GM Ignition Feinberg Compensation Plan – 2 Key Numbers Missed
Yesterday the Feinberg GM Ignition Recall Plan was announced. See C Span video of the conference athttp://www.c-span.org/video/?320219-1/gm-ignition-switch-compensation
See documents handed out at http://www.gmignitioncompensation.com/
What the documents and the Press Conference by Mr. Feinberg showed is that both time and information are not on the side of crash victims. There are numerous hurdles and hoops that crash victims will have to race through — just to have a chance to obtain some degree of compensation in return for a promissory note releasing GM from future legal liability.
Two Key Missing Numbers
First, the Feinberg team, in devising their compensation plan, did not consider the DOT guidance on the higher value of a statistical life of $9.1 million. Although Mr. Feinberg did ask for that information to be submitted for their consideration. So yesterday I submitted the attached DOT Policy Guidance document.
Second, Mr. Feinberg was asked by Detroit reporter David Shepardson about the GM figure of 3,500 potential crash victims who experienced non-deployment air bag crashes. No source of information on that number was provided publicly.
Perhaps coincidentally, I wrote last month that using GM data, published by NHTSA in 2007, one might estimate as follows: