“Failure is simply the opportunity to begin again, this time more intelligently.”
— Henry Ford, founder of Ford Motor . If only Mr. Ford could see this day when his company’s stock has sunk to $1.26. That’s a 26-year low. Ford’s market cap is now a mere $2.9 billion.
The leaders of the Big Three American automakers–Ford, General Motors and Chrysler–appeared on Capitol Hill again today to appeal for $25 billion in federal aid. It’s looking like they’ll be going home empty-handed. The Dow plunged 427 points on the news, dropping below 8,000 for the first time since 2003.
Mitt Romney–ex-governor of Massachusetts, former Presidential candidate, and the son of a man who once ran American Motors–insists that the government needs to play super-tough with Detroit. He says so in a New York Times op-ed today and in a Q&A in the current issue of Fortune. — Jessica Shambora
