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|Subject: Ford agrees with bailout 100%||Date: 10/9/2012 6:29 PM|
|Author: HMALETTER||Number: 1822714 of 2131177|
And I always have been too. Sorry.
Ford Chief Executive Officer Alan Mulally last month concurred with Rattner’s view, saying he testified before Congress in support of taxpayer support for his competitors because it also saved Ford.
“We think about that a lot, should we have gone back and testified on behalf of our competitors who were bankrupt,” Mulally told reporters Sept. 18 in New York. “I would do the same thing again today.”
Mulally said he agreed with the assessment of “the economic advisers of the Bush administration and the Obama administration that if GM and Chrysler had gone into free fall, they could have taken the United States from a recession into a depression.”
The U.S. government was the only entity that could save the domestic automakers because no one, including banks that were dealing with their own financial crises, was willing to put private capital into GM and Chrysler at the beginning of 2009, Rattner said.
“If you can’t pay your workers, if you can’t pay your suppliers, if you can’t pay your electric bills, then you have to liquidate,” he said. “This is what government is set up to do.”"
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