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Anyone been noticing that Ford Motor Co did not go begging for a government bailout like its two sad associates, and not only has survived, but reports today that increased sales in July have the company in the black for that month. Good for them. The increased sales were the result of the cash for clunkers program but it is still a great success for them. Unlike the other two companies who have become a sinkhole for billions of dollars of taxpayer subsidies and are under a disastrous partial control by the Feds.
I've never been a Ford man. But if I were in the market for a new car or truck, I'd DEFINITELY consider Ford. Anybody that will say, "Thanks but no thanks" to the government, and solve their own problems, has earned my respect.
Although they didn't get a government bailout, in 2006 they put up all of their North American plants, trademarks, patents and even some intracompany debt as collateral to secure $18 billion in loans to help fund the company's attempt at restructuring. They got a cash infusion from a difference source and needed it to survive. They were very much on the brink of bankruptcy but came out lucky because they started restructuring earlier.
Although they didn't get a government bailout, in 2006 they put up all of their North American plants, trademarks, patents and even some intracompany debt as collateral to secure $18 billion in loans to help fund the company's attempt at restructuring. They got a cash infusion from a difference source and needed it to survive. They were very much on the brink of bankruptcy but came out lucky because they started restructuring earlier.
Right. They got their money from somewhere other than the government.
That, more than any one other thing, is probably going to be the saving of Ford. Let's not kid ourselves into think that Big Brother is NOT going to be trying to tell GM & Chrysler how to operate. And if the government runs them as well as it runs everything else it touches, they're in BIG trouble.
Right. They got their money from somewhere other than the government.
That, more than any one other thing, is probably going to be the saving of Ford. Let's not kid ourselves into think that Big Brother is NOT going to be trying to tell GM & Chrysler how to operate. And if the government runs them as well as it runs everything else it touches, they're in BIG trouble.
Agreed. Bottom line is everyones taxpayers dollars went directly to bail out Chrysler and GM, not Ford.
Right. They got their money from somewhere other than the government.
That, more than any one other thing, is probably going to be the saving of Ford. Let's not kid ourselves into think that Big Brother is NOT going to be trying to tell GM & Chrysler how to operate. And if the government runs them as well as it runs everything else it touches, they're in BIG trouble.
Although the level of intrusion is up to debate, the government would be crazy not to run them. If I'm lending/giving you money because of the understanding that you have not been fit to run your business properly then you're damn right I'll be giving you that loan along with a set of guidelines to ensure that you're not flushing my money down the toilet.
When Ford got their multi billion dollar loan you know they had to present a business case to their lenders to assure them that their money is being used wisely instead of in the same manner that got them in trouble in the first place.
Although they didn't get a government bailout, in 2006 they put up all of their North American plants, trademarks, patents and even some intracompany debt as collateral to secure $18 billion in loans to help fund the company's attempt at restructuring. They got a cash infusion from a difference source and needed it to survive. They were very much on the brink of bankruptcy but came out lucky because they started restructuring earlier.
And they should be applauded for that.
When bailout round #1 came, I was wondering how GM was going to magically solve their problem of a $50B negative net worth that was compounded by about $200B of unfunded liabilities.
When D-day came for them in March, their pants were still down.
Chrysler just got a handout because Dan Quayle is on the board at Cerberus.
So, I give Ford some credit for doing...something!
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