Once United, Big 3 Take Different Roads to Bailout

Automaker bring different bailout concerns in appeal for federal aid
By Katherine Thompson,  Newser Staff
Posted Dec 1, 2008 9:53 AM CST
A consumer walks through a cutaway 2008 Ford Taurus crash car displayed at the Los Angeles Auto Show, Nov. 21, 2008.   (AP Photo)
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(Newser) – When the automakers return to Congress this week to beg for a federal bailout, they’ll no longer be presenting one case among them. Each company will unveil its own rejuvenation plan, reports the New York Times. Ford, in best financial shape, wants only the promise of access to federal funds; General Motors and Chrysler need near-immediate infusions.

Ford may promise symbolic moves like cutting top executives’ salaries—the company is already developing greener vehicles and has some cash on hand. GM may cut back on its domestic operations and delay payments to the United Auto Workers’ retirement fund. Meanwhile, cash-starved (and privately owned) Chrysler is reportedly desperate for a merger or alliance.