Tag: bailout

Falling Empires Part 3: Wither Detroit?

It will not have escaped even the casual observer that the companies formerly known as the Big Three automakers — GM, Ford, and Chrysler — are in bad, bad shape. GM lost $37 billion in 2007. Ford’s operating losses were $2.7 billion overall, but they lost $5 billion on their automotive operations. Chrysler, which is now owned by Cerberus Capital Management, is not obliged to share their annual results (not being publicly held), but they aren’t doing a lot better. As of this writing, the three companies are asking for at least $34 billion in federally guaranteed loans, a new bailout. In this last installment of our series, we weigh in on the state of Detroit.

1930 Ford Model A Boyce MotoMeter
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