Ford Motor Company Statement on Proposed Congressional Automotive Industry Bill
DEARBORN, Mich., Dec. 8 – As we told Congress, Ford is in a different position. We do not face a near-term liquidity issue, and we will not be seeking a short term bridge loan. But Ford fully supports an effort to address the near-term liquidity issues of GM and Chrysler, as our industry is highly interdependent and a failure of one of our competitors could affect us all.
http://media.ford.com/article_displa...ticle_id=29549
U.S. Could Take Stakes in Big 3
Bailout Plan Gives Government Warrants in Exchange for Loans; Passage Uncertain
By GREG HITT
WASHINGTON -- Congress and the White House inched toward a financial rescue of the Big Three auto makers, negotiating legislation that would give the U.S. government a substantial ownership stake in the industry and a central role in its restructuring.
Under terms of the draft legislation, which continued to evolve Monday evening, the government would receive warrants for stock equivalent to at least 20% of the loans any company receives. The company also would have to agree to limits on executive compensation and dividend payments, much like those contained in the government's $700 billion rescue of the financial industry.
http://online.wsj.com/article/SB122875608562688401.html
The nationalization of the American auto industry. I'm glad Ford is trying to steer clear.