More, more, more: Auto execs are already hinting at next round of money
It should not really be that surprising.
One of the auto company executives -- GM's chief operating officer Fritz Henderson -- is already saying his company might need more money if it is going to weather the country's economic downturn.
Well, he should join the crowd.
There are more than a few businesses and families right now who could use a helping hand with finances these days.
But that aside, the auto company bailouts have put GM and Chrysler products centerstage -- and made many wonder if either company really has what it takes to stay competitive in today's market.
And in the meantime, others are wondering whether there ever will be enough money to get the auto industry back on its feet -- or if bankruptcy might be the shakeup that automakers -- and the autoworkers union -- need to realize their business practices must change.
The auto industry's recovery plans are due in to lawmakers soon. And that is the point at which there will have to be an evaluation of the money spent to date and if the automakers have met the requirements to continue to take advantage of the loans.
And that is when taxpayers will have to decide if they are throwing good money after bad -- and if there is any reason to add more.
From the looks of the backtracking already, the news might not be good.
Published in Editorials on January 12, 2009 10:59 AM