Mullaly was smart when he refused the bailout or he'd be out of work too.
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Why? He just took over just 2 1/2 years ago. Ford has cut costs and
done much to turn around. GM, since Wagoner took over, has lost about
1/2 its market share and has nearly landed in backrupcy court. Ford
future is called "the way forward." Under Wagoner, GM's future would
be "the way down the drain."
Really, controlling a few key industries for a limited period of time
does not make the republic socialist.
On the otherhand, I suspect Ford's ability to continue without the
goverment loans was the result of actions taken after Ford hired
Mullaly as CEO. Ford cut much sooner and deeper that GM or Chrysler.
Ford lined up additional lines of private credit. Ford did not allow
Ford Motor Credit to go whole hog into the marginal mortgage buisness
like GMAC did. As a result Ford Cedit is still profitable, Ford has
non-goverment credit available, and Ford does not need to make the
sort of painful cuts GM is being forced to make. So whether Mullaly
made the decision to not take the loans is moot. Actions taken while
he was CEO allow Ford to continue without the government loans - at
least for now. So if you can heap the blame for GM's problems on
Wagoner, then you need to throw a little praise towards the Ford CEO.
The way things are going, Ford may soon be regain it's place as the
second largest automoble manufacturer in the world, but second to
Toyota now, instead of GM.
My point was that Ford had already made amny of the cuts that GM is
only now looking at. Before the crisis was apparent, Ford had already
started shutting down excess capacity (Norfolk, Atlanta,....). Ford
made the cuts early enough and arranged financeing early enough, that
they are in a much better position than GM. They may need to make a
few more cuts, but not nearly the number of painful cuts GM will be
forced to make.
The only thing that is appropriate is that Ford pre-empted GM in seeing
ahead, was able, and did something about that anticipation. Who or what
entity within that Ford organization that chose not to take TARP funds is
really a mystery. Mullaly, as CEO for Ford, did tell Congress, for now,
that chose now to accept such funding. That's all most of know for sure.
No, whoever/whatever made that decision is not moot. This person(s)/entity
is what made that decision. And is my Ford hero in reality vs. Mullaly
To my knowledge, Ford credit, also known as Ford Motor Credit, strictly
finances purchase of their automobiles. GMAC does that and a bunch more in
the monies arena. Seems apples and oranges argument there. If not,
explain. If not, rather, it seems GM got itself in the predicament in
similar fashion as other banks did (though not formerly known as a "bank"
until that was determined later on so GMAC could receive additional aid
from Uncle Sam)
Bondholders have no decision power as long as Ford continues to make the
payments - Stockholders and company officers do. I'd say the Ford family
along with the current company officers made the decision to refuse the
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