Quote:
Originally Posted by Number 3
I've posted far too many times Ford was the biggest piggy at the trough for the DOE loans. I saw the list of technologies they wanted loans for and it was laughable.
Also I've asked if you borrowed $10,000 from the bank because you thought you had an emergency but then realized you wre ok and paid the $10,000 back were you using your money to repay the loans or the banks? And does it even matter since the debt is zero either way?
And lastly a trivia question.......what company stood up after 9/11 to offer huge deals I. An effort to keep the economy moving? Hint it wasn't Coke offering 10 cents off a bottle and it wasnt McDonalds offering free fries.
And engine thinking Ford is so awesome should simply look at Europe. Ooooooops.
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Ford = took loans that were offered with extremely low interest rates in hard times after mortgaging nearly all assets to restructure. A sound business decision.
GM = took loans and tens of billions of dollars in free money (in an inflated exchange for equity) that will never be accounted for.
They are simply not comparable. FoMoCo turned around in one of the most successful restructurings in recent history and GM went bankrupt, restructured under government ownership, and is now flourishing as a new corporation. Alan Mulally worked miracles with Ford while GM was gutted and thrown money because it was necessary to keep the doors open. These Ford loans will be paid back, the equity the gov holds in GM will NEVER be valuable enough to recover the total invested.
Debate cars all you want, but Ford leadership (post 2006) has been a bright light in dark times within the auto industry and it's damn near disrespectful to even try to argue that it's remotely similar to that financial travesty of a company that was Old GM.