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Boost it!

Ford sues the U.S. government for $445 million

omarrana submitted on 7/11/2008 Official Bell & Ross Timestamp: 3:53:49 PM

17 user comments | Category: Misc News | Source: | SOURCE: www.egmcartech.com

Tag Link: Ford

FoMoCo has sued the U.

S. government. Yes you read that right. FoMoCo is suing the government alleging that the IRS owes them $445.3 million interest on tax overpayments. The lawsuit was filed on Thursday in the U.S. District Court in Detroit.

The suit comes after a long dispute between FoMoCo and the IRS over how much interest should be calculated for overpayments. According to Automotive News, an IRS representative declined to comment.

For June 2008, Ford reported a 28 percent decline from the same...

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Ford sues the U.S. government for $445 million

About the Author

omarrana

I hooked up my accelerator to my brake lights. I hit the gas, people behind me stop, and I'm gone.

— omarrana (View Profile)


User Comments

BostonBiosafety

OK, say Ford wins...will the World Bank pay the bill since we are bankrupt?

— BostonBiosafety (View Profile)

Posted on 7/11/2008 4:14:17 PM | reply to this comment | Votes: -1   

holmstar

We're not bankrupt yet, but my understanding is that we currently have the highest debt load that we have ever had.

— holmstar (View Profile)

Posted on 7/11/2008 5:47:08 PM | | Votes: 1   

randy33

And when they're done:

FORD SHOULD SUE AGAIN to have these hysterical "CAFE standards" revoked; they are a total sham and do NOTHING for the betterment of the people of the USA.

That's right ---- AUTO WORKERS, FORMER AUTOWORKERS, Shareholders of FORD MO CO, as wells as other plaintiffs connected to the auto industry SHOULD SUE the private organizations and lobbyists connected to NANCY PELOSI and AL GORE in a CLASS ACTION LAWSUIT for $2,500,000,000 (or whatever the limit is now) seeking compensation for the devastation their fraudulent, politically-motivated legislation and FUD related to their made-up "anti-CO2" "human-caused" "Global Warming" "carbon caps", regulations, prohibitory orders, tariffs, taxes, and other nonsense.

— randy33 (View Profile)

Posted on 7/11/2008 4:38:06 PM | reply to this comment | Votes: -1   

GreenPlease

@Randy

It's fine with me if you say that global warming is BS. The science is controversial, IMO.

I'd like to hear what you have to say about our oil dependency.

1. Don't for a second say that we can drill our way out of this. We can't. No way, no how. We need ~20mbpd here in the U.S. We produce ~7mbpd. ANWR would add 500,000bpd at the most. Our finds on the Atlantic continental shelf will probably be similar to Brazil's and not yield more than 1mbpd aggregate at its peak. Same goes for eastern GOM. Much of those "gains" will merely offset further decline in existing domestic production.

2. Don't for a second say that we should develop the Green River oil shale. "Oh, we have 1 trillion barrels of oil there..." let's see you get it out. ExxonMobil dumped over $1billion into trying to figure out a reasonable extraction method and ended up folding shop.

3. Don't for a second think that coal-to-liquids will help. I have a friend who is a major shareholder in RennTech (the FT guys, not the car guys). They are spending over $100million on a 25bpd pilot plant. He told me that the only thing CTL will ever be economical for is jet fuel and oil will have to remain above $100/barrel and it will take decades to scale up.

4. Don't for a second think that biofuels will save us. We don't have enough land here in the U.S. to grow corn for 1st gen ethanol and scaling up 2nd gen ethanol will take decades to make an appreciable impact (greater than 5mbpd).

5. Tar sands anyone? Sure, to the tune of $50,000/barrel of incremental production. Plus we don't have enough welders to build the infrastructure to replace imports from overseas. Global warming or not, the Tar Sands are essentially environmental rape.

Perhaps you'd have us keep selling our souls to the likes of Saudi Arabia, Russia, Iran, etc. (not to mention we're pumping a ton of money into Canada and Mexico).

In my opinion, our best option is to RAISE CAFE standards even higher and then sue Ford for not having the foresight to see these oil prices coming. Simple economics could have told you we would run into this problem: in any business you always pick the low hanging fruit first. In the oil industry, that means you produce your best fields first. M. King Hubbert saw this coming five decades ago. No reason Ford management couldn't see it coming five years ago.

— GreenPlease (View Profile)

Posted on 7/11/2008 5:18:56 PM | | Votes: -3   

Porschinator

Let's get political, political,
I wanna get political, let's get into political
Let me hear your body talk,
Your body talk, let me hear your body talk

— Porschinator (View Profile)

Posted on 7/11/2008 5:33:54 PM | | Votes: 1   

silver1

What da f*** you say?

— silver1 (View Profile)

Posted on 7/11/2008 5:46:05 PM | | Votes: -3   

Rupert

Porschinator - lol!

randy - of course, you are a world renowned expert on climate change, and therefore can tell us with certainty that it doesn't exist.

— Rupert (View Profile)

Posted on 7/11/2008 7:42:06 PM | | Votes: 2   

SteedPub

randy33 YOU ROCK

When the day comes that all this Global Harming Hogwash is exposed for what it is, there will likely be many lawsuits to go around.

— SteedPub (View Profile)

Posted on 7/11/2008 8:10:39 PM | | Votes: 2   

Rupert

Best.
Comment.
Ever.

— Rupert (View Profile)

Posted on 7/11/2008 7:44:44 PM | reply to this comment | Votes: -3   

mpwr

that may be the most intelligent thing to come from MT

— mpwr (View Profile)

Posted on 7/12/2008 12:40:22 PM | reply to this comment | Votes: 1   

85bmw745i

Wow there may be hope for MT

— 85bmw745i (View Profile)

Posted on 7/14/2008 4:30:30 PM | reply to this comment | Votes: 1   

SteedPub

I hope they don't spend $446 million on legal fees trying to recover the $445 million.

— SteedPub (View Profile)

Posted on 7/11/2008 8:09:13 PM | reply to this comment | Votes: 0   

mercuryguy

First, weather global warming is fact or fiction; it is only a matter of time that tailpipe and exhaust emissions will continue to accumulate to unsafe levels In the atmosphere. At some point we will need to find a technological answer or perhaps go back to animals in a few centuries from now. Heating homes, driving factories and automobiles simply can’t be sustainable for thousands of years. We will need to build factories to clean the mess we made by pulling molecules out of the air and returning pure air back to the atmosphere, and that will require huge amounts of energy.
Secondly, whether you drive 8,6 or 4 cylinders it will likely be insignificant in comparison to the number of cars coming online in emerging countries.
The CAFÉ standards are a way for big brother to force the masses to comply. It gives the green light to the auto industry to build cars with plastic bolts and artificial spare tires that don’t really work out for people the way they were originally intended. Cars shatter on impact, leaving wreckage all over the road, unsafe donut spare tires that barely allow you to limp to a gas station with no hope of getting back home if you are in a remote area. Where is Ralf Nader these days?

The CAFÉ standards were intended to take car companies down the road to innovation on building better, more efficient motors year after year offering real progress, instead the CAFÉ standards brought loopholes for car companies to sell people plastic junk in efforts to reduce weight and to reduce labor so people can snap parts together insted of using a wrench.

Tight CAFÉ standards at a time when the country is in an economic crisis is a recipe for disaster. Yes, we all need to get more efficient someday soon, but bankrupt auto companies will ripple through this economy like a chain reaction. Energy needs to be less market driven, since it is a staple that effects family budgets. Same reason Mortgages shouldn’t be pure profit industry. Too many opportunities for abuse and fraud. Food, shelter and Energy needs to be better regulated with a national economic policy. I have no problem with buying and selling companies and other commodities.

— mercuryguy (View Profile)

Posted on 7/12/2008 5:30:52 AM | reply to this comment | Votes: -4   

W140Fan

I cant believe anything you said about our economy, because everything you said about modern cars is incorrect. Not just incorrect, but FAR away from the reality that cars are better now, in every way, than they have EVER been!

— W140Fan (View Profile)

Posted on 7/12/2008 7:00:03 PM | | Votes: 3   

mercuryguy

I have no problem buying and selling stock, and some poor fool is left holding the bag when using risk capital as that is the rat race game.

But at some point you need to have some morals. I can't buy and sell somthing to make juicy profits at the expense of a Family freezing in the dark, or a 3rd world family not having food on the table for yet another day because of commodity forces they don't understand. Or a lady having to take a subway alone at night since she can no longer afford the gas for her car. Some basic commodities need to be shared and not horded. I doubt that most Americans have such beliefs anymore as we once did.

— mercuryguy (View Profile)

Posted on 7/12/2008 5:43:30 AM | reply to this comment | Votes: -1   

TexLandRover

Its basic MATH! There is no way we can keep putting 15 - 16 million new autos on the road and it not have an impact. Cause and effect, its pretty basic. But we got into this "insanity" cycle starting post WWII and just cannot get out of it. The status quo tends to prevail which puts us all at peril. The end state will be a collapse of the cycle we are caught in and its really anyones guess what the "final" outcome will look like.

— TexLandRover (View Profile)

Posted on 7/14/2008 6:48:19 PM | reply to this comment | Votes: 1   

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