You might think that the second largest car company in the country might be happy to see the first and third largest car companies go bankrupt and not come back. You’d be wrong. The chairman and heir of Ford Motor Company visited the White House on Monday and praised President Obama for intervening to keep his chief competitors alive, the Detroit News reports:
Bill Ford Jr. told reporters today in Washington that he met briefly with Obama in the Oval Office.
Ford reiterated that the company supported the decision by the Obama administration to rescue General Motors Co. and Chrysler Group LLC with $62 billion in government loans.
“I complimented him on the way he’s handled the industry,” saying the company supported the rescue of the two companies because it provided stability to suppliers that all three companies use.
“Preventing the collapse of the supply base was something that they did swiftly and forcefully, and it worked,” Ford said.
Because all three auto companies rely on a pool of shared suppliers to provide the parts for their cars, if GM and Chrysler had gone down Ford would likely have gone with them as much of their supply chain went bankrupt.