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pete240z
pete240z HalfDork
12/2/08 12:21 p.m.

So the automotive three are going to try again this week.

"Ford CEO Alan Mulally plans to drive in a gas-electric hybrid vehicle. GM and Chrysler said only that their CEOs would not be flying in private jets."

Do you think they should be given the cash for a loan?

Should GM show up in that Chevrolet Volt?

What should Chrysler show up in?

GameboyRMH
GameboyRMH GRM+ Memberand SuperDork
12/2/08 12:22 p.m.

They should drive some of their own cars there

jrw1621
jrw1621 Reader
12/2/08 12:33 p.m.

"...Wagoner will drive in a Chevrolet Malibu hybrid sedan when he makes the 520-mile trek from Detroit to Capitol Hill..."

http://biz.yahoo.com/ap/081202/autos_ceo_travel.html

"...Chrysler LLC CEO Robert Nardelli will not travel by corporate jet. A spokeswoman says his travel plans will remain secret for security reasons."

Do a lot of people want to kill Nardelli? I would suspect ransom requests would go unanswered.

"(Ford) said it will sell its corporate aircraft."

Not only will Ford not fly but the jets are being sold.

GameboyRMH
GameboyRMH GRM+ Memberand SuperDork
12/2/08 12:43 p.m.

Notice how GM and Ford are at least desperately trying to appear serious, and Chrysler says "Shut up bitch, gimme my money! These private jets don't fuel themselves!"

Xceler8x
Xceler8x GRM+ Memberand HalfDork
12/2/08 12:49 p.m.

Heard about this on NPR today.

I wonder how much of a pay cut the CEO's will take? Then I wonder who much of a pay cut the UAW will allow.

I do applaud congress for pressing for detailed plans on how they're going to be become profitable before loaning them money. I wonder if they did the same with the Wall St. banks?

Salanis
Salanis SuperDork
12/2/08 12:54 p.m.
Xceler8x wrote: I wonder how much of a pay cut the CEO's will take? Then I wonder who much of a pay cut the UAW will allow.

Original Article: http://autos.yahoo.com/articles/autos_content_landing_pages/775/ford-says-ceo-will-work-for-1-to-get-loans/

Ford CEO Alan Mulally said he'll work for $1 per year if the company has to take any government loan money.
Wally
Wally GRM+ Memberand SuperDork
12/2/08 1:07 p.m.

These guys are jumping through a lot more hoops for $25b than were needed for $700b. Noone complained that the folks from AIG didn't take Greyhound. The head of chrysler should come in a wrecker.

MrJoshua
MrJoshua SuperDork
12/2/08 1:45 p.m.

They should all borrow planes from the bankers!

carguy123
carguy123 HalfDork
12/2/08 2:01 p.m.

I don't know what you guys are all worked up about for, it's a done deal.

Barack has already promised them they'll get it.

pete240z
pete240z HalfDork
12/2/08 4:28 p.m.
carguy123 wrote: I don't know what you guys are all worked up about for, it's a done deal. Barack has already promised them they'll get it.

Sweet. That means my GM retiree father-in-law will NOT be moving in with me! :D

wherethefmi2000
wherethefmi2000 Reader
12/2/08 4:36 p.m.

Which one was taking the $1 yearly salary?

Salanis
Salanis SuperDork
12/2/08 4:50 p.m.
wherethefmi2000 wrote: Which one was taking the $1 yearly salary?

Ford CEO Alan Mulally.

bruceman
bruceman New Reader
12/2/08 4:54 p.m.
Salanis wrote:
wherethefmi2000 wrote: Which one was taking the $1 yearly salary?
Ford CEO Alan Mulally.

all of them

EricM
EricM Reader
12/2/08 4:56 p.m.

How do you compute FICA on $1?

bruceman
bruceman New Reader
12/2/08 4:58 p.m.

I don't believe any of them should waste their time driving there

unless they drove the Ford GT, ZR-1, and Viper

wherethefmi2000
wherethefmi2000 Reader
12/2/08 4:58 p.m.

lol, I'm sure interest from the savings those guys have will hold them over, and probably still put them out of my tax bracket (well I'm in the military, I'm considered destitute for tax purposes)

CrackMonkey
CrackMonkey Reader
12/2/08 5:22 p.m.
EricM wrote: How do you compute FICA on $1?

I'm sure you know this, but just in case... You don't. $1 is salary - they'll still get plenty of deferred compensation and other benefits. Not to mention they're already rich.

Nashco
Nashco SuperDork
12/2/08 8:05 p.m.

What is all this nonsense about jets? Am I the only one who sees this as the potential for one of the greatest Cannonball run contests ever? Winner gets $$$25 billion!!! If we're going to be loaning out money to companies we can at least get a good show for our dollar. This could be the greatest reality show/documentary ever! Just think of the crazy stuff we COULD have got the bankers to do for $700B...

Oh well, too late for that, we pretty much handed that $700B over without any hoops at all. I hate the government giving money out at all, but to be busting the automaker's nards for $25B when we just forked over $700B to banks with a couple of very loose strings attached is bizarre. I think it's like when referees/umpires do the make-up call. You know, they made the wrong call a few minutes ago (giving the banks $) and now they're trying to make up for it (making the auto companies go through 10 times more hoops for 3% as much money).

Bryce

GregTivo
GregTivo Reader
12/2/08 8:21 p.m.

In reply to Wally:

raises hand

They can all take a flying leap. If they were responsible CEO's, they'd know how to properly declare Chapter 13, sell all of their excess capital (machining, corporate offices, etc) and offer a last chance buyout to their pension and healthcare. Yes, alot of people would be hurt, but atleast the big three could retain productive employees, restructure as a smaller, more efficient company and keep the respect of the rest of America. Right now, I almost feel compelled not to buy BIG 3 solely because of their current actions.

billy3esq
billy3esq Dork
12/2/08 8:36 p.m.

In reply to GregTivo:

I think you mean Chapter 11. Chapter 13 is for individuals. Otherwise, you're right on. They'd still have to figure out how to design cars people want to buy, but that shouldn't be that difficult. They are a car company, after all.

GregTivo
GregTivo Reader
12/2/08 8:41 p.m.

In reply to billy3esq:

sorry, right, chapter 11

billy3esq
billy3esq Dork
12/2/08 8:55 p.m.

No worries; I just like using stuff from my legal education that would otherwise be wasted.

99% of what I do comes from three classes I took in law school. The other 28 or so rarely get dusted off.

Xceler8x
Xceler8x GRM+ Memberand HalfDork
12/3/08 8:24 a.m.

More NPR stories this morning on this.

They interviewed a Chevy dealer who said "GM cannot market, build, and supply, this many vehicles. They need to axe some brands and consolidate."

He must read GRM. WE R SO SMERT! YEAH Us!11eleven!!

DILYSI Dave
DILYSI Dave SuperDork
12/3/08 8:43 a.m.
Nashco wrote: What is all this nonsense about jets? Am I the only one who sees this as the potential for one of the greatest Cannonball run contests ever? Winner gets $$$25 billion!!! If we're going to be loaning out money to companies we can at least get a good show for our dollar. This could be the greatest reality show/documentary ever!

A ZR1, A Ford GT, and a Viper GTS line up in downtown Detroit. GO!

I love this idea.

Jensenman
Jensenman SuperDork
12/3/08 8:53 a.m.

Chrysler has big problems. They have no overseas cars to market here, they generally try to sell their US models overseas so they have no parallel line of 'world cars' to draw from. Jeep is sold all over the world and is one of the most recognizeable brand names worldwide. (Bold prediction: Chrysler will cease to exist in 3-5 years, Dodge may hang on a bit longer due to the truck lineup but will also croak and someone will buy Jeep from the ashes.)

GM is in somewhat better shape in that respect, they have Opel. They still need to work a little harder on that lineup to be able to sell them here, the last thing they need right now is another Catera. The Opel/Saturn hasn't exactly set the world on fire either. GM's biggest problem is that they concentrated on 'niche' vehicles like the HUMMER instead of on the broad stroke 'everyday' cars, counting on the sales of big SUVs to continue forever and that's how they got caught with their pants down. I don't see GM as a standalone company surviving much longer either. I predict that Toyota will buy the remains of GM, keep a few of their products for nostalgia sake, revamp a few GM assembly plants for their products, then sell the others piecemeal to smaller players like BMW, Nissan etc.

Ford is in the best position of the Big 3 right now because they have a lot of overseas vehicles to draw from and if they have any smarts at all that's what they will do. This means they will have to beat Congress and NHTSA over the head to allow their overseas cars to be brought here. They will have to close some US assembly plants, I predict the F Series will get a HUGE revamp (it might even go unibody to save weight) and cars like the Mustang will continue rear wheel drive but be built on the Sierra platform.

Companies like FIAT and Cherry Motors are waiting and watching. No matter what else happens with the Big 3, they will be divesting themselves of redundant assembly plants etc and this is a perfect opportunity for those companies to get a toehold here in the Great Satan.

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