max: actually, volkswagen has no-charge scheduled carefree maintenance.ven the cc. ( chuckles ) ...no charge. even on the cc. bus: you know what they say about the best things in life, amigo. that's awesome... for volkswagen owners. ( cheerful tune playing ) ah, man, love that drinkability. drink-a what? drinkability. it's what makes bud light so incredibly refreshing. it's like a wave of refreshment, gently washing over your whole body. it's getting bigger. here comes the refreshment. [ sfx: screaming, wave splashing ] whew. well that almost never happens. easy drinking, always refreshing. bud light. the difference is drinkability. [ sfx: hairdryer ] no hard feelings. >> tiger woods, and the black course has, and the par 4's, measure more than 500 yards. the 7th is the longest par 4 in u.s. open history. >> the all americans is one of the most prestigious events. it's also one of the most challenging year in and year out. it means challenge, it means a test. ever since i was a little kid, the u.s. open was the pinnacle of golf. without question, the one

max: actually, volkswagen has no-charge scheduled carefree maintenance.the cc. ( chuckles ) ...no charge. even on the cc. bus: you know what they say about the best things in life, amigo. that's awesome... for volkswagen owners. ( cheerful tune playing ) >> the nhl awards show was in las vegas, thursday night. for the second straight year, alexander ovechkin is the hart trophy winner as the league's m.v.p. ovechkin who led the nhl with 56 goals is the first non-goalie to repeat since wayne gretzky won eight in a row from 1980-1987. ovechkin also won the lester pearson award as the most outstanding player as voted on by his peers.

max: actually, volkswagen has no-charge scheduled carefree maintenance. even the cc. ( chuckles ) ...no charge. even on the cc. bus: you know what they say about the best things in life, amigo. that's awesome... for volkswagen owners. ( cheerful tune playing ) ( "big mac chant" plays ) ♪ ( "big mac chant" plays ) big mac. you so want one. ♪ ba da ba ba ba >> welcome back to "espnews." live coverage of every manny ramirez at-bat. and ramirez suiting up for the 66ers, of the california league. manny batting lead-off. the first time up, had a home run against nick schmidt. introduced a smattering of boozing with some cheers, and some fans with dread locks and blue bandanas. and the sell out crowd. the only available tickets sold for $6 allowing the fans to sit in a grassy berm of the chosy stadium. there is manny, taking that pitch. the fans are chanting out his name. ramirez expected to play long enough to get four at-bats here. that was minor league rehab tour started in new mexico. in albuquerque to be exact, where he played tuesday and wednesday. going h

max: actually, volkswagen has no-charge scheduled carefree maintenance.even the cc. >> i don't think the clearinghouse is an easy, perfect solution. .1. but i think they are a good cases for extending a clearing platform beyond the credit world. i mean, this has been discussed by some academics in the u.s. but simply having cbs in clearinghouse and leaving other derivatives of the clearinghouse creates problems. i think that there needs to be more scrutiny and transparency still of how cbs are being used and-- the route is changing the way that credit behaves when a company goes into bankruptcy and quite a radical and tested manner and i don't think-- i think there needs to be more discussion about how that is changing the way that credit is behaving towards companies. but to think somehow we have a clearinghouse and that is the and the story, i don't think that is true at all. >> gillian,-- [inaudible] >> he is actually sitting behind you. [laughter] >> you worked very hard, did you not mark, to prevent it from being regulated? do you think he was right?

requiring the employees of ford, gm and chrysler to compensation or nearly the same as nissan and volkswagen. it seems to me those who would sponsor this kind of legislation would find it in their heart to see if we can look into the type of legislation we are considering today. i have evidence of h.r. five which passed the house and 2005 which would have placed a cap on the percentage of damages lawyers can receive it would have kept them at 15% of the any fees over $600,000, lot of money, not nearly what others are making however. and it seems to me that if we can kappa or try to cap the fees of lawyers who represent consumers we can also look at lawyers represent corporations. those in who are not here today i just believe they want this said because there are people who are suffering who have had their salaries cut who work in the auto industry and these are people who are now getting bonuses they believe to buy second and third homes or to buy additional cars. what they lost less money for education, money to pay house notes, money to sustain themselves and i find quite frankly disencha

spiritoso that is why nissan has been the most efficient auto plant in america many times while volkswagentennessee and i think the spring hill plant of gm will be successful. >> you would support legislation that would china and the government attack those jobs?ç >> no, you can't run a country that way, that is the direction we're headed, to go theç other way and say let the free market work, get the stock at a washington so everybody could try to run theç car companies. >> and maybe more efficient for gm to downsize their headquarters or in is easier to do business but the president is on with the phone saying we're going to be the headquarters in detroit and that is exactly the kind of political decision that has no place in the running of the company for the value of the stockholders. >> the unemployment numbers coming out tomorrow, are you encouraged by that and what you think we're going to see. >> i don't think -- i won't try to forecast what we will see tomorrow. in the unemployment problem is a chorus a serious one and it is a tragic one for those people who have lost their job

general motors's key competitors, companies like toyota and volkswagen's have minimal levels of debt,approximately equal to the amount of cash on the balance sheet or one year profit. we were very mindful of general motors, a competitive balance sheet, that is one of the competitive weapons in the marketplace. if we were not going to burden the company with debt, the only remaining security would be equity. and we did not want to give this money away, this is the taxpayers' hard-earned money. the determination was to take equity. in terms of the size of the stake and how that was determined, that was determined in feelings with other stakeholders to the company also wanted to the owners. that included bondholders where we had a vigorous debate and on behalf of retiree trusts. they wanted more equity than we wanted to give them. on behalf of the taxpayer the objective should be to get as much as you can to get as much value as you can out of the enterprise. it was really determined through negotiation. the other shareholder is the canadian government who is making a sizable investment

. -- the folks by then it is building a brand-new plant antennas -- volkswagen is building a brand-new plant. host: discussions over fuel economy, what sort of other role does the alliance have with current discussions on capitol hill regarding the auto industry? guest: we of the trade association of industry or energy, environment, safety. safety is a critical component. so we work closely with congress and in a station on safety issues. and the innovation and trying to help consumers and others understand policy-makers, what new technology actually is coming to the market. host: is there a state in this country that does not have a piece of the industry, whether it is a parts plant or some other support plan? guest: the manufacturing sector -- used to be a number of the plants were in california and most of them have moved out, save one. and gm action will be closing that one coming out of that partnership. but the midwest and the south now is a major part of the manufacturing sector. the suppliers are a huge part of this. part of the concern about the domestic is that they share sup

employees of ford, gm and chrysler to receive the same compensation, or nearly the same, as nissan and volkswagen. it just seems to me that those who would sponsor this kind of legislation would find it in their hearts to see that we can look into the type of legislation that we are considering today. i have evidence of hr five, which passed the house in 2005, which would have placed a cap on the percentage of damages that lawyers can receive that would have capped them at the 15% of any fees over $600,000. a lot of money. not nearly as much as what some others are making, however. and it just seems to me that if we can cap or try to cap, and cap the fees of lawyers who represent consumers, we can also look at lawyers who represent corporations. those who are not here today, i just believe they want is said, because there are people who are suffering, who have had their salaries cut, who worked in the auto industry. and these are people who are not getting honors is that they could buy second or third homes or buy additional cars. what they lost was money for education, money to pay house notes,

the problem is when you look at toyota, volkswagen, honda, you find companies that are not levered. so i think you are driven to equity by the decision to try to maximize the return, have a successful company. as far as the exit, it's going to be orderly. it's going to take it in -- it's going to take advantage of a profitable company in our capital marketplace. >> what's it going today, i know you don't know how many years the government will be in. you don't know exactly whether or not there will be more money. in other words, gm and chrysler, things don't work out quite as you may be thought they would, and they need more money. and you go back to the whale, what will it take to get them on their feet and a moneyback? it will have to be a pretty rosy scenario. >> no, sir. , i really don't think it is. i want to emphasize that. >> what kind of scenario do you think? >> we believe that using a conservative set of assumptions about market share, about overall market, about margins, about costs, about all the things that would go in, we are strongly believe that this is the last mone

highway systems, so that's why nissan has been the most efficient auto plant in america and while volkswagen chose tennessee and why the spring hill plant of gm will be successful. >> [inaudible] >> you cannot run the country that way. that's the direction we're headed. i am trying to go the other way. i'm trying to say get the stock out of washington so everyone in washington with trying to run the car companies. >> it may be more efficient for gm to downsize the headquarters, but the president is quickly on the phone with the mayor of detroit, saying don't worry, we will keep headquarters in detroit. that's the kind of political decision that has no place in the running of the company for the value of the stockholders. >> [inaudible] >> i will try to forecast what we're going to see tomorrow. the unemployment problem is a serious one and is a tragic one for those people have lost their jobs. i say that as one who has lost my job at various points in my career and as one who has seen my son lose his job in the financial crisis. it is a time of great, great difficulty for the individuals and

general motors' key competitors, toyota and volkswagen have very minimal levels of debt. debt approximately equal to the amount of cash they have on the balance sheet or to one year's profit. so we were very mindful of trying to set up general motors to have a competitive balance sheet because that is one of the competitive weapons in the marketplace. and so that really left us, if we were not going to overmurder the company with debt, then the only remaining security we could have would be equity. we didn't want to give the money away, it was the taxpayers' hardworking money. so our determination was to take equity. the size of the stax, that was determined in arm lengths dealings with other key stakeholders who wanted to also be owners. that included the bondholders where we had a vigorous debate and the uaw on behalf of the retiree trust. they obviously wanted more equity than we wanted to give them. we wanted to give themless because on behalf of the taxpayer the objective to be@@ the other equity shareholder in journal motors is the canadian government, but in that c

general motors key contenders among them companies like toyota and volkswagen have a very minimal levels of debt. dad approximately equal either to the amount of cash they have on the balance sheet or one year's profit. so we were very mindful of trying to set up general motors to have a competitive balance sheet because that is one of the competitive weapons in the marketplace. and so that really left us that if we were not going to overburden the company with debt and the only remaining security we can have with it the equity and certainly we did not want to give this money away, this is the taxpayers' hard-earned money and so the determination was to take equity. in terms of the size of the stake and how that was determined, that was determined in arms length dealings with the other key stakeholders to the company who wanted two also be owners. that included the bondholders where we had a vigorous debate and the uaw on behalf of the retiree trust and they obviously wanted more equity than we wanted to give them and we wanted to give them less because on behalf of the taxpayer the obje