We understand your frustration Mr. Bernero, but jeez-o-pete, lay off the campaign tactics and Red Bull for a minute and answer the kind Fox News anchor's questions. Of course, we've also heard he's a bit of a hot-head — Wert knows him from his days working for Michigan Governor Granholm in Lansing, and here's what he had to say:

My favorite Virg story is from back in 2003 when he was still in the State Senate. Virg cornered me next to one of the stairwells in the Capitol building in Lansing at some lobbyist luncheon. Virg knew I worked for the Governor, knew I was a senior staff member and decided I was a great target to bitch about some funding measure the Governor was pushing — despite the fact I wasn't in legislative affairs, nor was I going to lobby on his behalf to them. Regardless, he decided he wanted to play "hardball" with me, so he got in my face, blustering, gesturing wildly and bitching about the funding decision. The only problem is that I'm like a foot taller than him. So in order to get in my face, he needed to stand on the tips of his toes. So there we were, him bitching and yelling, pointing his finger in my face, me trying not to laugh at this little guy trying to intimidate me, when I realized that I could help him out. I stopped him in mid-sentence saying "Hold on a second," grabbed him, spun him around and stepped down one step so that I was now eye-to-eye with him, finishing with a "There, that's better — you looked like you were going to topple over. Please, continue your bitching." His face red with anger, Virg started to say something, then spun around and stalked off. I only smiled, put on my jacket and walked back over to my office in the Romney Building across the street."

[via dailykos]

The company reported a net loss of $5.9 billion for the fourth quarter of 2008, compared with a loss of $2.8 billion a year earlier, capping a third straight year without a profit.

The pre-tax operating loss, excluding special items, was $3.7 billion, compared with a loss of $620 million during the same period in 2007.

Ford finished the year with cash reserves of $13.4 billion on hand, but claims it is immediately pulling in $10.1 billion from available credit lines due to concerns about the instability of the capital markets and the uncertain economy. Probably a good idea.

Pulling in the $10.1 billion would give Ford overall liquidity of $23.5 billion, minus the amount of cash been used thus far in January. Based on the companies' current assumptions, Ford continues to say it has adequate liquidity to fund its business plan. But Ford executives have said they may ask for government help if industry sales don't start to recover this year. So assume, as we've said before, that this'll happen because this market ain't getting any better any time soon.

Full press release below:

FORD REPORTS 4TH QUARTER 2008 NET LOSS OF $5.9 BILLION; GAINED MARKET SHARE IN U.S., EUROPE, ACHIEVED COST TARGET

* Net loss of $5.9 billion, or $2.46 per share, for the fourth quarter of 2008 amid a sharp global decline in vehicle demand; pre-tax loss of $3.7 billion from continuing operations, excluding special items.
* Reduced Automotive costs by $1.4 billion in fourth quarter and $4.4 billion in 2008 versus year-ago levels. Achieved $5.1 billion in North America cost reductions at year-end 2008 compared with 2005, excluding favorable impact of depreciation and amortization from asset impairment at the end of the second quarter.
* Decisively reduced global dealer stocks by more than 50,000 vehicles compared with the third quarter. Ford now has among the lowest days’ supply in the industry.
* Product transformation continues to gain strength, helping the company to gain market share in Europe for fourth quarter and full year, and in the U.S. in the fourth quarter.
* Total liquidity of $24 billion, including Automotive gross cash of $13.4 billion, at Dec. 31, 2008. +++
* Ford is drawing its available credit lines due to concerns about the instability of the capital markets with the uncertain state of the economy. The $10.1 billion will be added to company cash for the first quarter 2009.
* The United Auto Workers union has agreed to end the “jobs bank” at Ford. The company and the union are presently working out the details of implementation.
* Based on current planning assumptions, Ford has sufficient Automotive liquidity to fund its business plan and product investments and does not need a bridge loan from the U.S. government.
* Ford remains on track for both its overall and its North American Automotive pre-tax results to be at or above breakeven in 2011, excluding special items.

The UAW could be heard heaving a sigh of disappointment as we're stopped by mini-Shaft just before we would've mowed down Senator Bob "Nissan" Corker. Oh well, maybe next time.

David Edgar, a Chrysler employee working at the Warren Stamping Plant, is not happy. He's sick of "our race to the bottom." He's sick of "what a working man has to go through to make a livable wage." He's sick of "free trade," so he and his UAW local friends are going to fix it. Through protests and rallies, this sizable cadre of autoworkers from a variety of local factories hopes to turn the tide. Being on the inside of the show and looking out, it's a lot like the movie Airheads, but without the rock. Also, no Chris Farley. Ford marketing maven Jim Farley, yes, but he's just his cousin.

The leaders of the protest believe that pressures have been mounting since 1980 to "pull the rug out from under the UAW." One protester stated that he has shrunk his standard of living by selling his boat - and buying a smaller one. God, save us all.

While the Carpocalypse looms over the heads of many in the Detroit area and beyond, the UAW apparently isn’t feeling the same kind of heat. While companies are struggling to survive and cutting costs wherever possible, the UAW is spending millions to maintain their golf resort in Black Lake, Michigan.

The $6.4 million golf course is merely a small piece of the larger $33 million retreat center that is costing the UAW millions of dollars every year, totaling $23 million in the last five years. According to the UAW, the Reuther Family Education Center hosts important seminars and classes on leadership and political action, but we’re guessing they’re spending a lot of time on that finely trimmed grass on the 5th tee.

According to Justin Wilson of the Center for Union Facts, a union "watchdog group" (we're not entirely certain where funding for such a group comes from, but we're assuming it's from some sort of biased source):

“It’s their members’ money that they’re spending on this thing. The union has bigger issues at hand than managing a golf course.”

The attached golf course at the Reuther Family Education Center was designed in 2000 by famous course architect Rees Jones for a paltry $6 million. UAW members receive a 20% discount off of the normal green fee of $85, though we don’t think many of them will have the money to play golf in the upcoming season.

[via SportsbyBrooks]