Text: Ford CEO Alan Mulally Testimony to Senate Banking Committee | Big Three Bailout | December 4
Click Here to Read Mulally’s Testimony (PDF)
At Least The PR is Better – Big Three Headed Back to Congress
Ford CEO Alan Mulally headed from Detroit to Washington D.C. in one of these.
The bad news for the economy and taxpayers is that according to information released by the Big Three today, their asking price for a government bailout has gone up $8 billion in the past two weeks.
The good news is that they left the corporate jets back on the tarmac in Detroit.
According to a story by Reuters and widely reported elsewhere, all three CEOs of Ford, Chrysler and General Motors headed back to Washington on Tuesday. All three were reported to be traveling on four wheels – hybrids in the case of Ford’s CEO Alan Mulally and GM’s CEO Rick Wagoner. I haven’t been able to find out what Chrysler CEO Robert Nardelli drove to Washington, but I would’ve ripped up some pavement in the Crossfire.
Here is a good overview of what’s going on with the auto industry bailout.
Two things in all of this from the category of “Pisses Me Off.”
1. Just two weeks ago these same three guys were before Senate and House committees asking for $25 billion. They were upbraided by members of Congress for flying into town on three separate private jets and told to go home and come back with a business plan. With their business plans in hand and new websites for Ford and GM they’re back. So, what was up with the $25 billion ask when now their business plans request a combined $33-34 billion. Did these cartards actually go to Capitol Hill two weeks ago and pull a number out of the air? Talk about arrogance.
2. Second is this quote from GM COO Fritz Henderson: “There is not a Plan B. Absent support, the company can’t fund its operations.” Hey Fritz, how about a steaming cup of shut the fuck up. Are you threatening us? People like you run your company into the ground and you want to begin laying the guilt trip on Congress and therefore the American people. How about this for Plan B. Let’s help Ford and GM and Chapter 11 your sorry ass.
