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Absolutely. Damian paletta and james tankersley, thank you both for being with us today. Thank you. [captioning performed by national captioning institute] [captions Copyright National cable satellite corp. 2014] like hsbcake a case that got a 1. 9 billion settlement levied at them a year ago. Of the deferred prosecution theyment is they admitted have laundered as much as 850 million for a pair of central and south American Drug cartels. We are talking that not only did they commit minor financial infractions, technical infractions, we are talking about an organization that was operating at the top of the eagle narcotics pyramid. Criminal andor surprise. They admitted it. If they did not find the evidence to put those people in jail, that is on them. That is a failure of the regulatory system. Are guilty. D they they are in league with truly dangerous and violent people an ....
Person was the one that decided not to recall the defective version . Where did where in the timeline is that . I dont know but that is part of the investigation that were doing. Do you know when it was that it was discovered, what year, what you know, where in the timeline that it was discovered that, in fact, a new part number was not assigned . I became aware of that after we did the recall and the timeline was put together. So that was just in the last month or so. Is that right . Thats when i became aware. But when did gm recallize that no new part number had been assigned . Again, thats part of our investigation. I want to know that just as much as you because thats an unacceptable practice. It is not the way we do business. So, youve stated publicly that something went wrong with our process. Hows the process supposed to work . Hows this how are you redesigning the process to ensure that, in fact, it should work the way that it needs to work . Well, one of the things we are doin ....
Federal prosecutor, fred tecce and fox businesss rich edson. Rich, we want to know first what she will say thanks to you. If viewers watch fox business we knew what the statement would be. Walk us through initially what she will say here, rich . She will say basically gm is still undergoing an investigation why they missed warning signs or proceed with a recall or fixes early on with this. These are two different companies. Both are called gm but the old company is the shell that remains from the bankruptcy that happened back in 2008 and 2009. So were dealing with two different companies. Dealing with different leadership here. Even show she is ceo of the new company. She apologized as she met with victims families. They say gm cooperated with their investigation. She has done all the right things as far as thats concerned. There is still plenty of frustration whats happened here. More than a dozen deaths. Possibly more than that we dont know full extent of the problems here. She is th ....
Switch. If you had a heavy key chain like my mom key chair or if you had if you were short and bumped up against the ignition with your knee, it could cause this key to switch right off. Mr. Chairman, we now know that these switches were defective from the start. In february of 2002, gms ignition switch supplier dell if i informed the company that the switch did not meet gms minimum specifications. But gm approved it anyway. Now, yesterday we sent ms. Barra a letter about this decision. I would like to make it a part of the hearing record. Without objection. Soon after the approval, the cars were on the road and it didnt take long for problems to appear. In 2003, june 2003, the owner of a saturn ion with 3,474 miles on the odometer made a warranty report that he or she, quote, bumped the key and the car shut off. Gm would receive more than 130 similar warranty claims of owners about this problem over the next decade and never informed the public or reported the problem to federal safet ....
General Motors Corp. (GM) is recalling 18,941 Chevy Camaros (model years 2013 and 2014) for violating Federal Motor Vehicle Safety Standard No. 208 Occupant Crash Protection. Defective seat belts? Air bag malfunction? Brake failure? Nope. GM is recalling 18,941 Chevy Camaros because the air bag warning label on the sun visor may peel. Seriously. ....