Jan 26, 2009
Chrysler, Ford and GM say they are nearly broke.
But they have plenty of money. They simply shift accounts.
Ford, for example, reported to the SEC that from 1996 through 2007 its net LOSS over those years was 4.9 billion dollars – in "automotive" operations.
Meanwhile their net PROFIT over those same years was 32.7 billion dollars – in "financial" operations.
In other words they book the losses in the manufacturing unit column – and book the profits in the financial unit column.
That also helps avoid profit-sharing payments.
Cerberus is private so it doesn't file SEC reports. But even if we can't get exact figures – we know that liars of a feather flock together!
Instead of the Federal Government demanding that WE have to dig into our pockets to pay for the auto companies' bailout, why not ask the Ford family to dig into their pockets? This family dynasty has accumulated billions and billions of dollars over the years off of our labor.
The Ford family personally received a special dividend of 10 billion dollars in 2000, the largest ever by a U.S. company. Let them give it back. That 10 billion will more than cover the 9 billion that Mulally says the company might need for a rainy day.
All the big 3 CEOs say they are willing to accept an annual salary of one dollar.
Chrysler CEO Lee Iacocca played the same game when Chrysler workers gave up billions of dollars in concessions, starting in 1980.
But by 1987, Iacocca had become the highest paid CEO in U.S. history, raking in something like a total of 43 million dollars from 1980 to 1987.