The Auto Bailout is happening, as we all knew it would. The money is coming out of the “Treasury’s $700 billion financial stabilization fund,” which does not need approval from Congress (but they can reject it if they feel like going back to work during Christmas).
The big surprise is that only 2 of the Big 3 took it! Ford said NO!….sort of.
I wish Ford president and CEO Alan Mulally would have said, “Screw you, government. I don’t want your damn money. I am a responsible businessman. Now, get off my ass and let me run my business! By the way, I will not be car-pooling back to Michigan with those GM and Chrysler pansies. I am taking my 3 jets.” But, alas he said:
"We do not face a near-term liquidity issue, and we are not seeking short-term financial assistance from the government,"
Woo-hoo!
Ford said it hoped to restructure its business without government assistance but requested the nine billion dollar line of credit as a "critical backstop or safeguard against worsening conditions."
Doh!
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