Ford's decision to basically mortgage everything it owns during a $23 billion borrowing spree in 2006 has become the catalyst for a significant and ongoing PR victory. Those actions are what let Mulally distance himself from his counterparts during the Capitol Hill bailout hearings, and they're paying dividends again now as Mulally tells the world that Ford doesn't intend to look for any more dough. We've talked to plenty of friends and relatives – people who don't otherwise follow the auto industry – who view Ford in a more positive light specifically because they didn't take bailout money. Yeah, Ford is in debt up to its eyes, but it made its moves on its own, long before the Detroit death struggle became C-SPAN programming. If Ford manages to pull this off, Mulally will have shown himself to be well worth every penny that Ford pays him.
[Source: CNN Money]