OMAHA, Neb. – Billionaire investor Warren Buffett says U.S. automakers need a new business model to better compete, whether it takes bankruptcy or a government bailout to achieve.
Buffett also says he would never serve as U.S. Treasury Secretary. The Berkshire Hathaway Inc. CEO is a member of President-elect Obama’s Transition Economic Advisory Board.
Buffett says any automaker bailout package should include a business solution, and be negotiated by the president, not Congress. Buffett spoke to Fox Business News in an interview scheduled to air Friday afternoon.
Buffett says the government should insist top executives at Ford Motor Co., General Motors Corp. and Chrysler LLC invest a significant percentage of their own net worths in the Detroit-based companies, ensuring both executives and taxpayers would share in any profits or losses.
Filed under: Auto Industry, Auto Industry Bailout, Bailout, Chrysler LLC, Ford Motor Company, General Motors, Warren Buffett Tagged: | Auto Bailout, Chrysler LLC, Detroit 3, Ford Motor Co, General Motors, Warren Buffett