[CNN]

Photo credit: Wikimedia

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.

1.) Both carry a bunch of signs at all their get-togethers. UAW workers, picket signs. Congressmen, re-election signs.
2.) Both have exorbitant pensions and will receive health care for life upon retirement.
3.) Both have work stoppages for months at a time during summer, winter and around all federal holidays.
4.) Both take credit for creating the middle class.
5.) Both have a historical reputation for shoddy quality of work product.
6.) Both like pork. One likes it in "rind" form, the other in "spending" form.
7.) Both live well beyond their means. UAW workers with boats on Lake Superior. Congress gets junkets and fact-finding trips to the Cayman Islands.
8.) Both are paid the same regardless of how much work they do.
9.) Both have a national approval rating of under 10%.
10.) Both are seemingly out-classed by their foreign counterparts.
11.) Both get to take election day off.

See, there you have it, they're like ebony and ivory — and really, they've got to figure out a way to live together in perfect harmony.

But we digress, it seems the Malibu may be the next threatened product in the General's stable. Although American Axle doesn't actually provide any parts for the better-than-average selling sedan, they apparently do supply parts to other suppliers supplying parts — specifically, as Automotive News is reporting, rear suspension knuckles. And apparently they'll not be having enough of those rear suspension knuckles — in who knows how long. But whenever, or if, that does happen, it could be a very bad thing and not only because this entire story is now making us think of that damn Buick-hating Eve 6 song. But wait, what's that you say? It's actually "rendezvous" they're singing? Yes, well, it's so easy to plug "Malibu" in for the Buick piece of shit the song's not actually about. Confused? Yeah, we are too — which is why we all now get to inhabit the private hell that is this song. (Hat tip to Kevin!) [Detroit News]