Comments on: Bailout Watch 224: “Ford respectfully requests… $9b” http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/ The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sun, 22 Nov 2009 12:34:35 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: windswords http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-999511 windswords Tue, 02 Dec 2008 21:44:31 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-999511 “Though Ford accepts that loans may be ‘callable,’ it firmly rejects the possibility of any form of ownership change ..." Al's gotta protect The Family. “Though Ford accepts that loans may be ‘callable,’ it firmly rejects the possibility of any form of ownership change …”

Al’s gotta protect The Family.

]]> By: windswords http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-999362 windswords Tue, 02 Dec 2008 21:13:40 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-999362 “Though Ford accepts that loans may be ‘callable,’ it firmly rejects the possibility of any form of ownership change..." Gotta protect THE FAMILY, eh, Al baby? “Though Ford accepts that loans may be ‘callable,’ it firmly rejects the possibility of any form of ownership change…”

Gotta protect THE FAMILY, eh, Al baby?

]]> By: cleek http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-999092 cleek Tue, 02 Dec 2008 20:09:51 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-999092 <i>“Though Ford accepts that loans may be ‘callable,’ it firmly rejects the possibility of any form of ownership change or even grant full seniority to government loans, arguing ‘A condition of senior status for any government loan could cause lenders or holders of our debt to allege a debt default, which could result in an acceleration of indebtedness and lead to the very result the legislation was designed to prevent, namely, a liquidity crisis.’”</i> Translated "Nationalize This! You clowns have GM by the pelotas and we're pretty sure that Chrysler management and the congressional leadership were separated at birth. We guess it is up to you, Nancy and Harry, to choose to back the single US auto maker with the best chance of returning to global success. BTW, Did any of you actually read the TARP legislation before you passed it and sprinted out to start back slapping at the press conference? I didn't think so, but just because you got scorched for that giveaway, don't try to overplay your hand on this deal. But hey, show us how smart you really think you are. It is your move." Signed, Alan and the gang PS. No more free rides on the corporate jets, either. “Though Ford accepts that loans may be ‘callable,’ it firmly rejects the possibility of any form of ownership change or even grant full seniority to government loans, arguing ‘A condition of senior status for any government loan could cause lenders or holders of our debt to allege a debt default, which could result in an acceleration of indebtedness and lead to the very result the legislation was designed to prevent, namely, a liquidity crisis.’”

Translated “Nationalize This! You clowns have GM by the pelotas and we’re pretty sure that Chrysler management and the congressional leadership were separated at birth. We guess it is up to you, Nancy and Harry, to choose to back the single US auto maker with the best chance of returning to global success. BTW, Did any of you actually read the TARP legislation before you passed it and sprinted out to start back slapping at the press conference? I didn’t think so, but just because you got scorched for that giveaway, don’t try to overplay your hand on this deal. But hey, show us how smart you really think you are. It is your move.”

Signed, Alan and the gang

PS. No more free rides on the corporate jets,
either.

]]> By: DearS http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-998852 DearS Tue, 02 Dec 2008 19:06:33 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-998852 Man this is getting fun and exciting. Folks are pulling out smooth lines. Sporting some complex economics, politics, morals, emotions, and intellect. Can the public keep their best interests in focus? What gaps do the automakers leave between the lines? This is great! Its like playing 21 questions, Chess, Jeopardy, Parcheesi, Dominoes and Monopoly all at once Since I'm having fun, I'll consider myself a winner of sorts. Considering all the opportunity that everyone of us have to learn to play the game of life better, I come to the conclusion that everyone is a winner of sorts. Congratulations everyone, we bet on Detroit and Won! I really do mean what I say, even though it can be taken as sarcastic. The lesson learned today will have incredible importance in helping us individually make better decisions going forward. Before these issues, we would have had a hard time perhaps imagination how certain things go down in our country. We won something for our devotion and attention to the system. Although everyone price will be different ie. we will not see eye to eye with everyone in the future either. Man this is getting fun and exciting. Folks are pulling out smooth lines. Sporting some complex economics, politics, morals, emotions, and intellect. Can the public keep their best interests in focus? What gaps do the automakers leave between the lines? This is great! Its like playing 21 questions, Chess, Jeopardy, Parcheesi, Dominoes and Monopoly all at once Since I’m having fun, I’ll consider myself a winner of sorts. Considering all the opportunity that everyone of us have to learn to play the game of life better, I come to the conclusion that everyone is a winner of sorts. Congratulations everyone, we bet on Detroit and Won!

I really do mean what I say, even though it can be taken as sarcastic. The lesson learned today will have incredible importance in helping us individually make better decisions going forward. Before these issues, we would have had a hard time perhaps imagination how certain things go down in our country. We won something for our devotion and attention to the system. Although everyone price will be different ie. we will not see eye to eye with everyone in the future either.

]]> By: gslippy http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-998692 gslippy Tue, 02 Dec 2008 18:30:11 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-998692 I wouldn't criticize Ford for suggesting loan terms. It is always best to specify what <em>will</em> work, rather than throw up your hands and say "whatever", because then you are subject to the whims of Congress, and they <em>DO NOT</em> understand your plight as well as you do. I wouldn’t criticize Ford for suggesting loan terms. It is always best to specify what will work, rather than throw up your hands and say “whatever”, because then you are subject to the whims of Congress, and they DO NOT understand your plight as well as you do.

]]> By: no_slushbox http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-998642 no_slushbox Tue, 02 Dec 2008 18:18:21 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-998642 gamper: Congress approved the $750 Billion TARP bailout; that's water under the bridge. Fool me once shame on you, fool me twice shame on me. Maybe Congress should avoid making the same mistake again instead of making the same mistake twice just because of some whiny moral relativity argument. Ford, GM and Chrysler created this problem by building a house of cards on sloppy, money losing captive financing loans and leases, and now its time to pay the piper. Hell, with GMAC GM was even a co-conspirator in the mortgage crisis. Without the big-3 providing ridiculous loans and leases Americans cannot buy as many cars as they did in the past. Also, as many expert, non-biased people have shown, Chapter 11 is best for the automakers in the long run: http://www.thetruthaboutcars.com/why-detroit-should-stop-worrying-and-learn-to-love-c11/ http://www.thetruthaboutcars.com/editorial-gm-death-watch-219-gm-prepackaged-reorganization/ http://www.nytimes.com/2008/11/19/opinion/19romney.html http://www.thetruthaboutcars.com/editorial-general-motors-death-watch-213-blueprint-for-a-taxpayer-funded-gm-c11/ gamper:

Congress approved the $750 Billion TARP bailout; that’s water under the bridge. Fool me once shame on you, fool me twice shame on me.

Maybe Congress should avoid making the same mistake again instead of making the same mistake twice just because of some whiny moral relativity argument.

Ford, GM and Chrysler created this problem by building a house of cards on sloppy, money losing captive financing loans and leases, and now its time to pay the piper. Hell, with GMAC GM was even a co-conspirator in the mortgage crisis.

Without the big-3 providing ridiculous loans and leases Americans cannot buy as many cars as they did in the past.

Also, as many expert, non-biased people have shown, Chapter 11 is best for the automakers in the long run:

http://www.thetruthaboutcars.com/why-detroit-should-stop-worrying-and-learn-to-love-c11/

http://www.thetruthaboutcars.com/editorial-gm-death-watch-219-gm-prepackaged-reorganization/

http://www.nytimes.com/2008/11/19/opinion/19romney.html

http://www.thetruthaboutcars.com/editorial-general-motors-death-watch-213-blueprint-for-a-taxpayer-funded-gm-c11/

]]> By: jgh http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-998602 jgh Tue, 02 Dec 2008 18:03:08 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-998602 Pelosi and Reid asked them to suggest estimates for the loan and terms addressed on Page 22 of the document. Pelosi and Reid asked them to suggest estimates for the loan and terms addressed on Page 22 of the document.

]]> By: no_slushbox http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-998591 no_slushbox Tue, 02 Dec 2008 18:02:20 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-998591 "The plan <strong>must</strong>:. . . -Provide for specific measures designed to ensure transparency and accountability, including regular reporting to, and information-sharing with, any federal government oversight mechanisms established to safeguard taxpayer investments; <strong>protect taxpayers by granting the most senior status for any government loans provided</strong>, ensuring that taxpayers get paid back first; -Assure that taxpayers benefit as corporate conditions improve and shareholder value increases <strong>through the provision of warrants or other mechanisms</strong>;. . ." Pelosi/Reid Letter to Detroit "Though Ford accepts that loans may be 'callable,' it firmly rejects the possibility of <strong>any</strong> form of ownership change or <strong>even</strong> grant full seniority to government loans, arguing 'A condition of senior status for any government loan could cause lenders or holders of our debt to allege a debt default, which could result in an acceleration of indebtedness and lead to the very result the legislation was designed to prevent, namely, a liquidity crisis.'” Hopefully there are enough southern Republican Representatives to call Ford out on its lack of reading comprehension. “The plan must:. . .

-Provide for specific measures designed to ensure transparency and accountability, including regular reporting to, and information-sharing with, any federal government oversight mechanisms established to safeguard taxpayer investments; protect taxpayers by granting the most senior status for any government loans provided, ensuring that taxpayers get paid back first;

-Assure that taxpayers benefit as corporate conditions improve and shareholder value increases through the provision of warrants or other mechanisms;. . .”

Pelosi/Reid Letter to Detroit

“Though Ford accepts that loans may be ‘callable,’ it firmly rejects the possibility of any form of ownership change or even grant full seniority to government loans, arguing ‘A condition of senior status for any government loan could cause lenders or holders of our debt to allege a debt default, which could result in an acceleration of indebtedness and lead to the very result the legislation was designed to prevent, namely, a liquidity crisis.’”

Hopefully there are enough southern Republican Representatives to call Ford out on its lack of reading comprehension.

]]> By: gamper http://www.thetruthaboutcars.com/bailout-watch-224-ford-respectfully-requests-that-government-funding-be-made-available-to-us-in-the-form-of-a-%e2%80%9cstand-by%e2%80%9d-line-of-credit-in-the-amount-of-up-to-9-billion/comment-page-1/#comment-998562 gamper Tue, 02 Dec 2008 17:54:21 +0000 http://www.thetruthaboutcars.com/?p=172411#comment-998562 Your story states that Mullaly was willing to take $1 to get the loans. However, isnt it that Mullaly would agree to $1 if they actually had to draw from the credit line. Two very different statements. Not sure why you come down so hard on the terms. Citi got very favorable terms that did not destroy investor equity, why should Ford have to suffer by its terms. Your story states that Mullaly was willing to take $1 to get the loans. However, isnt it that Mullaly would agree to $1 if they actually had to draw from the credit line. Two very different statements. Not sure why you come down so hard on the terms. Citi got very favorable terms that did not destroy investor equity, why should Ford have to suffer by its terms.

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