keywords: auto industry bailout, gm ceo richard wagoner, ford ceo alan mulally, chrysler ceo robert nardelli
Synopsis: On December 4, 2008 auto executives from GM, Ford, and Chrysler, joined by the UAW, appeared before the Senate Banking Committee asking for “bridge loans” from the Federal government... (read more)
General Motors CEO Richard Wagoner gave an overview of the actions GM would take as conditions for receiving a $12 million dollar bridge loan and a $6 million dollar line of credit. He stated repayment to began as soon as 2011.
UAW President Ron Gettelfinger expresses his views on the state of the domestic auto industry and urged the approval of the requested bridge loans.
Ford CEO Alan Mulally gave an update on Ford’s vision and the progress that Ford had made in becoming a profitable and growing company. He said despite a downturn in automobile demand Ford did not expect a near term liquidly crisis. However, Ford did request access to $9 million dollars in bridge financing and stated hopefully Ford will not need to use these funds.
Chrysler CEO Robert Nardelli requested a 9 billion dollar bridge loan to continue the restructuring of Chrysler and enable it to invest in new technologies.