There was some big news coming out of Dearborn, MI, yesterday, as Ford Motor Co. said by August it will have given 7,000 white-collar workers pink slips worldwide, a 10% reduction in its global salaried workforce, as part of a restructuring plan to reduce bureaucracy and increase revenue. And accountants are reportedly among those losing […]
FYI for any budding CFOs out there:
Having liquidity is key to any business and it is important to build it before any crisis, said Ford Motor Co.’s (F) chief financial officer Thursday.
“We have to assume that when you really need liquidity, it won’t be there,” said Lewis Booth, speaking at Treasury & Risk’s 15th annual Alexander Hamilton Awards ceremony in New York City.
After those insightful comments, Booth gushed about how the company that Hank built was doing.
“We expect our automotive cash to be about equal to our debt by year-end 2010, earlier than expected,” Booth said, adding “this has been a magic year.”
Just a CFO walking the talk (almost anyway).
• Obama Approval 49% Among U.S. Investors, 87% Overseas – “President Barack Obama has rock- star appeal among the investing class — except in his own country.” [Bloomberg]
• Investment Bank Helps Boost Credit Suisse’s Net Income – Reigning in on the company wide Shake Shack outings is probably helpful too. [WSJ]
• One-time gain boosts Ford results – Don’t call it a comeback [BBC]
• Manure means money to handlers gathered in Iowa – Sometimes there’s money in shit [AP via Miami Herald]
• Bardem Turns Down Role in ‘Wall Street’ Sequel – “The actor Javier Bardem has turned down a role in the sequel to Oliver Stone’s seminal 1980s treatise on greed, “Wall Street.” Mr. Bardem, who won an Oscar in 2008 for his performance in “No Country for Old Men,” was to have played the world’s villain du jour: a hedge fund manager.” [DealBook]