Word: gm
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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...
...GM: "An immediate temporary Federal loan in the amount of up to $4 billion in the month of December 2008 ... GM would look to draw up to an additional $4 billion in January to fund operating losses caused by very low levels of North American production ... If industry conditions do not improve materially, GM would access another $2 billion ... bringing the total draw to as much as $10 billion by the end of the first quarter...
...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...
...expected to present a plan Tuesday to cut 2,700 jobs. In Germany, Chancellor Angela Merkel has been more cautious in response to the crisis, and warned against precipitate state intervention. Still, Berlin is expected to approve up to $1.26 billion in loan guarantees for Opel if parent company GM goes under...
...Read "As GM and Ford Report Big Losses, Pressure for a New Bailout Grows...