If you’re going to borrow money for your company, the first thing any lender (outside of mom and dad) will ask for is a business plan. You must have a plan that demonstrates how the borrowed money will successfully lead to business profits and eventual repayment. This is as fundamental as it gets.
That the CEOs from GM, Ford and Chrysler did not so much as have a business plan to present to Congress says a great deal about their arrogance. Or their incompetence. Or both.
The act that the Big Three is trying to perpetrate on Congress goes way beyond contemptible. It’s a shame that so many auto workers will pay so dearly for such inept management.