Executives from the so-called Big Three U.S. automakers – Ford, Chrysler and General Motors – went to Congress Tuesday to ask lawmakers for emergency aid, but Ford said it may not have to use the $9 billion “stand-by line of credit” it is requesting. Ford CEO Alan Mulally said the company will not have to use the credit line it is requesting unless one of the other Big Three companies goes out of business. The firm predicts that it will break even or turn a pretax profit by 2011. CEOs from the three companies were appearing before lawmakers for a second time to request $25 billion in rescue funding. They say they would refinance their debt, cut executive pay, seek worker concessions and make cuts and cutbacks to remain solvent. They are each presenting their plans separately and appear to have learnt the lessons of their first, failed bid to convince lawmakers to give them a bailout. Last month, each of the executives flew to D.C. on their own private jets. This month, Mulally told the Associated Press that he would work for $1 a year if Ford took government money. Ford's plan also includes pledges to cancel management employees' 2009 bonuses, end merit increases for its U.S. salaried employees next year, and sell its five corporate aircraft. Both Mulally and GM Chief Rick Wagoner also eschewed flights to D.C.; both drove to the capital. Chrysler CEO Robert Nardelli did not travel by corporate jet, but a spokeswoman declined to elaborate on his travel plans, citing security reasons. Meanwhile, the United Auto Workers union called a meeting of local union leaders across the country to discuss concessions that could be made to help the Big Three secure government loans.
