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General Motors, Ford and Chrysler to Present New Plan to Congress in Hopes of Securing Emergency Loans
Heads of General Motors, Ford and Chrysler will be back before Congress with a plan to cut costs at their distressed companies in order to secure emergency loans in an effort to avoid collapse.
Known as the Detroit Three, the U.S. automakers already made a plea for cash but Congress sent them back empty handed following concern that the three had no firm plan in place that would ensure there would be efforts to cut costs and use the money effectively.
GM CEO Rick Wagoner, Chrysler CEO Robert Nardelli and Ford CEO Alan Mulally were criticized following their last appearance before Congress, taking a beating for their arrival in private jets while claiming their companies were taking devastating losses.
Congress refused to grant the $25 billion in emergency loans, telling the three they would have to come back and this time Wagoner and Nardelli are said to be flying commercial while Mulally is driving a Ford hybrid to Washington.
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