New york, Sept 6: Corporate bond investors, worried about billions of dollars of Ford bonds in their portfolios will watch Washington Wednesday, as Congress looks into a recall of 6.5 million Firestone tires following traffic accidents involving Ford vehicles.Senate and House committees hold back-to-back hearings Wednesday concerning the recalled tires, linked to 88 deaths. Most of the recalled tires were installed on the Explorer sport utility vehicle, one of Ford's most popular and profitable products.
Panel members are interested in when company and government officials knew the tires could be defective and why the United States took longer than other countries to initiate a recall. They will hear from top officials of Ford Motor Co., the National Highway Traffic Safety Administration (NHTSA), and Firestone, a unit of Japanese manufacturer Bridgestone Corp. Ford chief executive officer Jacques Nasser will represent the No. 2 automaker.
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