Ford, GM and the corporate dash for cash
The Story of Money
Manuela Saragosa
4.4 • 400 Ratings
🗓️ 31 March 2020
⏱️ 20 minutes
🧾️ Download transcript
Summary
When credit markets seized up earlier in March, more than 130 companies rushed to their lenders to draw down at least $124bn of emergency credit lines to shore up cash, with Ford and General Motors drawing the largest amounts. We look at how the auto industry is preparing for the economic uncertainty that lies ahead. With the FT's Peter Campbell and Gillian Tett.
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Transcript
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| 0:00.0 | Am I missing anything? Is this the right decision? |
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| 0:28.3 | And take action today. |
| 0:30.2 | Before we get started, I've got a short message. We're running a survey for behind the money and we'd love to hear from you, |
| 0:35.8 | what you like about the podcast and what we can do to make it better. Please go to FT.com slash behind the money survey and fill it out for a chance to win a pair of bows quiet |
| 0:45.4 | comfort noise cancelling headphones. |
| 0:48.7 | Now on with the show. As coronavirus spread across the globe this month, the vital credit markets that |
| 0:59.3 | underpin the financial system began to seize up. It's been a volatile month for the 10-year |
| 1:04.8 | Treasury yield as the coronavirus continues to panic the bond market. Now the |
| 1:09.7 | liquidity crunch in treasuries has led to a five5 trillion promise from the Fed to calm markets. |
| 1:15.0 | Meanwhile, corporate treasures were grabbing on to whatever cash they could. |
| 1:22.0 | Well, companies have responded to the crisis in much the way the same way as consumers, |
... |
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