Ford (F) and Chrysler CEO Comment on Capitol Hill
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Ford (NYSE: F) CEO, Allan Mulally, feels a bridge loan from congress would be beneficial and will help support the 'Big 3' (even though they are competitors). Mulally feels a bridge loan would help prevent further downside. However, he feels that Ford has already made significant progress and the company was profitable in Q1.
Chrysler CEO Nardelli says he saw a 37% decline in sales when Daimler (NYSE: DAI) divested Chrysler. The company has furloughed 32,000 employees (12K white collar). Nardelli feels the biggest issue his company is facing is access to liquidity. He feels the secondary market has dried up and there is essentially no way to access credit (which prevents dealer/customer financing).[SM]
Ford Motor Company (Ford) is a producer of cars and trucks. The Company and its subsidiaries also engage in other businesses, including financing vehicles.
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