Ford Seeking Government Aid
Ford Motor Credit said today it was in talks with the Treasury Department and the Federal Reserve to obtain government aid, The Post's Kendra Marr reports.
The comments came on the same day that the Treasury announced a $1.5 billion loan to Chrysler Financial. In December, GMAC, which provides loans to General Motors customers, received $6 billion in federal aid. The moves by the government are an attempt to make auto loans more readily available.
Unlike Chrysler Financial and GMAC, however, Ford Motor Credit has been talking to government officials about receiving the money through the Term Asset-Backed Securities Loan Facility, or TALF, which was created by the Treasury and Fed to support auto, student and other consumer loans.
“We’re still funding our business,” Margaret Mellott, Ford Credit spokeswoman, who confirmed the talks. “We have strong liquidity.”
-- Frank Ahrens
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January 16, 2009; 6:32 PM ET
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Posted by: alpacaman1 | January 16, 2009 7:44 PM | Report abuse
Bailout to Ford so they can build Fiestas in China and other countries? Bailout so more American jobs can be outsourced? No, no, and no again. We hear today from the GAO that the companies seeking and getting bailout money shelter their money in tax haven countries. No more. Enough is enough!
Posted by: luckytn | January 16, 2009 10:12 PM | Report abuse
These capitalists are in capitalist's welfare line waiting for handouts.
Pigs.
Posted by: cintronlourdes | January 16, 2009 10:42 PM | Report abuse
Remember we the people? Like we the people who have suffered through a decade of stagnant wages, loss of hours at our workplace, high health care costs, state and city tax increases. The only jobs created were low paying at Starbucks and Walmart.
Our out of touch politicians continue to give all these big businesses billions of our tax dollars but at the end of the day if middle class Americans have no disposable income we still can't afford cars, houses, clothing etc to stimulate the economy.
Trickle up economics for the American people seems to be a non starter with our political elite.
Posted by: RMB2 | January 16, 2009 10:57 PM | Report abuse
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We need to separate out Ford Motor Credit, GMAC Finance and Crysler Finance's finance and lending units from car manufacturing.
They are the reason these companies are in trouble in the first place.
Why doesn't the Washington Post and the rest of the media look at these companies and see where the financial problems are in these companies.
We already know that these is no shortage of profit for any of them internationally.