Big 3 CEOs give worst case scenarios
Detroit?s ?Big Three? auto CEOs returned to the House Financial Service Committee hearing yesterday to further discuss the possibility of a government bailout. Chrysler and Ford are both seeking $7 billion dollars in loans, though Ford CEO Alan Mulally says the company will not require immediate funds unless the economy becomes significantly worse next year. General Motors is seeking $10-12 billion but says, in worst case scenario, they will need $5 or $6 billion to have a good shot of making it through next year. GM CEO Rick Wagoner says the automakers aren?t at fault for their current state of crisis. However, Senator Bachus (R-Ala.) says that the bailouts are ?not the American way? and that the American people are becoming fed-up with handouts for big business. Bailout plans range from $1 to 25 billion, but either way Senator Levin (D-Mich.) points out that ?time is shorter than short.?
See "Big 3 CEOs give worst case scenarios", David Shepardson, Detroit News, November 18, 2008