Word: fording
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Dates: during 2000-2009
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When CEO's Bob Nardelli (Chrysler), Alan Mullaly (Ford), and Rick Wagoner (GM) appeared before Congress late last month in search of a bailout, they were basically told, "Get the hell out of here until you have detailed plans to get your industry in order." Well, here they are: Three business plans, numbering between 14 and 37 pages, providing a detailed outline of how each executive plans to turn his company around - and what the Federal government can do to help...
...Ford: "A 'stand-by' line of credit, in the amount of up to $9 billion. This line of credit would be a back-stop to be used only if conditions worsen further...
...Indeed, even before GM, Ford and Chrysler officials submit recovery proposals Tuesday in hopes of persuading Congress to steer aid their way, Europe has started to react. French President Nicolas Sarkozy proposed a four-year, 400 million-euro package to help French automakers build more environmentally friendly cars. Sarkozy also called last week for the loosening of E.U. restrictions on direct state aid to companies, restrictions established to encourage more-competitive markets in Europe. "We can't have the Americans unlocking $25 billion in loans for their three manufacturers while we would be caught up in a state-assistance regime...
Read "As GM and Ford Report Big Losses, Pressure for a New Bailout Grows...
Read "As GM and Ford Report Big Losses, Pressure for a New Bailout Grows...