Enormous lies: Really? Then why are your sales plummeting? Why are you designing a radically different type of car now, after the japanese have had them for almost ten years? ****ing liars. ****ing liars. They can sell their jets back to creditors and get bent. http://news.yahoo.com/s/ap/congress_autos
Muddying up insolvency/illiquidity issues worked well for banks in getting their financial bailout....
GM and Ford have FLEETS of corporate jets. FLEETS. Like, they could just sell these planes and realize $150-$200 million easy. But no, these are "non-negotiable" parts of their executive contracts. Instead they'd rather lay off tens of thousands of workers. You could easily sell two of those planes and avoid those layoffs, jackasses. These imbeciles have the audacity to spend 20 grand on a single flight to Washington DC, and then come with tin cups in their hand begging for money. It's obvious that the only solution right now is to force them into Chapter 11 bankruptcy before they get any kind of taxpayer aid.
Those rich dumb**** execs will still get off scot free in a bankruptcy. Workers, suppliers, pensionees, and dealers will still have to pay for their leadership's excesses.
They make #&$^ty cars. That's why they're going bankrupt. No amount of money will fix their poor business models. We will see this again after they experience "2 more quarters" of declining sales.. ehh This is just a band-aid.
Ford's Euro division makes some high quality and efficient cars. As for GM, they're doing pretty well in China and the Chinese prefer them over the Japanese kind. They are still a worldwide brand, and it would suck to have to strip and sell them off to competitors just so angry mobs could feel vindicated about not punishing Wall Street banks.
Ford is the most likely to survive. They were ahead of GM and Chrysler by making the Focus. I believe it has the fastest growing sales out of anything in their lineup. They don't have the excessive product lines that GM has. Their dealership network is much smaller. Ford mortgaged the company last year to do major restructuring. They have had a plan all along and have made significant progress. Ford Credit has a $10.7 billion available in credit lines and reported only a loss of $129 million in the 3rd quarter. GM's finance arm, GMAC, poured $25 Billion into subprime mortgages in 2005. It was the 11th largest business in terms of volume. It reported a $2.5 billion loss in the 3rd quarter. That's 1800% greater losses than Ford Credit! GMAC is screwed even with a bridge loan. Ford can succeed even without the bridge loan.
The government only needs to help them if they file for Chapter 11 and restructure. More money, more problems.
Well, 25B will keep them alive another year. Then what? You don't turn around the big 3 with only 25B. How stupid can people be?
<script src="http://i.cdn.turner.com/cnn/.element/js/2.0/video/evp/module.js?loc=dom&vid=/video/business/2008/11/02/lah.japan.ceo.pay.cut.cnn" type="text/javascript"></script><noscript>Embedded video from <a href="http://www.cnn.com/video">CNN Video</a></noscript> JAL Airlines CEO takes pay cut.....now makes $90,000 BIG $$$ ...Maybe these CEO's of GM, FORD, CHRYSLER need to do the same thing. I don't think anyone deserves the amount of money execs get paid these days....
