Recalled Cars and Rigged Stock Markets
Friday, April 04, 2014
General Motors says it has connected 13 deaths and dozens of accidents to a defective ignition switch. The company is now recalling 2.6 million Chevy Cobalt and other cars, despite reports about the problem going back more than a decade. For Mary Barra who's been GM's CEO for nearly three months, it's been a true test of fire. This week on WNYC's Money Talking, Joe Nocera of the New York Times and Rana Foroohar of Time magazine discuss how she is responding to accusations from members of Congress that GM has a "culture of cover-up" and could be exposed to criminal liability. Barra has apologized, launched internal investigations, even hired the go-to guy for victims' compensation funds, Ken Feinberg — the man who handled similar funds for victims of 9/11 and BP oil spill. Will it be enough? Plus, high-frequency trading and whether or not the stock market is "rigged."