Ford CEO's foresight may have saved the company


	Ford CEO's foresight may have saved the company

masbury

4-8-2009 3:41 PM

310 views

tags:

ford, auto, bailout

masbury says:

In 2006, Ford saw this coming, and mortgaged the company to borrow money so it could transform itself. As a result, “From Day One, we had no desire to access the government money,” he said.

3 Comments |

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4-8-2009 4:31 PM

ratilfar

Now that is business done right.

4-8-2009 9:41 PM

masbury

I'll say. This guy has some courage, and wasn't afraid to put his ass on the line to do what he gets paid millions to do. That's leadership.

4-9-2009 4:57 PM

Anomaly100

Great clip. This guy's future is set while Wagoner's is pretty murky.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/8fcb0141-9a32-4901-b35c-5578aa40d112/CD546799-4FFC-4A5D-8C7F-F79307297C19/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/04/09/business/09ford.html?partner=rss&emc=rss#" href="http://www.nytimes.com/2009/04/09/business/09ford.html?partner=rss&emc=rss#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/04/09/business/09ford.html?partner=rss&emc=rss#"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.nytimes.com/img/C34AB0F7-402A-40CE-A6B3-5024C1DED201" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/04/09/business/09ford.html?partner=rss&emc=rss#">On Nov. 29, 2006, the <A title="More information about Ford Motor Co" href="http://topics.nytimes.com/top/news/business/companies/ford_motor_company/index.html?inline=nyt-org">Ford Motor Company</A> made a surprising pitch to the nation’s biggest banks. In a packed ballroom at a New York hotel, <A title="More information about Ford Motor Company" href="http://topics.nytimes.com/top/news/business/companies/ford_motor_company/index.html?inline=nyt-org">Ford</A>’s chief executive, <A title="More articles about Alan R. Mulally." href="http://topics.nytimes.com/top/reference/timestopics/people/m/alan_r_mulally/index.html?inline=nyt-per">Alan R. Mulally</A>, said he would mortgage all the company’s assets for billions of dollars in loans to finance an overhaul of the troubled automaker. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/04/09/business/09ford.html?partner=rss&emc=rss#">Although the economy was healthy then, Mr. Mulally said the money would give Ford “a cushion to protect for a recession or other unexpected event.”</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/04/09/business/09ford.html?partner=rss&emc=rss#">the $23.6 billion in loans it received turned out to be Ford’s saving grace</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/04/09/business/09ford.html?partner=rss&emc=rss#">Ford, because of the money it borrowed in the private sector nearly three years ago, is in far better shape than its two crosstown rivals. 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