AOL Money & Finance

Automakers want a loan from Congress? Hah!

General Motors (NYSE: GM) and Ford (NYSE: F) want you to pick up their tab for their decades of excess and managerial incompetence.

The Associated Press reports that the Detroit automakers are likely to ask Congress for $50 billion in low-interest loans to fund modernization efforts, and help them build more fuel-efficient vehicles.

What a load of crap. In 2007, Ford paid cash-burning CEO Alan Mulally $21 million, and GM's Richard Wagoner got a 41% raise to over $14 million for the same year. In effect, our tax dollars will be subsidizing this pay for pulse orgy of bad governance. GM also paid out more than half a billion in dividends in 2007 -- if the company needs billions to invest in modernization, why didn't it cut the dividend a long time ago?

It appears that the auto industry has been counting on a bailout all along, and why not? It looks like they'll be getting it.

Get the latest on cars and trucks
from Ford and all brands at AOL Autos.

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Last updated: November 12, 2009: 07:42 PM

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