Earlier this week, Ford CEO Alan Mulally told The Daily Ticker of Yahoo Finance that the federal government’s emergency financial rescue of GM (and Chrysler) was “the rig thing to do” and that he would support the moves again.
Back in November of 2008, Mulally testified before the Senate Banking Committee in support for his two U.S.-based competitors. The CEO, who was the highest-paid automotive CEO in 2011, said that the bailouts helped Ford sine a failure of GM (and Chrysler) would have impaired the supply network for the auto industry and thrown the United States into a depression.
But the noble words came at a price, in the form of sublime jabs at the bailed out automakers: “I’m very proud Ford was able to do it without a bailout,” Mulally said. “Everybody watching the hearings could see GM and Chrysler were bankrupt… But they also saw Ford was not and then they started checking out Ford. They started seeing all these new vehicles, best in class.”
The GM Authority Take
Best in class? Perhaps in some segments… but not for long!