Moderator: Mr. Chairman, I have Mr. Michael Moore, stockholder from Flint, Michigan.

Moore: Roger, four years ago, I attended a Flint City Council meeting, and a representative of General Motors was there to ask the city council for a 50 percent tax break on new property and equipment at Flint Truck & Bus. He made a contract with the city, and the city council agreed to this. They agreed to give GM that 50 percent tax break. It amounted to $130 million in tax savings for General Motors over the last four years.

A part of the agreement, according to state law, is that GM has to create or retain jobs. I have a printout here from the Flint City Tax Assessor's office that says that GM would retain 7,000 jobs at Flint Truck & Bus in return for getting this 50 percent tax abatement. Next week, at Flint Truck & Bus you will eliminate 3,500 jobs. My question to you is: Are you going to return the money to the city of Flint that you saved as a result of this tax break, or are you going to return the jobs? Which is it?

Smith: Well, let me say this, that (applause interruption), that what — hey, will you be quiet out there and be orderly, please? I can't hear him when you're applauding, and you can't hear me. And I hope that's why you came.

What happens, of course, is that if the project ends, the abatement stops. We won't get any more abatement. The abatement is pro rata over the life of the project. So there's nothing to return, nothing to do then.

We provided the jobs we could, took the abatement for the period that the project was there, and when there's no more project, if the project is terminated, by the contract the abatement ends.

Moore: Well, what does it mean when General Motors says we will retain — and this is for a twelve-year period — we will retain 7,000 jobs if we receive this $130 million tax abatement? What does retain mean?

It's your decision to either retain or eliminate the jobs. You've made the decision to eliminate the job. Therefore, don't you have to give the money back?