Broad's idea for Detroit

The L.A. billionaire/philanthropist (and Michigan native) wonders why federal, state and local governments couldn't just order two or three million new American cars - provided that they meet certain standards (presumably emissions-rated). Not a bad idea now that the government is playing the role of Sugar Daddy. Speaking at the Library Foundation of L.A.'s Aloud Business Forum, Broad also suggested that in the event of a bankruptcy, the companies should establish a kind of trust fund "so all the people buying your automobiles will know there's money there if they need repairs. Also not a bad idea. "Promote it as the great new American auto industry," he says. Here's more:

Whether it's two companies, three or one, we need an auto industry. I think the answer is not just giving them bailout money. I think the answer is they've got to have a major restructuring.

Here's the link to the Broad event.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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