Bush is anouncing emergency loan package for gm and chrysler online right now...

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
91,883
Reaction score
2,993
turn on your tv... its on...
 
OP
Yaj Yak

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
91,883
Reaction score
2,993
it was on all stations...

it was like 13.8 billion or soemthing... coming out of the 700 billion wall street bail out, with a duty to comply clause within 3 months from now, or the loans must come back to the gov't

it only said gm and chrysler, did not say ford, whcih i thought was weird.

http://www.cnn.com/2008/POLITICS/12/19/auto.bailout/index.html
 
OP
Yaj Yak

Yaj Yak

Harbor Master
Donating Member
Joined
May 24, 2007
Messages
91,883
Reaction score
2,993
yeah i just read that...

weird.
 

Mook

El Presidente
Admin
Joined
May 23, 2007
Messages
166,376
Reaction score
4,186
Location
Elgin
DEARBORN, Michigan — The Ford Motor Co., the only one of the Big Three not begging the federal government for an immediate handout, on Friday said it welcomes the action by the Bush administration to provide emergency relief for General Motors and Chrysler .

"All of us at Ford appreciate the prudent step the administration has taken to address the near-term liquidity issues of GM and Chrysler," said Ford president and CEO Alan Mulally in a statement. "The U.S. auto industry is highly interdependent, and a failure of one of our competitors would have a ripple effect that could jeopardize millions of jobs and further damage the already weakened U.S. economy."

In an appearance earlier this week on CNN's Larry King Live, Bill Ford, Jr., the company's executive chairman and great-grandson of Henry Ford, said: "We're not asking for anything in this round."

"We would like a line of credit in case the economy completely implodes," he said. "We hope we never need it."

Ford has not applied for an immediate loan from the government but for a $9 billion line of credit that it could tap when needed. Such a line of credit would serve as a safety net, the automaker has said. The Dearborn automaker took a line of credit just before financing dried up. Administration officials noted on Friday that the White House announcement affects GM and Chrysler only, not Ford.

Ford told Congress in its comprehensive business plan that it plans aggressive restructuring actions and the debut of more fuel-efficient vehicles, including a broader range of hybrid-electric vehicles and the introduction of advanced plug-in hybrids and full electric vehicles.

Inside Line says: Ford may be the only one of the domestic automakers viewed as pulling itself up by its own bootstraps when all the dust settles.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Top Bottom