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.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
Previous story: L.A. bankruptcies up

Next story: Who did Bernie swindle?

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

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
LA Observed on Twitter and Facebook