Sunday, September 25, 2016
Ford steals from U.S. Taxpayer
Louisville, KY - Much has been going on lately regarding Ford Motor Company. In a stunning move, Ford announced that they will be moving all small car production to Mexico. This creates many problems and we the people should be demanding answers. Forbes has done an updated article on the bailout money that Ford got and this raises all kinds of interesting questions.
As you may recall, we pointed out the obvious about Ford and the $5.9 Billion bailout they received, disguised as a loan through the DOE for energy efficient products. The reason the bailout, disguised as a loan, becomes important is that Ford has never paid the money back. They don't have to.
They lied to the taxpayer about not receiving a bailout and has built their war chest on it. In essence, Ford has not only stolen our money, but they have stolen the public trust based on their own lies as well.
Let's look at some basic facts here;
1. FORD received $5.9 Billion of taxpayer funds, with no repayment plan in place for the money, violating every known normal loan practice.
2. FORD was the brainchild behind the $3 Billion cash for clunkers program that essentially amounts to government subsidized new car sales.
3. FORD received a $250 million line of credit through the EXIM for daily operations while all of this was being finalized.
ALL of which were necessary or Ford would be out of business. There was no other funding available to Ford. Without our tax bailout they would be out of business today.
This is a great example of why government should not be in the lending business.
The reality is that Ford received a deal that was unheard of in order to stay in business. There were never any terms of repayment for the loan and as of January 2015 Ford had not paid any of it back.
According to Forbes, they finally started paying some principal and currently owe $3.5 Billion. Of course any payments they made happened only AFTER we outed them for this taxpayer scam.
How can Ford be allowed to move their production to Mexico while they owe us money? Money that was given them to produce jobs in the US?
Ford has been able to accumulate over $17 Billion cash on hand, money they would not be in business to even gain had it not been for us, and this is how we are repaid?
It was agreed that the money would be used to create manufacturing jobs in the US. Not Mexico. It was to benefit American workers. So while Ford has built a cash mountain on our backs they are now reneging on that promise as well.
It's a scam folks.
This cannot be acceptable.
Forbes went on to quote Ford spokesperson Christin Baker, “As part of the loan requirements, Ford provides semiannual progress reports to the Department of Energy,” said the Washington-based spokeswoman, Christin Baker. “Our metrics have consistently shown that our 12 projects have exceeded the 25 percent improved fuel economy levels over 2005 levels.”
So what 12 projects have exceeded the threshold? Notice none are mentioned. I am always cautious when internal "metrics" are used as proof of anything as typically they are skewed by the user.
As we have been pointing out in previous stories for a long time now, Ford is being deceptive, and in my opinion have been scamming we the US taxpayer for a long time.
All we have now are more questions.
That and the ongoing federal investigations into Ford but we will update that later.....
Listen daily from 7-8pm at The Ed Springston Show. Also visit Louisville Politics for more details and in depth coverage of local political and news issues.
The Metro removal hearing case against Dan Johnson ended about the way it began. With many in disbelief. I could not understand how the &q...
Local developer and activist Chris Thieneman has filed a lawsuit against the City of Louisville, LMPD Officers, and County Attorney Ingrid...
Ford has recently settled a harassment and discrimination case in Chicago. The Chicago Assembly and Stamping plants settled for $10.1 milli...
(Correction: This article has been updated to correct the lobby spending by Quinn. Total lobby spending during the years mentioned includes ...