The Big Three automakers, General Motors, Ford and Chrysler, disclosed their new plan for using federal dollars to save the US auto industry. Sensitive to public perception after the incident where they flew in separate private jets, the three CEOs will drive to Washington together in a Ford Escape Hybrid so they can make a joint presentation to Congress.
Under their proposal, the federal government will give $20 billion each to GM and Ford, and $15 billion to Chrysler. Each company will then reach out to their suppliers, customers, and employees for contributions of $100 apiece. Each contributor will then be asked to seek further contributions from family and friends of $100 each.
The contributors will get an incentive package for recruiting more contributors. For each $100 a contributor brings in, they will get $5. To further enhance recruitment, contributors will also get $5 for each $100 their recruits bring in, and this will continue for further levels of contributors. The Big Three will use the funds generated to pay back the US Government, and to develop plug-in hybrids and other fuel efficient vehicles.
As the three CEOs drove off on their way to Washington, the concept was presented by Albert Ponzee, a VP for GM, and Ralph Skeem, who is a consultant for both Ford and Chrysler. A number of congressmen, led by John Dingell (D-MI), are supporting the Ponzee-Skeem plan. President-elect Obama said he is studying the idea.