December 2, 2006 11:59pm CST
Ford is following closely behind in GM's footsteps. With a market value of $16 billion, they're burning cash to the extent that their bonds are now rated, at best, as borderline junk bonds. Their pension assets are $67 billion with pension debt of $111 billion. They're under-funding their pension to the tune of $45 billion and if the US Congress has its way, Ford will have to anti-up that money in 5 years. If the pension deal doesn't make them go belly-up, their health care costs will.