December 3, 2008
Dear Secretary Paulson,
I am writing to you in my capacity as CEO of Joe’s Auto here in Baltimore. Our company may not be as big as Ford or GM, but times are tough for us too, and as part of the American auto industry, we could use your help.
Our operations are relatively small: we rebuild cars every weekend in my garage. There are expenses, though, and the resale figures haven’t been what we had hoped for. Much like our bigger cousins in Detroit, we feel that without an immediate injection of cash, our operations could falter by the end of the year.
We appeal to you to make use of the TARP program, or other federal programs to provide Joe’s Auto with guaranteed federal loans or access to revolving lines of credit immediately. We will follow the lead of GM and sell our corporate pickup truck, lay off our employee and make other cuts in exchange for these federal monies. We believe that with the cash injection and our new business plan, operations should begin to break even by 2012.
I would be happy to ride my bike to Washington to meet with you, at your convenience, but we should probably get this going as soon as possible. If we could get the same amount as GM, that would be great.
Yours truly,
Joe Adams
Filed under: Economy | Tagged: Auto Industry, Economy, General Motors, Government, TARP, Treasury
