Word: reinvented
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...General Motors, Ford and Chrysler prove they have viable long-term business plans before qualifying for a second round of loans in March. All told, the Big Three have asked for $34 billion in bridge loans, though many economists say it will take up to $200 billion to really reinvent Detroit; negotiators have agreed to grant $14 billion to keep them afloat through March, but the companies must jump through significant hurdles in order to qualify for more federal aid after that. (Read TIME's biographies of the Big Three CEOs...
...small, incremental" steps taken thus far. "There may be some symbolic movements to hold them up to the public for political impact. But that's it," he says. "We need manpower and technology and matériel on war footing. Normal bureaucratic practice will not work; we need to reinvent procedures. It can be done overnight ... if you are flexible and in action mode." Even after the Mumbai carnage, he claims, the requisite political will and sense of urgency remain lacking. "We have such an incoherent and incapable leadership, and across all political parties." While Prime Minister Manmohan Singh seems...
...Ford's owners have always had a difficult relationship with the hired help. Henry Ford II fired everybody, says Noel Tichy, a professor at the University of Michigan's business school - including Lee Iacocca. Jacques Nasser, named CEO in 1999 to reinvent Ford, bought Volvo and Land Rover to create a luxury portfolio; he saw Ford as more than an auto company and tried to overhaul the culture. He was ousted in 2001 by Bill Ford Jr. - great-grandson of Henry - who took back the wheel for a couple of years...
Then again, Congress can do things that a bankruptcy judge couldn't--such as revamp health care and retirement policy so the costs don't weigh so heavily on big old companies trying to reinvent themselves. That won't happen overnight. But this particular economic crisis is so wrapped up in past government decisions--about financial regulation, about budgets, about housing policy, about pensions and health care--that the private solution of Chapter 11 just may not be enough. Bankruptcy-by-another-name it is, then...
Critics argue that if U.S. car makers have stopped making the vehicles people want to drive, it might not be such a bad thing to force GM to reinvent itself under Chapter 11 bankruptcy protection. However the wider, short-run repercussion might be too much to bear for the North American industry. "There's a real fear if one of the Detroit Three fails it will threaten the future of the others on both sides of the border," says Jayson Myers, president of Canadian Manufacturers & Exporters, the country's largest trade and industry association. Says Buckley...