In today’s Detroit News it was prominently announced:
Ford share of federal loan to go to retooling plants
Bryce G. Hoffman / The Detroit News
Dearborn — U.S. Energy Secretary Steven Chu presented Ford Motor Co. with $5.9 billion in loans today to help the automaker develop and manufacture a new generation of fuel-efficient vehicles.
One has to wonder how much arm twisting (or horse heads) by his majesty, Obama, was required to force Ford to take this "loaned money".
One also has to wonder how long it will take for Obama to use the leverage of the "loaned money" to impose his will upon Ford, its Board of Directors and other management – just like they did at GM and Chrysler.
Taking this "loan" was a stupid thing for Ford to do. But, given his Chicago background, Obama probably made Mulally an offer he couldn’t refuse.