2766997576_bee4e5040d.thumbnail.jpgIn his opening comments as Chairman of the Senate Banking Committee on assistance for the U.S. auto industry, Chris Dodd blasted the lack of oversight of the bank bailout, and said that any auto industry bridge loan should include regulation of the financial industry.

He also blasted the Treasury department for not helping homeowners and spending money in an “ad hoc, arbitrary manner,” “careening from pillar to post,” without adequate controls or adequate transparency. He does not believe the Administration should have access to the rest of the TARP funds without a coherent plan.

Dodd also invited Treasury and the Fed to testify before the committee, but they declined.  He has also requested that Bernake supply him with an opinion as to why the auto bridge loan money couldn’t come out of the TARP fund.

Looks like it’s going to turn into a pissing contest between Bush and the Senate Dems as to whether the money comes from the Energy Bill or the TARP funds.  Since it’s been reported that GM only has 2 months of cash reserves left, it’s a pretty high stakes game of chicken (that Lehman thing went really well).

 They evidently hauled a Volt down for the committee to see later today.