Chrysler wants $7 billion. They asked Congress for this taxpayer money in a 14-page document. I bet they could do it for $500 million if they only took the time to give the PDCA wheel a few turns and put their proposal on a single page A3.
Ford has asked for a $9 billion line of credit, even though they might not need it. Wink. Oh, and $5 billion to help us design and make cars people want. Heck, CEO Mulally could work that off in only 461,467 hours if he gave up his $10,835 hourly rate of pay. Ford expects to return to profitability by 2011 under their plan, if their projection of the length and depth of this recession are correct. We didn’t see it coming, but we know where it’s going, is it?
GM upped the ante by asking for $18 billion, a raise of $6 billion, and an immediate injection of $4 billion to avoid going belly up by the end of the year, “a fact it hadn’t before disclosed.” according to the Wall Street Journal. Incompetent or dishonest? It’s hard to say.
At least our government is seeking advice on how to handle the situation:
The urgent call for help comes as lawmakers have begun reaching out to Wall Street experts to explore how the government could help the companies prepare bankruptcy filings that would take them in and out of Chapter 11 protection quickly, with much of the financing and other restructuring measures worked out with creditors in advance
‘Cause those Wall Street bankers sure know how to get us out of a financial mess.
Exit sarcasm, enter hope. Let’s see what the next 2 weeks will bring for the embattled US auto makers.