Thursday, July 23, 2009

Obama Lied and the Economy Died Update: See, the Key Was NOT to Take Stimulus/Bailout Money

Gee, why didn't Barry explain it better? I mean, companies were supposed to avoid the bailouts like the plague. That must be the real plan, because look at Ford:
Reduced Automotive structural costs by $1.8 billion, including $1.2 billion in North America+
Strong new products drove market share gains in all regions – North America, South America, Europe and Asia Pacific Africa – while achieving further improvements in transaction prices and margins
Ford’s customer satisfaction with vehicle quality reached its highest level in North America and now equals Toyota; Ford, Lincoln and Mercury brand vehicles had the fewest “things gone wrong” among all automakers; Ford leads the U.S. industry in Insurance Institute for Highway Safety “Top Safety Pick” awards
Ended the second quarter with Automotive gross cash of $21 billion; operating-related cash outflow was $1 billion, an improvement of $2.7 billion from the first quarter of 2009+++
Raised $1.6 billion by issuing 345 million new shares of common stock; completed actions to reduce Automotive debt by $10.1 billion
Ford Credit reported a pre-tax profit of $646 million, compared with a pre-tax loss of $294 million a year ago+
Ford remains on track, based on current planning assumptions, to achieve its key 2011 financial targets

Meanwhile, Government Motors is remaining kind of mum on several key factors.

Who knew? Companies, like teenagers, should have just said no.

hat tip to Bizzyblog