here in the front row, camille has worked with me on virtually every one of these compensation perhaps over the years and she'll be here after the press conference to answer additional questions that individual media may have. the program will commence on august 1. it will begin to receive claims between now and august 1, we'll have the claim forms, the frequently asked ques

the culture at gm was not to come forward to say this is a problem, because it might have delayed the small car launch. and it might have cost sales. people -- sorry, go ahead. >> no, no, go on. >> oh. people were instructed at gm not to take notes during safety meetings. i mean, it was very much a culture of minimize liability, don't do things that could hurt the company. and that's really why ten years later, you know, you had lawyers inside the company saying, we did basically nothing for almost a decade. this is really going to come back to haunt us. >> final word from you, lauren, what do you make of the fact that this whole saga hasn't really cut into gm's bottom line in terms of car sales? why do you think that is? >> if you look at may sales, they were up 14%. their fleets were up 21%. when it comes to the fleet you're talking about municipalities and corporations. if the government has nothing to do with it, they obviously wanted general motors to make contract deals with municipalities, local municipalities. a lot of cars are going to fleet. i think they make really great pr

look at the chart, gm before it was halted was higher. you can see the drop in the change here. they were fractionally higher, now down $0.58, a loss of about 1.5%. in just a moment we are going to have more on this, jeff flock will be joining us, the latest from ken feinberg giving out money to crash victims, he gave neil cavuto interview today. wait until you hear what he says about it. now we're looking at the s&p which had been positive flipped to negative. we are now down 41 points. year to date, this chart does look good. wondering if there is some relation to the fact gm had been higher and turned negative. about two points, less than that, will be a new closing high, 23rd new record for 2014. have not been able to get there ithe last couple of sessions. the nasdaq another 14 year high has to and hired to close that 14 year high. they still are run up in june up nearly 4% the other way. it has done very well marked the best month since last september. well prices shooting higher in recent weeks. the best performers. you could say something negative has helped turn positiv

from the old gm. khis is happening fields takes over as ceo of ford on tuesday. it's the same day nissan starts leaf battery chargers in 10 markets. on the economics front, plenty of the usual data releases, but we also have three speeches to look forward to. the first from treasury secretary jack lu on tuesday, discussing u.s.-china relations. on wednesday, we will hear from federal reserve chaired janet ,ellin speaking at the imf followed by remarks from imf managing director herself, christine woodard. then it is jobs, jobs, jobs at the close of the week. on the june jobs report thursday, a day early thanks to the independence day holiday. economists expect 212,000 jobs were added this month. markey are right, it would the fifth straight month of more than 200,000 payroll gains. the unemployment rate shouldst 6.2%ould stay. steady at it culminates in one big birthday. rt on friday when bond and equity markets close. america turns 238 this year. we will have more right here on bloomberg television. y

sure, we got dead people, but that's from the old gm. the old gm has the dead people.e new gm, we are not resting. no resting until this is fixed. today's hearing comes one day after gm recalled 3 million more cars and trucks for a separate ignition switch problem. that brings the total number of cars recalled by gm this year to 13.6 million cars in the united states. >> i'm with you. i'm with you. >> and nup of those cops up there took weed back home to the family. it's just not possible. >> except that people here died. that's the difference. 13 people at least are dead. what i brought you today, this is a wheel from a chevy cobalt 37 this is one of the small cars that got in trouble. you see the key. you want to come in and look at this. here is the small part, the faulty ignition switch that causes big problems for drivers, gm, you name it. right here. >> why not just replace the dang thing? >> well they can't make them fast enough. some of these cars are no longer being made. they're having a difficult time doing that. people aren't necessarily bringing the cars t

change the culture of gm? he 15 people that are no longer with the company are the people that either didn't take action, that should, or didn't work urgently enough to rectify this manner. they are no longer part of this company. that was a strong signal to send within the company. >> do you think this company culture, the gm nod and the gm -- was just limited to those 15 people who have been terminated from gm? yes or no? >> i can't answer that question -- >> do you think it was only 15 people who did this gm nod and salute? >> no, i think there were a number of people -- >> thank you. >> ashleigh, this internal investigation found that a number of executives at gm would go into meetings and nod they would do something to make a change and then nothing would happen. that's what they're talking about. 15 people were laid off as a result of this. you can hear lawmakers saying more change needs to happen. this, as families who lost loved ones in crashes they believe were called because of this defective ignition