Honeywell CEO's memo: Call Congress to urge bailout
Owen Thomas · 10/01/08 02:00PMWhy is Dave Cote telling Honeywell's 122,000 employees to call Congress and ask them to vote for the $700 billion Wall Street bailout? The high-tech manufacturing giant makes its money far from Wall Street, on building electronics and airplane parts. But where the credit crisis hits the heartland the hardest is a market for what's called commercial paper — short-term loans made to large corporations to fund their daily operations. It provides the cash that smoothes over the gaps between when supplies get bought and employees get paid and when customers pony up. Mentioning Honeywell's self-interest in this regard would have done much to bolster Cote's otherwise-strong argument: