Keyword: autobailout

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  • GM to recall another 2.4 million vehicles

    05/20/2014 9:36:30 AM PDT · by Oldeconomybuyer · 10 replies
    Market Watch ^ | May 20, 2014 | By George Stahl
    As a result of the latest recalls, GM GM -1.83% expects to take $200 million more in recall-related charges in the second quarter, bringing the period’s total to $400 million. The latest recalled cars include: --1,339,355 Buick Enclave, Chevrolet Traverse, GMC Acadia full-size crossovers. --1,075,102 of the previous generation 4-speed automatic transmission Chevrolet Malibu from the 2004-2008 model years and Pontiac G6. --1,402 Cadillac Escalades and Escalade ESVs .
  • Were Republican-owned GM dealerships targeted for closure in 2010? (Video)

    05/17/2013 10:46:02 PM PDT · by Impala64ssa · 9 replies
    Examiner.com ^ | 5/17/13
    Two members of Congress are asking if the Treasury Department disproportionately targeted more Republican or conservative owned auto dealerships during the government-lead restructuring of General Motors in 2009. Breitbart.com reported today that Mike Kelly (R-PA) and Jim Renacci (R-OH) released a letter asking Treasury Secretary Jack Lew to release documents regarding the process and methodology that determined which GM dealerships were closed. GM was loaned $50 million by Congress as part of the restructuring included consolidating dealerships and closing some of the under-performing GM dealerships. In 2009 and 2010 there were several reports in the press raising the question whether...
  • Watchdog Group: Obama Bundlers Bagged Millions in Auto Bailout

    11/04/2012 7:53:52 AM PST · by COUNTrecount · 11 replies
    Breitbart ^ | November 3, 2012 | Wynton Hall
    The government’s bailout of the automobile industry was rife with cronyism that bagged Obama bundlers and Administration insiders millions and left taxpayers holding the bill. That’s the conclusion Government Accountability Institute President Peter Schweizer reached when he investigated little-known details surrounding the Obama Administration’s auto bailout, an action President Barack Obama touts as one of his most sterling presidential achievements. The government’s actions involving Chrysler resulted in a net loss to taxpayers of $2.9 billion, and the government is currently sitting on a $14.5 billion loss for its actions involving General Motors. But Mr. Schweizer says few Americans realize the...
  • Freep a Poll! (Were you upset by Romney's auto bailout stance?)

    11/03/2012 12:54:57 PM PDT · by dynachrome · 31 replies
    toledoblade.com ^ | 11-3-12 | Toledo Blade
    Were you upset by Mitt Romney's auto-bailout stance? -------------------------------------------------------------------------------- A Yes No I don't find it important compared to his other stances/policies
  • THE TRUTH (CNN video): MITT ROMNEY' on "Managed Bankruptcy" to Save and Reform the Auto Industry

    10/29/2012 7:38:49 AM PDT · by Moseley · 4 replies
    CNN Republican Presidential Primary Debate ^ | October 29, 2012 | Mitt Romney (on CNN)
    Barack Obama is LYING about Mitt Romney's position on the automobile industry. Hear THE TRUTH for yourself on CNN
  • Letterman: Obama "Not Telling The Truth" About Romney And Auto Bailout

    10/25/2012 10:16:22 AM PDT · by Free ThinkerNY · 23 replies
    Real Clear Politics ^ | Oct. 24, 2012
    DAVE LETTERMAN, HOST: Here's what upset me last night … this playing fast and loose with facts. And President Obama cites the op-ed piece that Romney wrote about Detroit, 'Let them go bankrupt, let them go bankrupt.' And last night he brings it up again, 'Oh no, Governor, you said let them go bankrupt, blah blah blah, let them go bankrupt, blah.' And Mitt said, 'No, no, check the thing, check the thing, check the thing.' Now, I don't care whether you're Republican or Democrat, you want your president to be telling the truth, you want the contender to be...
  • Obama Benefited Financially from the Auto Bailout

    10/19/2012 11:42:53 AM PDT · by Steelfish · 9 replies
    The Weekly Standard ^ | October 19, 2012 | DANIEL HALPER
    Obama Benefited Financially from the Auto Bailout OCT 19, 2012 • BY DANIEL HALPER Earlier today, the Obama campaign pushed around a story that they claimed proved Mitt Romney "was against the auto bailout...but personally [benefited] from it." "Today, [deputy campaign manger Stephanie] Cutter and the Obama campaign were pushing an article in The Nation saying that Romney - who opposed bailing out the auto industry as carried out by Obama - actually made $15.3 million from the bailout through a $1 million investment with a hedge fund firm that put cash into GM supplier Delphi," the Columbus Dispatch reports....
  • Non-unionized Delphi retirees rally over 'theft of our pensions' caused by auto bailout

    09/10/2012 2:03:02 AM PDT · by Cincinatus' Wife · 19 replies
    Daily Caller ^ | September 10, 2012 | Matthew Boyle
    DAYTON, Ohio — From the bed of a Ford pickup truck outside a now-dilapidated former Delphi auto parts plant here, Mary Miller called for transparency from President Barack Obama over the “theft of our pensions.” Miller, a self-described “divorced mother of four young adults,” and about 200 Delphi salaried retirees gathered at the shuttered auto plant in Dayton last Thursday morning to ask President Obama to right the wrongs they believe his administration inflicted upon them during the 2009 auto industry bailout. The Obama administration terminated the pensions, health care and life insurance of more than 20,000 Delphi retirees during...
  • Obama's $25 Billion Government Motors Lemon

    08/14/2012 4:52:59 PM PDT · by raptor22 · 18 replies
    IBD editorials ^ | August 14, 2012
    As the Obama campaign continues to tout the GM bailout as an industrial policy success, the Treasury Department continues to revise upward the staggering losses inflicted on U.S. taxpayers. On the day Government Motors, aka GM, announced it was recalling at least 38,000 of its vehicles — Impalas used by police nationwide and in Canada — due to a crash risk, a new Treasury report said it now expects to lose $25 billion on the bailout, $3.3 billion more than forecast earlier. As the Detroit News reported, this loss was based on GM's stock price at the time of the...
  • U.S. Treasury increases auto bailout cost estimate

    08/14/2012 10:13:01 AM PDT · by MNJohnnie · 3 replies
    CNBC ^ | 08-14-12 | Unkown
    WASHINGTON (Reuters) - The U.S. Treasury Department has said the auto industry bailout will cost taxpayers $3.4 billion more than previously thought. Treasury now estimates the 2009 bailout will eventually cost the government $25.1 billion, according to a report sent to Congress on Friday. That is up from the last quarterly estimate of $21.7 billion. Since the $80 billion bailout of the auto industry, Detroit's big automakers have moved from crisis to profit. GM and Chrysler were put through government-funded bankruptcies that slashed costs and debt. Treasury has so far recouped about half of what was extended in grants and...
  • Emails: Geithner, Treasury drove cutoff of non-union Delphi workers’ pensions

    08/07/2012 5:10:44 AM PDT · by Cincinatus' Wife · 58 replies
    Daily Caller ^ | August 6, 2012 | Matthew Boyle
    Emails obtained by The Daily Caller show that the U.S. Treasury Department, led by Timothy Geithner, was the driving force behind terminating the pensions of 20,000 salaried retirees at the Delphi auto parts manufacturing company. The move, made in 2009 while the Obama administration implemented its auto bailout plan, appears to have been made solely because those retirees were not members of labor unions. The internal government emails contradict sworn testimony, in federal court and before Congress, given by several Obama administration figures. They also indicate that the administration misled lawmakers and the courts about the sequence of events surrounding...
  • GM Discloses $600,000 Contract With Ad Agency Tied to CFO's Wife (PAY THE TAXPAYERS BACK!)

    05/25/2012 2:40:50 PM PDT · by tobyhill · 10 replies
    cnbc ^ | 5/25/2012 | staff
    General Motors [GM 22.44 0.40 (+1.81%) ] has released an SEC filing disclosing a contract between the automaker and an ad agency that employs the wife of GM CFO Dan Ammann. The disclosure comes a month after GM filed its annual proxy statement listing potential conflicts of interest involving GM executives. In this case, Ammann says he was unaware of the contract with his wife’s ad agency until GM’s corporate governance team asked him about it just a few days ago. GM says the transaction has since been ratified under the automakers Related Party Transaction Policy. The contract in question...
  • Ford Gets Its Iconic Logo Out Of Hock

    05/23/2012 7:10:11 AM PDT · by Abathar · 15 replies
    theindychannel.com/CNNmoney ^ | May 23, 2012 | Peter Valdes-Dapena
    Ford Motor Co. got its logo out of hock Tuesday after Moody's upgraded the automaker's credit rating to investment grade. The decision by Moody's to raise the credit rating means that Ford can now take back control of assets -- including the Blue Oval logo and trademarks like Mustang and F-150 -- that Ford put up as collateral in 2006 when it used virtually all its North American assets to open a $23.5 billion line of credit. "The Ford Blue Oval is back where it belongs with the Ford family of 166,000 employees around the world," said Ford Motor Co....
  • Obama Ad Claims to Have Helped Man Get a Job, but Man Claims Employment Since 2006

    05/11/2012 7:10:23 AM PDT · by Qbert · 5 replies
    Weekly Standard ^ | MAY 10, 2012 | DANIEL HALPER
    Matt Negrin of ABC reports that "A new ad by Obama tells the story of Brian Slagle, an autoworker in Ohio who says he was laid off and 'scared to death' until the president swooped in to save the industry." In the spot, Slagle says, "Obama stuck his neck out for us, the auto industry. ... He wasn’t going to let it just die, and I’m driving in this morning because of that, because of him." The ad is meant to praise Obama's auto bailout for saving jobs. Watch here: VideoIndeed, it appears, via Facebook, that Slagle is an employee...
  • Volt Production ‘Temporarily Halted,’ Hundreds of Workers Laid Off

    03/03/2012 10:32:59 AM PST · by Lazlo in PA · 42 replies
    The Blaze ^ | 02-02-12 | Becket Adams
    General Motors told 1,300 employees at its Detroit-Hamtramck factory that they were being “temporarily laid off” for five weeks as the company halts production of the Chevrolet Volt, the Detroit Free Press reports. “Even with sales up in February over January, we are still seeking to align our production with demand,” said GM spokesman Chris Lee. “We needed to maintain proper inventory and make sure that we continued to meet market demand,” he told The Hill in a phone interview.
  • Chrysler factory workers to get $1,500 profit-sharing checks

    02/02/2012 12:06:09 PM PST · by Nachum · 14 replies
    Associated Press ^ | 2/2/12 | Staff
    Detroit - Factory workers at Chrysler are getting $1,500 profit-sharing checks next month, a sign the automaker’s turnaround is succeeding. About 26,000 union-represented workers in the U.S. should get the payments, according to Chrysler’s contract with the United Auto Workers union. The profit-sharing figure is based on an Associated Press analysis of company earnings, and the labor contract formula for profit-sharing. Chrysler would not say how much the workers will get. But the formula in its new four-year contract with the UAW shows that the checks will be about $1,500. The checks are based on Chrysler’s $2 billion operating profit
  • CNBC Correction: Romney's Former Firm Bain Didn't Advise Obama (on auto bailouts)

    01/13/2012 7:33:39 AM PST · by SeekAndFind · 16 replies
    CNBC ^ | 01/13/2012 | Eamon Javers
    A previous story incorrectly reported that Mitt Romney's former firm, Bain & Co., was part of a team of consulting companies that advised President Barack Obama on a decision to shutter car dealerships during the auto bailout. Bain & Co. said it has no connection to the "Bain Consulting" firm referenced in government documents.
  • Chevy-Dealing Congressman: “There Is No Market” For The Volt

    10/14/2011 4:32:30 PM PDT · by BfloGuy · 29 replies
    The Truth About Cars ^ | October 13, 2011 | Edward Niedermeyer
    In addition to being a representative from Pennsylvania, Republican Mike Kelly is also a Chevrolet dealer whose family has sold Chevys since 1953. But in recent hearings on government fuel economy ratings, he laid into his brand’s green halo car, the Chevy Volt with surprising zeal. Or, not-so-surprising, when you realize that he decided to run for congress in the wake of the bailout-era dealer cull. I’m a Chevrolet dealer… we have a Chevy Volt on the lot, it’s been there now for four weeks. We’ve had one person come in to look at it, just to see what it...
  • Dodge to stop making the Grand Caravan even though it's their best selling vehicle

    10/10/2011 6:00:11 PM PDT · by Teflonic · 69 replies
    Daily Mail ^ | 10/10/11 | Daily Mail Reporter
    Chrysler is getting rid of the soccer mom staple Dodge Grand Caravan minivan, the company announced on Monday. 2013 will be the last year the Caravan is sold, despite the fact it is currently the best selling Dodge vehicle on the market. The more upscale Chrysler Town and Country minivan will continue on as the only van the company offers. Chrysler created the modern minivan in when they introduced the 1984 model year Dodge Caravan and Plymouth Voyager models. Chrysler will replace the Dodge Grand Caravan minivan and the Dodge Avenger mid-sized sedan with a single crossover in 2013, Chrysler...
  • Tax the Banks to Cover Auto Bailout Losses?

    09/29/2011 9:16:18 AM PDT · by jazusamo · 1 replies
    National Legal & Policy Center ^ | September 29, 2011 | Mark Modica
    A recent article on Newsmax.com by John Berlau exposes another scheme by the Obama Administration designed to redistribute more wealth in an effort to cover taxpayer losses in the General Motors and Chrysler bailout fiasco. The plan is to have financial institutions with assets of more than $50 billion to continue to pay a "financial crisis responsibility fee" until TARP losses by firms like GM and Chrysler are recouped. Of course, cronies at GM and Chrysler are not on the hook for the losses. It seems that the old playbook used by Obama to have others pay for the...
  • GM is back, thanks to Uncle Sam

    09/28/2011 5:10:57 PM PDT · by equaviator · 53 replies
    Houston Chronicle ^ | September 28, 2011 | E.J. DIONNE
    <p>Have you noticed that one of the Obama administration's most successful programs is also its most "socialist" initiative?</p> <p>OK, the bailout of General Motors and Chrysler was not socialist in the classic sense: The government was not looking to hold on to the companies over the long run. Their turnaround was accomplished in significant part by tough, capitalist management steps.</p>
  • GM is back, thanks to Uncle Sam

    09/22/2011 3:02:22 PM PDT · by zimfam007 · 14 replies
    The Washington Post ^ | 9/21/11 | E.J. Dionne Jr.
    ..."yes, this was socialism".... That is all that is important here...the rest is just WaPo progressive nonsense....no need to stick needles in your eyes by reading the entire article *laughs*
  • UAW says deal with GM creates or keeps 6,400 jobs

    09/20/2011 8:01:33 PM PDT · by quantim · 19 replies
    AP/WorldMag ^ | Sep 20, 7:35 PM EDT | DEE-ANN DURBIN and TOM KRISHER
    DETROIT (AP) -- In exchange for an agreement to create 5,100 union jobs in the U.S., General Motors will hire thousands of less expensive employees and try to replace some longtime workers. The offer is part of a tentative new contract between the automaker and United Auto Workers that union leaders recommended to their membership on Tuesday. Now, nearly 50,000 workers at GM must vote to accept or reject the four-year contract. The contract also includes a $5,000 signing bonus and profit-sharing checks if GM earns a minimum of $1.25 billion in North America annually. Those payments, and others, will...
  • Ford Earns $2.4 Billion Net Income in Second Quarter 2011 (title shortened)

    07/26/2011 1:38:36 PM PDT · by CSM · 13 replies
    Ford Motor Company Corporate page ^ | 7/26/2011 | Ford Presser
    •Second quarter net income was $2.4 billion, or 59 cents per share, a $201 million decrease from second quarter 2010. Pre-tax operating profit was $2.9 billion, or 65 cents per share, a decrease of $64 million from second quarter 2010. •Automotive pre-tax operating profit was $2.3 billion for the second quarter, an increase of $209 million from second quarter 2010. •Ford Credit reported a pre-tax operating profit of $604 million for the second quarter, a decrease of $284 million from second quarter 2010. •Total Company revenue was $35.5 billion in the second quarter, up $4.2 billion from second quarter 2010....
  • U.S. Sheds Its Stake in Chrysler (Taxpayers Lose $1.B in the Deal)

    07/21/2011 6:11:43 PM PDT · by lbryce · 14 replies
    New York Times ^ | July 21, 2011 | Nick Bunkley
    The federal government on Thursday ended its partial ownership of Chrysler, completing a sale of its stake in the automaker to Fiat S.p.A. of Italy for $560 million. The sale, which gives Fiat majority control of Chrysler, leaves taxpayers $1.3 billion short of recovering the $12.5 billion lent to the company as it slid into bankruptcy protection a little more than two years ago. The remaining balance belongs to the “old Chrysler” — a collection of unwanted assets being liquidated in bankruptcy — and is unlikely to be repaid, the Treasury Department said in a statement. “With today’s closing, the...
  • U.S. Government Ends Chrysler Investment With $1.3 Billion Loss

    07/21/2011 3:48:32 PM PDT · by Doogle · 31 replies · 1+ views
    FoxNews. ^ | 07/21/11 | FoxNews.
    The U.S government has sold its shares in Chrysler LLC at a likely loss of $1.3 billion in taxpayer money, the Treasury Department said Thursday, announcing the end of a controversial investment that resurrected the troubled auto company. Italian automaker Fiat SpA, which has run the company since it emerged from bankruptcy protection in June 2009, purchased the U.S. government's remaining 98,000 shares in the auto company for $560 million.
  • Treasury sells last of Chrysler stake [to FIAT]

    07/21/2011 10:24:15 AM PDT · by Red Badger · 6 replies
    Market Watch ^ | July 21, 2011, 12:36 p.m. EDT | By Steve Goldstein
  • House asks: Did Obama's auto bailout chief say, 'I did this all for the unions'

    07/08/2011 11:05:31 AM PDT · by MissesBush · 7 replies
    Washington Examiner ^ | 07/08/11 | Byron York
    Investigators for the House Committee on Government Oversight and Reform are asking the White House official who oversaw the government bailouts of General Motors and Chrysler whether he told the truth in recent testimony before the committee. Ron Bloom, Assistant to the President for Manufacturing Policy, is quoted in a 2009 newspaper account and a 2010 book saying of the auto bailouts that he "did this all for the unions." But when Bloom appeared before the committee on June 22, he flatly denied ever saying those words. Other White House officials have reportedly defended Bloom by suggesting that he did...
  • Private emails detail Obama admin involvement in cutting non-union worker pensions post-GM bailout

    06/23/2011 5:50:33 AM PDT · by Kegger · 18 replies
    The Daily Caller ^ | 3:12 PM 06/22/2011 | Matthew Boyle
    New emails obtained by The Daily Caller contradict claims by the Obama administration that the Treasury Department would avoid “intervening in the day-to-day management” of General Motors post-auto bailout. These messages reveal that Treasury officials were involved in decision-making that led to more than 20,000 non-union workers losing their pensions. Read more: http://dailycaller.com/2011/06/22/private-emails-detail-obama-admin-involvement-in-cutting-non-union-worker-pensions-post-gm-bailout/#ixzz1Q6OOKOsu
  • President Obama’s phony accounting on the auto industry bailout (Wa Po's Had it With O's Lies)

    06/07/2011 9:57:19 AM PDT · by MissesBush · 26 replies
    Washington Post ^ | 06/07/11 | Glenn Kessler
    “Chrysler has repaid every dime and more of what it owes American taxpayers for their support during my presidency.” — President Obama, June 4, 2011 With some of the economic indicators looking a bit dicey, President Obama traveled to Ohio last week to tout what the administration considers a good-news story: the rescue of the domestic automobile industry. In fact, he also made it the subject of his weekly radio address. We take no view on whether the administration’s efforts on behalf of the automobile industry were a good or bad thing; that’s a matter for the editorial pages and...
  • Conn Carroll: Obama has a losing re-election strategy in auto bailout

    06/06/2011 1:46:28 PM PDT · by neverdem · 3 replies
    Washington Examiner ^ | Jun 5 2011 | Conn Carroll
    It was supposed to be a celebration. President Obama visited an Ohio Chrysler factory Friday where he planned to tout the end of government ownership in the auto company and the success of his economic record generally. But facts got in the way of both.Hours before Obama touched down in Toledo, the Department of Labor released its monthly jobs report, showing that the economy created an anemic 54,000 jobs in May, sending the nation's unemployment rate up to 9.1 percent.Obama had nothing to say about the jobs report in his speech, and when a reporter shouted a question at him...
  • Govt to lose $14B of auto bailout funds

    06/01/2011 12:08:11 PM PDT · by Nachum · 16 replies
    Associated Press ^ | 6/1/11 | Staff
    Washington – The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry. In a report from the president's National Economic Council, officials said that figure is down from the 60 percent the Treasury Department originally estimated the government would lose following its $80 billion bailout of Chrysler and General Motors in 2009. The report's release coincides with the administration's efforts to tout the bailout's role in the revitalization of the U.S. auto industry after last week's announcement that Chrysler is repaying $5.9 billion in U.S.
  • Forget the spin. Taxpayers still on the hook for auto bailouts

    05/28/2011 4:06:57 PM PDT · by Hojczyk · 23 replies
    Washington Examiner.com ^ | May 26,2011 | Examiner Editorial
    President Obama and two of his biggest union allies -- the United Auto Workers and the United Steelworkers -- plan to make the automotive bailout "a central issue" in the 2012 election, Politico reports. Republicans should view this as an opportunity. No issue better illustrates the deception, cronyism, disregard for the rule of law, and bad economic decisions of this White House than the auto bailouts. On Tuesday, Obama announced that Chrysler had paid back all "outstanding loans to the U.S. Treasury and American taxpayers." This is highly misleading. American taxpayers still own a 6.6 percent stake in Chrysler, which...
  • GM recalls 300,000 Chevrolet Impalas

    10/15/2010 8:14:12 AM PDT · by Qbert · 8 replies
    CNN Money via Yahoo Finance ^ | 10/15/2010 | Hibah Yousuf
    General Motors Co. said it is recalling 303,100 Chevrolet Impalas because the vehicles' front seat belts may not properly protect passengers. The automaker said that in in 2009 and 2010 Impalas, the front safety belt straps may not be not secured to the lap belt anchor pretensioner that is mounted on the side of the doors. The straps can separate from the anchor in a crash, no longer restraining the passenger. No injuries or deaths have been reported, GM said.
  • Rahm Emanuel: "F*** the UAW"

    09/03/2010 10:03:21 PM PDT · by canuck_conservative · 12 replies
    Jalopnik.com ^ | Friday, September 3, 2010 | Staff
    Rahm Emanuel, former Democratic congressman and President Obama's chief of staff, gave the UAW the Gettelfinger during the GM and Chrysler rescue debate, according to former auto czar Steve Rattner's new book. This could get messy. Especially because there's more. Huffington Post says Rattner's book "The Overhaul" will offer some unstinting takes on Obama's inner circle during the time of the bailouts. Of course, this isn't the first time Emanuel's found himself in hot water over dropping an F-bomb on his political bedmates. But it's also not the only startling quote we've found in Rattner's book. In addition to Emanuel's...
  • GM to Build New Vehicle at Plant in Mexico

    08/07/2010 6:06:00 PM PDT · by Lorianne · 71 replies
    General Motors will invest $500 million to produce a new vehicle and eight-cylinder engines in a plant in northeastern Mexico, a company spokesman said on August 4. The decision was announced at a meeting on August 3 between GM management and Mexican officials, the spokesman said, without giving details of the new vehicle. The investment in the GM plant in Ramos Arispe, Coahuila state, would generate 390 jobs, he added. General Motors has been present in Mexico since 1935, where it has some 11,000 workers, four factories, an engineering center and a test circuit.
  • Obama Takes the Wheel

    07/31/2010 7:49:01 AM PDT · by Oldeconomybuyer · 44 replies · 4+ views
    ABC News ^ | July 30, 2010 | Sunlen Miller
    After touring a GM plant in Hamtramck, Michigan today – Mr. Obama stopped at the end of the assembly line and jokingly asked his secret service agent if he would allow him to get in and drive. The president got in a four door black Chevy Volt and drove for about 10 feet on the assembly line. “I’m telling you guys, pretty smooth,” The president said with a big smile on his face getting out of the car. A White House official says that other than that one time previously the president has not driven since he got Secret Service...
  • UAW chief: inaction not an option on U.S. auto bailout(Union payback act of 2008)

    11/20/2008 11:22:39 AM PST · by Fred · 25 replies · 1,153+ views
    Reuters ^ | 112008 | Nick Carey and Poornima Gupta
    DETROIT, Nov 20 (Reuters) - United Auto Workers President Ron Gettelfinger said on Thursday that lawmakers need to take immediate action on a $25 billion bridge loan bill to support the U.S. automakers or one or more could fail. Gettelfinger, who testified on Tuesday and Wednesday to U.S. congressional committees in support of the loans, said he would not comment on a possible compromise bill reached by Democratic and Republican senators until details were known. When told that one detail might be that the automakers would have to provide a strategic plan to get access to the money, Gettelfinger said...
  • Politicians Butt In at Bailed-Out GM

    04/01/2010 11:35:31 PM PDT · by myknowledge · 6 replies · 589+ views
    The Wall Street Journal ^ | October 30, 2009 | Neil King Jr.
    Montana Rep. Denny Rehberg was no fan of the $58 billion federal rescue of General Motors Co., saying he worried taxpayer money would be wasted and the restructuring process would be vulnerable to "political pressure." Now the lawmaker says it's his "patriotic duty" to wade into GM's affairs. Along with Montana's two Democratic senators, the Republican congressman is battling to get GM to reinstate a contract with a Montana palladium mine nullified in bankruptcy court. "The simple fact is, when GM took federal dollars, they lost some of their autonomy," Mr. Rehberg says. Federal support for companies such as GM,...
  • The White House's Illegal Piggy Bank

    02/03/2010 5:22:49 PM PST · by Kaslin · 11 replies · 963+ views
    Investors.com ^ | February 3, 2010 | INVESTORS BUSINESS DAILY Staff
    TARP: The OMB director is grilled over the misuse of bank bailout funds for purposes other than intended by Congress. This taxpayer money wasn't intended to be the administration's perpetual slush fund. When the specifically targeted and named Troubled Asset Relief Program was enacted, we were told it was a necessary and wise investment. It would stabilize the financial system and keep credit and money moving. We would even get our money back and then some. Many banks didn't want the money or need it. Some were told to take it or they'd be audited. So they took it. The...
  • American Honda Reports October Sales

    11/16/2009 6:24:49 AM PST · by Military family member · 13 replies · 491+ views
    American Honda Motor Co., Inc., posted total October vehicle sales of 85,502, a decline of 4.0 percent compared to October 2008, based on the daily selling rate*. Honda Division posted October sales of 75,751, a decline of five units versus October 2008. Honda total car sales decreased by 4.4 percent, to 44,537. Honda light-truck sales decreased 2.3 percent, to 31,214. Models showing sales increases included Accord with sales of 23,210, up 13.1 percent; CR-V with sales of 15,667, up 14.7 percent; and Pilot with sales of 6,339, up 22.7 percent.
  • GM Chairman Rolls Into Seguin

    11/11/2009 8:31:33 AM PST · by Rightly Biased · 19 replies · 996+ views
    The Seguin Gazette Enterpirse ^ | 11/11/09 | Katie Collins
    General Motors Chairman Ed Whitacre has high hopes for the future of the American auto industry. In his first speech in Texas since taking his place at General Motors Company, Whitacre addressed a crowd at Texas Lutheran University about the future of GM, the outlook of the American auto industry, and the United States economy. The former CEO of AT&T and TLU business professor said he was happy to take the job at GM. “I told everybody when I started this that I didn’t know anything about cars,” Whitacre joked. “I know a little now about cars and I know...
  • GM-GMAC asking for more bail out money

    10/28/2009 11:18:41 AM PDT · by faced · 5 replies · 478+ views
    www.facefwd.com ^ | 10.29.09 | faced
    GMAC, the financial lifeline for General Motors Co., Chrysler Group LLC and their dealer networks, is asking the U.S. Treasury for more federal aid beyond the $12.5 billion it’s already received, because it remains billions of dollars short of a capital reserve requirement all bank holding companies must meet. The request, which is subject to ongoing negotiations, comes as GMAC is caught in a financial game of chicken with Chrysler Financial that could drive some large Chrysler, Jeep and Dodge dealers out of business or force them to sell their operations. Chrysler Financial, which Treasury has demanded go out of...
  • Congressional Oversight Panel Says Auto Bailout May Have Been Illegal

    09/10/2009 1:23:49 PM PDT · by Shellybenoit · 12 replies · 987+ views
    CNSNEWS/The Lid ^ | 9/10/09 | The Lid
    The bail out of General Motors and Chrysler is turning out to be a bigger problem for the country than originally thought. In creating the bankruptcy the POTUS turned things on their heels by forcing the primary investors to take a secondary stance in recovering their objection to the UAW. Basically he bailed out the UAW more than the Detroit auto industry. Earlier this week we found out that taxpayers face losses on a significant portion of the $81 billion in government aid the UAW though GM and Chrylser. The Congressional Oversight Panel (COP) did not provide an estimate of...
  • Taxpayers Face Heavy Losses on Auto Bailout

    09/09/2009 3:23:02 AM PDT · by Son House · 27 replies · 1,840+ views
    FOXNEWS.com ^ | September 09, 2009 | FOXNEWS.com
    The prospect of recovering the government's assistance to GM and Chrysler is heavily dependent on shares of the two companies rising to unprecedented levels, the report said. The government owns 10 percent of Chrysler and 61 percent of GM. The shares "will have to appreciate sharply" for taxpayers to get their money back, the report said. Treasury Department officials have acknowledged that most of the $23 billion provided by the Bush administration is likely to be lost. But Meg Reilly, a department spokeswoman, said there is a "reasonably high probability of the return of most or all of the government...
  • Auto Czar To Congress--BUTT OUT !!

    07/21/2009 5:28:53 PM PDT · by Shellybenoit · 8 replies · 506+ views
    The Hill/The Lid ^ | 7/21/09 | The Lid
    Originally, the title Czar (derived from Caesar) meant Emperor in the European medieval sense of the term, that is, a ruler who claims the same rank as a Roman emperor. The title of Czar is being used by the President of the United States, to turn himself into a new Caesar. Our founding fathers wanted the to protect the United States against too much power being placed in one person so they built checks and balances into the constitution. Presidential appointees reported to the chief executive but with the advice and consent of congress. Appointees were approved by Senate, and...
  • Motor City's last Cadillac dealer faces the ax

    06/25/2009 8:48:23 AM PDT · by Kartographer · 20 replies · 851+ views
    Reuters/YahooNews ^ | 6/25/09 | Nick Carey
    Three hundred and eight years later the birthplace of the modern automotive industry is to lose the last downtown auto dealership that sells cars bearing his name. Dalgleish Cadillac -- which has sold the luxury car brand in Motor City for General Motors Corp since 1954 -- was informed in early June that by September 2010 they must close as part of the automaker's restructuring plans. The dealership's owners say the stunning news came in a letter signed simply "General Motors Corporation."
  • Indiana Challenges Constitutionality of TARP Money for Auto Bailout

    06/04/2009 3:20:44 AM PDT · by Man50D · 19 replies · 1,780+ views
    CNSNews.com ^ | June 04, 2009 | Fred Lucas
    A lawsuit from the state of Indiana challenging the constitutionality of using federal Troubled Asset Relief Program (TARP) funds for automakers, is headed to a federal appeals court. While most public attention this week focused on the bankruptcy of General Motors, the U.S. Court of Appeals for the 2nd Circuit in New York halted the sale of Chrysler to Italian automaker Fiat Group, announcing it would hear arguments from the Indiana State Police Pension Fund, the Indiana Teacher’s Retirement Fund, and the Major Moves Construction Fund on Friday at 2 p.m. Among the challenges the state is making to block...
  • Rep. LaTourette (R-OH) and Rep. Kucinich (D-OH) Press Conference on Auto Jobs

    05/23/2009 7:47:57 AM PDT · by classical artist · 13 replies · 1,410+ views
    C-Span ^ | 5/22/09 | Rep. LaTourette, Rep Kucinich
    Rep. Steven LaTourette (R-OH) and Rep. Dennis Kucinich (D-OH) held a press conference on Capitol Hill to discuss the unexpected closing of five Chrysler plants. In response to the closures, Rep. LaTourette is introducing a bill to demand the Obama Administration to provide all information regarding the closing of all Chrysler plants and dealers nationwide.
  • GM May Be In The Tank For $5B More

    04/19/2009 2:17:15 PM PDT · by CutePuppy · 3 replies · 417+ views
    NY Post ^ | April 18, 2009 | Paul Tharp
    General Motors is turning out to be the ultimate guzzler. Just a few months after the crippled automaker tapped Uncle Sam for $13.4 billion in rescue cash to keep the company running, it warned yesterday that it needs a refill of $5 billion if it has any hope of making progress in resurrecting itself from its bloated past. CEO Fritz Henderson said bankruptcy isn't the company's preferred option for its mandated makeover, but it's still probable, given the tough restructuring goals GM must meet to get more government loans. Henderson said management and advisers are working on two parallel plans:...