Auto Dealers Submit Plans Dec. 2

They'll submit plans, which includes CEO paycuts, tomorrow and will appear before the Senate Banking Committee on Friday. Ford's plan doesn't sound new or worthy. It sounds like what they should've been doing miles back.

WSJ: Ford Motor Co. plans to tell Congress it is retooling itself to build small fuel-efficient cars and break from the past strategy of focusing mainly on large pick up trucks and sport-utility vehicles, and will cut the compensation package of Chief Executive Alan Mulally, as part of its bid to win support for a federal bail out of the Big Three auto makers, a person familiar with the matter said.

Ford and General Motors Corp. directors were meeting separately on Monday to approve the viability plans the two auto makers will submit to Congress on Tuesday as part of a second appeal for $25 billion in low-cost loans from the federal government.

At Chrysler LLC, which appears to face the most urgent need for cash, top executives were putting the finishing touches on their own presentation to show the company can survive and return to profitability with government help. Chrysler's private-equity owner, Cerberus Capital Management LP, was reviewing the plan Monday afternoon.