Big Three Bailout

Letter to Detroit from America
By Eric Bolling
Anchor, “Happy Hour” FOX Business Network/”The Strategy Room,” Foxnews.com

Dear Messrs. Mulally, Nardelli, Wagoner and Gettelfinger:

The popular weight loss show “The Biggest Loser” pits obese people against each other. Contestants are required to try to lose weight and game the group by trying to become the last one standing.

Each one of your companies has an issue that should tick off every taxpaying soul.

Does that sound familiar? Detroit’s three automakers are all fat, obese companies that need to drop the excesses that are weighing them down.

Chrysler Chief Executive Officer Robert Nardelli, right, accompanied by General Motors Chief Executive Officer Richard Wagoner appearing on Capitol Hill in November (AP)

They can’t compete with foreign auto companies doing business in the U.S. and abroad.

Each one of your companies has an issue that should tick every taxpaying soul off.

Take a look:

FORD:

Mr. Mulally, you are asking for a $9 billion line of credit –”just in case”. You have testified under oath that you really don’t need the billions, but want it just in case one of the others goes belly up. That would help your business sell more cars, right? With all due respect, good bye. No money for you.

CHRYSLER:

A few years ago, Chrysler decided to get into bed with Cerebus Capital. The Cerebus folks thought they were buying Chrysler at a bargain price and therefore, they were going to make a killing by changing your management and business plan. Cerebus took Chrysler off the market so that they could get ALL the profits. They did not want to merely invest in Chrysler along side the rest of us, they wanted it all. Greed got the best of Cerebus and they bought a lemon.

Sorry Cerebus and Mr. Nardelli, you wanted all the profits, now you get all the losses — no money for you!

GENERAL MOTORS:

All I can say about GM is that you, Mr. Wagoner, have been asleep at the wheel. You should have been selling or closing units to raise money long ago. There is no reason to hang on to Saturn, Pontiac, or Hummer. Keep on making Cadillac, Chevy and Buick (we hear Buick is popular and profitable throughout Asia). And what the heck took you so long to move on the Chevy Volt (hybrid/electric)? That car will unfortunately never see the light of day under the GM logo IMHO. Mr. Wagoner, you were slow to change and we don’t feel responsible for your errors in business judgment. No money for you, sorry.

UNITED AUTO WORKERS UNION:

Mr. Gettelfinger, you sir should be ashamed of yourself. I spend most of my day on TV talking about the demise of the U.S. auto industry. I am bombarded with e-mail messages and phone calls from Americans who are disgusted with the situation. Most don’t want to bail your business out with taxpayer money but everyone wants to know where ground zero is. I can only blame you, sir. Your union is the reason for the skew in cost per vehicle produced between Detroit’s Big Three and, say, a BMW built in America with American employees. Your “Legacy costs” burden Ford, GM and Chrysler so much that the following is true according to Standard & Poor’s:

Profits per employee:

Audi: $56,471 profit
Toyota: $38,645 profit
Honda: $29,840 profit
BMW: $29,810 profit
Nissan: $22,555 profit

Ford: ($46,841) loss
GM: ($90,444) loss

It is your union, Mr. Gettelfinger that negotiated absurd items like job banks where idled workers literally play crossword puzzles and video games while receiving up to 95% of their pay and benefits. It was you, sir, who refused to grant the wish of every American watching your Capitol Hill testimony — a complete rewriting of your contracts with our auto industry. .

I have the utmost compassion for the employees of Detroit’s Big Three. I HATE to see anyone out of work. It pains me to recommend that your group not get bailed out because there will be job cuts.

My Promise:

I PROMISE to purchase a vehicle from each of the Big Three automakers who agrees to undergo a Chapter 11 reorganization.

I hope to buy a vehicle from a re-organized and re-patronized U.S. auto maker, one that is devoid of the shackles your union offers Detroit.

My view is that, contrary to the pleas you have been making to the American people, we will, in fact, buy your cars, SUV’s and pick-ups even if you are in a structured bankruptcy.

The public outpouring of sentiment to “buy American” will never be stronger. I will be a foot soldier in your battle to encourage our citizens to buy American cars and trucks from reorganized U.S. automakers not from a bailed out, unionized Detroit.

Sincerely,

Eric Bolling