Just in time?

Not the Toyota version, nor President Bush's (see below), but Ford's. Pity they couldn't arrange for fusion power:

2010 Ford Fusion Hybrid: 52 mpg and the darkness before dawn

Today:

Ford: The healthiest patient in the ICU

Although Ford Motor may get through 2009 without needing federal loans, it still has many of the same problems as cash-starved GM and Chrysler.

Meanwhile, from the White House Fact Sheet on the bailout "Financing Assistance" (bolding in original):

[...]

The terms and conditions established by Treasury will include additional targets that were the subject of Congressional negotiations but did not come to a vote, including:

o Reduce unsecured debt by two-thirds via a debt for equity exchange.

o Make one-half of Voluntary Employee Beneficiary Association (VEBA) payments in the form of stock.

o Eliminate the jobs bank.

o Work rules that are competitive with transplant auto manufacturers by December 31, 2009.

o Wages that are competitive with those of transplant auto manufacturers by December 31, 2009 [emphasis added].

These terms and conditions would be non-binding [emphasis added] in the sense that negotiations can deviate from the quantitative targets above, providing that the firm reports the reasons for these deviations and makes the business case that it will achieve long-term viability in spite of the deviations...

In fact, even "the binding terms and conditions" in the package are really no such thing. The Obama administration will be able to change the terms and conditions of the "loans", which are not established by legislation, as soon as it takes office. And the italicized parts above, already "non-binding", sure do leave open a barn door for the Democrats and the UAW to drive a truck hybrid through.

Some three hours later, Dec. 19: as I wrote:

[...]

Whatever the terms, targets or requirements of the loans that Bush's Treasury Department laid out, administration officials said President-elect Barack Obama was free to change them at his will.

Because the loans were ordered by the administration, rather than mandated in legislation, the money flows first and the repayment terms are literally written on paper that the new president can rewrite. He can ease or toughen provisions in future negotiations.

In a likely harbinger, the autoworkers union became first in line to seek changes.

[...]

"I just want to make sure that when we see a final restructuring package that it's not just workers who are bearing the brunt of that package," Obama said [emphasis added]...

Mark C.

Update: Euro bailoutitis picks up steam:

Jaguar deal to be agreed within days

Emergency loan before Christmas would protect thousands of job [even though Tata now owns Jag and Land Rover]

[...]

Ministers have asked Jaguar for detailed costings of its operation before sanctioning state aid. Pressure mounted on them yesterday after the US government decided to provide billions of dollars in loans to troubled car-makers.

The UK motor industry pointed out that France, Germany and Sweden are also providing emergency help for their companies. General Motors Europe, which employs 5,500 people at Vauxhall plants in Luton and Cheshire, has joined Jaguar in seeking government help...

Upperdate: Whom to believe?

Mandelson rules out early rescue for Jaguar

Via Norman's Spectator, "A great moment in Brit journalism".

Posted by markc at December 20, 2008 11:40 AM