Ravi
Diamond Member
Sounds like a bailout to me.The one auto company that REFUSED a govt bailout is being showcased. And yes they refused it. The CEO said no thanks we'll stay just as we are.
This is what self reliance and responsibility stands for.
Rather than direct bailouts, Ford has been able to take advantage of several government-backed low interest loan programs like the Advanced Technology Vehicle Manufacturing program run by the Department of Energy to fund new vehicle development and factory retooling. Ford is also getting tax breaks and low interest loans from various states as well as other countries like the UK and Russia. At the same time, it has used profits earned in the past year to pay down higher interest debt earlier than planned. In doing so, Ford hopes to get back from junk bond status to investment grade by late 2011 or early 2012.
Report: Ford using government-backed loans to pay off debt