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Keyword: govtmotors

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  • Auto bailout saved 2.6m jobs,$105b in potential lost taxes(No joke,saying this w/ a straight face)

    12/09/2013 2:07:59 PM PST · by bestintxas · 14 replies
    wash examiner ^ | // | p beddard
    Washington’s $49.5 billion bailout of General Motors saved at least 1.2 million jobs, protected hundreds of thousands of pensions and earned about $40 billion in tax collections, turning what some have dubbed a poor investment into a whopping bang for Uncle Sam, according to a new report. The bottom line, according to the Center for Automotive Research study heralded by GM: When the full picture of what was at stake is considered, including the potential for millions to be put out of work, the government actually made out big time. And when bailed-out Chrysler is included, the study found that...
  • Fact Check: Obama Challenges Us to Look Up Romney’s Op-Ed

    10/23/2012 10:45:05 AM PDT · by lasereye · 15 replies ^ | 10/23/2012 | Patterico
    Guess who was telling the truth? Here’s the transcript: ROMNEY: I just want to take one of those points, again, attacking me as not talking about an agenda for — for getting more trade and opening up more jobs in this country. But the president mentioned the auto industry and that somehow I would be in favor of jobs being elsewhere. Nothing could be further from the truth. I’m a son of Detroit. I was born in Detroit. My dad was head of a car company. I like American cars. And I would do nothing to hurt the U.S. auto...
  • GM Bailout Could Be Undone By Same Judge That Allowed It

    10/09/2012 5:42:35 AM PDT · by equaviator · 50 replies
    From the “how’s that for irony” file comes a report that the judge that signed off on the GM bailout has been having second thoughts, because — surprise, surprise, surprise — he wasn’t informed about part of the deal. The Washington Free Beacon reports: As GM teetered on the edge of bankruptcy in June 2009, it cut a $367 million “lock-up agreement” with several major creditors in order to prevent its Canadian subsidiary from going under. The move spared the subsidiary from fulfilling the $1 billion debt it owed the creditors—major hedge funds—ensuring that GM would not have to face...
  • GM losing as much as $49,000 per Volt sold

    09/10/2012 7:18:40 PM PDT · by presidio9 · 98 replies
    NBC News ^ | September 10, 2012
    <p>General Motors sold a record number of Chevrolet Volt sedans in August — but that probably isn't a good thing for the automaker's bottom line.</p> <p>Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts.</p>
  • Insight: GM's Volt: The ugly math of low sales, high costs

    09/10/2012 5:03:05 PM PDT · by Impala64ssa · 34 replies
    Reuters ^ | 9/10/12 | Bernie Woodall and Paul Lienert and Ben Klayman
    (Reuters) - General Motors Co sold a record number of Chevrolet Volt sedans in August — but that probably isn't a good thing for the automaker's bottom line. Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts. GM on Monday issued a statement disputing the estimates. Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher.
  • Government Motors opened plant in China four months after closing plant in Wisconsin

    09/03/2012 8:35:11 AM PDT · by kevcol · 22 replies
    Washington Free Beacon ^ | August 31, 2012 | Bill McMorris
    A bailed out General Motors expanded its small truck and SUV manufacturing in China soon after closing down similar facilities in Janesville, Wisconsin—the plant Barack Obama pledged to save and keep open for “another hundred years” in 2008. GM has increased its manufacturing capacity in China by 55 percent since emerging from bankruptcy thanks to a $50 billion bailout from taxpayers. An important piece of that increased capacity has taken place in Changchun, Jilin Province in China.
  • Spyker Slaps GM With $3 Billion Lawsuit

    08/06/2012 2:50:26 PM PDT · by John W · 18 replies
    AutoWeek ^ | August 6, 2012 | Greg Migliore
    Spyker, the Dutch supercar firm and owner of Saab, hit General Motors with a $3 billion lawsuit Monday, claiming GM forced Saab into bankruptcy and interfered with a potential deal with Chinese investors that could have saved the company. Spyker is suing on behalf of Saab, assuming legal costs in exchange for a significant proportion of any potential award. Saab went into bankruptcy in December 2011. The lawsuit also says GM interference prevented an agreement with Chinese investor Zhejiang Youngman Lotus Automobile Co. Ltd., which would have allowed Saab to restructure. In court papers, Spyker said GM's motivation was to...
  • GM pledges $833M investment in Canada through 2016

    07/24/2012 5:31:07 PM PDT · by The Good Doctor · 9 replies
    The Miami Herald ^ | 07/24/12 | TOM KRISHER
    DETROIT -- General Motors says it plans to invest $833 million in Canada for research and development. The company says it began spending the money in 2009 and will invest at least $150 million per year through 2016. Much of the money will go to a research center in Oshawa, Ontario.
  • 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...
  • 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.
  • GM Struggling to Meet Chevy Volt Goal

    11/02/2011 8:57:21 AM PDT · by jazusamo · 35 replies
    National Legal & Policy Center ^ | November 2, 2011 | Mark Modica
    General Motors has staked much of its credibility on the Chevy Volt. GM has a goal of selling 10,000 of the vehicles in 2011 and is only about half way there with two months remaining. Ad spending seems to have ramped up faster than sales though with much of GM's marketing dollars going towards Volt commercials while only 1,108 of the vehicles sold in October. I can't remember ever seeing as many TV ads for a vehicle that has sold in such low numbers. Despite the low proportionate sales to hype ratio for the Volt, sites like Mother Nature...
  • 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...
  • New book says General Motors wanted to merge with Ford 2 Phunny!

    10/12/2011 11:27:02 AM PDT · by US Navy Vet · 8 replies ^ | October 11, 2011 | By Angela Wittrock
    A new book chronicling the financial collapse of General Motors and Chrysler in 2008 reveals new details about just how desperate the situation was for the giants of the automobile industry. New York Times reporter Bill Vlasic's new book, "Once Upon A Car," relates the fiscal turmoil facing General Motors in the months leading up to the financial collapse.
  • Rasmussen: 50% Less Likely to Buy GM Because of Bailout

    09/30/2011 3:30:29 PM PDT · by SeekAndFind · 93 replies
    Rasmussen Reports ^ | 09/30/2011
    Federal bailout funding may have prevented General Motors from going through a normal bankruptcy process, but it has come at a significant price in terms of reputation and potential buyers. Fifty percent (50%) of American adults are less likely to buy a GM car because of the bailout. A new Rasmussen Reports national telephone survey finds just four percent (4%) are more likely to buy from the company that critics refer to as Government Motors. Forty-two percent (42%) say the bailout has had no impact on their buying plans one way or the other. The flip side of the data...
  • 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>
  • G.M. Plans to Develop Electric Cars With China

    09/27/2011 10:12:32 AM PDT · by traumer · 15 replies
    HONG KONG — General Motors said Tuesday that it would develop electric cars in China through a joint venture with a Chinese automaker, and would transfer battery and other electric car technology to the venture. G.M. said the China venture was not linked to its plans to begin importing its Chevrolet Volt electric hybrid to China this year. G.M., which is already the largest foreign maker of conventional vehicles in China, is keen to help define the emerging generation of green-energy automobiles here. And the state-controlled Chinese auto industry is just as eager for expertise from G.M., an acknowledged global...
  • Chicago on the Potomac: White House reportedly takes Ford to woodshed over anti-bailout ad

    09/27/2011 10:58:33 AM PDT · by Nachum · 84 replies
    Michelle Malkin ^ | 9/27/11 | Michelle Malkin
    Your Chicago Way read of the day comes from the Detroit News, where columnist Daniel Howes brings news that a few calls from the White House have led to Ford Motor Company yanking ads that spotlighted its refusal to take government auto bailout money. The ad is no longer on the company’s YouTube page. Nice car company ya got there, fellas. Would be a shame if anything happened to it… (h/t Is This Blog On, Cold Fury): For the only Detroit automaker that “didn’t take the money” of the federal auto bailouts, Ford Motor Co. keeps paying a price for...
  • GM and GE Go All-In for Chinese Subsidies

    09/26/2011 2:22:35 PM PDT · by jazusamo · 17 replies
    National Legal & Policy Center ^ | September 26, 2011 | Paul Chesser
    Professional subsidy-sucking General Motors, which seems content to marinate in its taxpayer "investment" indefinitely, is getting ambitious. No, not in the sense of paying backthe $50 billion U.S. government bailout, or in producing vehicles people actually want to buy, but instead in finding other governments to subsidize its products. Not surprisingly the new partner - in a 50-50 joint venture with the state-run auto industry - is China. And also unsurprisingly, General Electric will join GM in a related partnership in the communist nation. And you probably already guessed the agreements surround the development and sales of electric vehicles....
  • 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 need to stick needles in your eyes by reading the entire article *laughs*
  • GM expansion in China a threat to U.S. jobs?

    09/22/2011 12:19:51 PM PDT · by AfricanChristian · 50 replies
    CBS News ^ | September 22, 2011
    (CBS/AP) Two years after it was saved by a bailout from Washington, General Motors is trumpeting its latest investments in China. As CBS News business and economics correspondent Rebecca Jarvis reported from Shanghai, American cars are more popular than ever in China, and U.S. automakers sell more cars there than anywhere else in the world. And while that's good news for American car companies, it makes many question what it will mean for American jobs. If you were to visit General Motors in Shanghai, you'd find a lot of what you would in Detroit The plant, says David Gibbons, executive...
  • 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...
  • U.S. will guarantee GM, Chrysler warranties, Obama says (Article from 3/30/2009)

    08/20/2011 11:30:18 PM PDT · by andyk · 60 replies
    Automotive News ^ | 3/30/2009 | Neil Roland And Richard Truett
    In a bid to boost flagging auto sales, the federal government will pay for any warranty repairs on a General Motors or Chrysler vehicle if either company can't because of financial problems or a bankruptcy filing, President Barack Obama said on Monday. "Let me say this as plainly as I can. If you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired just like always," Obama said in a speech. "Your warranty will be safe. In fact, it will be safer than it has ever been. Because starting today, the...
  • GM says bankruptcy excuses it from repairs on 400K cars (heads up, 07+08 Impala owners)

    08/19/2011 4:37:30 PM PDT · by STARWISE · 18 replies
    General Motors Co. is seeking to dismiss a lawsuit over a suspension problem on more than 400,000 Chevrolet Impalas from the 2007 and 2008 model years, saying it should not be responsible for repairs because the flaw predated its bankruptcy. The lawsuit, filed on June 29 by Donna Trusky of Blakely, Penn., contended that her Impala suffered from faulty rear spindle rods, causing her rear tires to wear out after just 6,000 miles.
  • Auto Bailout Czar: We Did It All for the Unions

    07/10/2011 12:24:33 PM PDT · by jazusamo · 4 replies
    National Legal & Policy Center ^ | July 10, 2011 | Mark Modica
    The Detroit Free Press reports that the House committee holding hearings on the auto bailout process wants clarification from former head of President Obama's Auto Task Force, Ron Bloom, regarding testimony he gave about a statement he allegedly made at a 2009 celebratory dinner. According to a news article written at the time and fellow ex-car czar, Steve Rattner, Bloom stated that he "did this all for the unions." Bloom denied making the statement while under oath. The congressional panel isn't buying it and has written a letter to Bloom requesting that he amend his testimony.Given Bloom's union background...
  • 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:
  • Private emails detail Obama admin involvement in cutting non-union worker pensions post-GM bailout

    06/22/2011 1:10:09 PM PDT · by NormsRevenge · 31 replies
    Yahoo ^ | 6/22/11 | Matthew Boyle - The Daily Caller
    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. (General Motors not eager to be political talking point in 2012) Republican Reps. Dan Burton and Mike Turner say that during the GM bailout, Treasury Secretary Timothy Geithner decided to cut pensions for salaried non-union employees at Delphi, a GM spinoff, to expedite GM’s emergence from bankruptcy. At a Wednesday...
  • EDITORIAL: GM’s gas-tax fraud--Ripping off motorists is key to the leftist agenda

    06/09/2011 6:14:23 PM PDT · by jazusamo · 26 replies
    The Washington Times ^ | June 9, 2011 | Editorial
    Government Motors has become yet another mouthpiece for the Obama administration. General Motors Co. CEO Dan Akerson told the Detroit News Saturday that he wants a $1 per gallon hike in the gas tax. Consumers already facing nearly $4 a gallon prices at the pump aren’t going to be pleased to see that figure jump overnight to $5, but the left and its crony capitalist allies don’t care what the public thinks. Mr. Akerson wants to use the power of government to make buying a Chevy Volt, GM’s entry into the electric car market, more economically attractive. Such marketplace intervention...
  • GM chief pushing for higher gas taxes. (Obama Motors Shafts Public)

    06/07/2011 8:23:45 AM PDT · by Lazlo in PA · 68 replies
    The Detroit News ^ | 06-07-11 | David Shepardson
    Detroit — General Motors Co. CEO Dan Akerson wants the federal gas tax boosted as much as $1 a gallon to nudge consumers toward more fuel-efficient cars, and he's confident the government will soon shed its remaining 26 percent stake in the once-bankrupt automaker. "I actually think the government will be out this year — within the next 12 months, hopefully within the next six months," Akerson said in a two-hour interview with The Detroit News last week. He is grateful for the government's rescue of GM — "I have nothing but good things to say about them" — but...
  • Proud of losing $14B (another Obamanomics success story)

    06/04/2011 11:24:15 AM PDT · by Libloather · 8 replies
    NY Post ^ | 6/04/11 | Rich Lowry
    Proud of losing $14BRich Lowry Last Updated: 3:15 AM, June 4, 2011 It's a sign of grim times indeed when the Obama administra tion is touting a potential $14 billion loss to the taxpayers as a great economic success. The White House is running on its auto bailouts as courageous acts that saved the industrial Midwest. It's a telling point of pride. In bragging about the bailouts of GM and Chrysler, the administration is boasting of a process shot through with lawlessness and political favoritism -- not to mention reckless disregard for taxpayer dollars. The administration believes it trumps all...
  • GM Admits that Dealerships are Taking Chevy Volt Tax Credits

    05/31/2011 1:32:34 PM PDT · by jazusamo · 43 replies
    National Legal & Policy Center ^ | May 31, 2011 | Mark Modica reports that General Motors has responded to my report questioning whether dealerships are gaming Chevy Volt tax credits. Chevy Volt spokesperson, Rob Peterson, states that "NLPC is confused." He then goes on to confirm that the dealerships purchasing Chevy Volts and reselling them as used vehicles are entitled to the $7,500 tax credit. Clearly, it is GM that is confused, considering that this was the main point of my report. GM does not deny that Chevy dealerships are selling Chevy Volts to other dealerships, including a KIA dealership, for resale. At the same time, Peterson also touts the high...
  • DNC Chairwoman Bashes GOP For Supporting Foreign Car Companies, Owns Foreign Car

    05/28/2011 10:13:22 AM PDT · by 2ndDivisionVet · 25 replies
    Mediaite ^ | May 27, 2011 | Josh Feldman
    It’s a general rule of thumb that whenever a politician says something negative about their opposition, they better not be guilty of the same thing, otherwise they would end up looking incredibly foolish. The latest pol to suffer from this is Democratic National Committee Chairwoman Debbie Wasserman Schultz. Since she began her tenure as head of the DNC, Wasserman Schultz has gone on the offensive against the Republicans. She accused the GOP of “waging war on the unemployed” and slammed their budget proposal as a “path to poverty.” But her latest attack on the opposition backfired in a major way....
  • Forget the spin. Taxpayers still on the hook for auto bailouts

    05/28/2011 4:06:57 PM PDT · by Hojczyk · 23 replies
    Washington ^ | 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...
  • New LAPD Patrol Car To Sport Infrared Night Vision, License Plate Scanner

    05/26/2011 2:45:18 PM PDT · by BenLurkin · 26 replies
    CBS) ^ | May 26, 2011 1:03 PM
    Billed as the “sum total of all the law enforcement community has learned about patrol cars to date”, the PPV boasts a 6.0L V-8 engine with 355 horsepower, 18-inch steel wheels, and a host of gadgets that puts any Hollywood squad car to shame. The Caprice, which replaces the long-used Ford Crown Victoria, is equipped with an infrared night vision camera, automated license plate scanner, and a touch-screen center console that replaces the older computers traditionally used by officers. In addition to horsepower and firepower, the cruiser is also outfitted with the latest in information technology, with ethernet, Wi-Fi and...
  • U.S. Government Buying 116 Plug-In Electrics, Including 101 Chevrolet Volts

    05/24/2011 1:01:25 PM PDT · by markomalley · 21 replies
    Motor Trend ^ | 5/24/11
    In an attempt to go green, the U.S. government will be purchasing 116 new plug-in electric vehicles for use in the federal fleet — but according to The Detroit News, the majority of that order consists of 2012 Chevrolet Volts. By the start of 2012, the General Services Administration, which oversees the purchase of two-thirds of the federal fleet, will take delivery of 101 new Volts, 10 Nissan Leafs, and five Think City EV plug-in electric vehicles. While the purchase will help to reduce the agency’s carbon footprint, it will not increase the size of the federal fleet, as the...
  • The best-protected car in the world defeated by an Irish ramp: Obama's armour-plated limo gets stuck

    05/23/2011 2:35:50 PM PDT · by traumer · 63 replies · 1+ views
    It's designed to protect the President from terror attacks but Barack Obama was left red-faced after one of his armour-plated Cadillacs was brought to a halt as it left the U.S. Embassy in Dublin. The gigantic bomb-proof General Motors vehicle, with eight-inch thick steel on its door, didn't even make it as far as the road outside the consulate. The car had to be abandoned after the collision in front of waving crowds while Mr Obama and his wife were en route to his ancestral home in County Offaly. Embarrassing: One of Barack Obama's fleet of armoured cars gets stuck...
  • Obama's "Beast" gets snagged on ramp in Dublin

    05/23/2011 8:38:56 AM PDT · by NormsRevenge · 57 replies · 1+ views
    Yahoo ^ | 5/23/11 | Reuters
    DUBLIN (Reuters) – The Presidential Cadillac, nicknamed "The Beast" for its bomb-proof features, failed to make it out of the U.S. Embassy in Dublin on Monday when it became stuck on a ramp. Barack Obama and his wife, en route to his ancestral home in County Offaly, had to abandon the car after the collision in front of waving crowds in Dublin.
  • Obama's 'Beast' vehicle sticks on a ramp in Ireland

    05/23/2011 8:27:38 AM PDT · by EBH · 53 replies
    yahoo/afp ^ | 5/23/11
    US President Barack Obama's heavily armoured Cadillac, nicknamed "The Beast", became stuck on a ramp at the US embassy in Dublin, RTE state radio reported Monday. The first cars in the presidential motorcade emerged up the ramp from the car park beneath the complex in Ballsbridge and passed through the gates without incident, but The Beast quickly ran into trouble and got beached. "The Beast was coming along and suddenly there was a loud kind of bang, metal-on-metal, grinding, crunching noise and the car was stuck," an RTE reporter said. The reporter said that as it drove out, the car...
  • The Car That Thinks It's A Tank: Inside Obama's 'Beast' Cadillac [Flown To UK With Team of 500]]

    05/22/2011 6:48:25 PM PDT · by Steelfish · 112 replies
    Daily Mail (UK) ^ | May 22, 2011 | CHRIS GREENWOOD and REBECCA ENGLISH
    The Car That Thinks It's A Tank: Inside Obama's 'Beast' Cadillac that is being flown from the U.S. to drive down the Mall By CHRIS GREENWOOD and REBECCA ENGLISH 23rd May 2011 An extraordinary entourage will accompany President Obama and his wife Michelle when they sweep into London tomorrow. The team of at least 500 will include White House aides, a six-doctor medical team and a squad of personal chefs. There will be more than 200 secret service agents, many of them armed. The President will travel in ‘The Beast’, his gigantic bomb-proof General Motors Cadillac with eight-inch thick armour-plating...
  • U.S. Hurries to Sell GM Stake (taxpayers get hosed)

    04/19/2011 12:58:27 PM PDT · by library user · 73 replies
    WSJ ^ | April 19, 2011 | by Sharon Terlep
    ~ EXCERPT ~ The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker's stock, people familiar with the matter said. A sale within the next several months would almost certainly mean U.S. taxpayers will take a loss on their $50 billion rescue of the Detroit auto maker in 2009. To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a share at $29.97 in 4 p.m. trading Monday on the...
  • EDITORIAL: Free-market Ford laps Government Motors

    04/01/2011 5:41:07 PM PDT · by jazusamo · 83 replies
    The Washington Times ^ | April 1, 2011 | Editorial
    Bureaucrats can’t run a car company, let alone the whole country Ford Motor Co. beat General Motors in March sales, another small but significant victory of private enterprise over government micromanagement. Since the 2009 government takeover of GM, competition between the two leading domestic auto manufacturers has taken on strong ideological overtones. It serves as an ideal test case, a microcosm of the competition between two worldviews, the automotive equivalent of North vs. South Korea. Right now, the good guys are winning. Ford has been giving GM a run for its money since the competition began. In October, Ford recorded...
  • Barack Obama: Losing $84 billion big success

    04/01/2011 5:14:41 AM PDT · by Hojczyk · 4 replies
    Washington Times ^ | April 1,2011 | Kerry Picket
    Barack Obama has some 'splaining to do about taxpayers' profitable "investment" in General Motors. It turns out the president is imagining things. However, a March 16 Congressional Oversight report, tells a different story. It estimates taxpayers will be out of $25 billion. Additionally, the report points out that “full repayment will not be possible unless the government is able to sell its remaining shares at a far higher price.” That's only the beginning. Both the White House and the Congressional Oversight report omit the fact that during its bankruptcy, GM got a $45 billion tax break, courtesy of the American...
  • Tea Party group sponsors NASCAR ‘We the People’ truck through 2012

    03/29/2011 8:53:47 PM PDT · by NormsRevenge · 11 replies
    Yahoo ^ | 3/29/11 | Steven Nelson -- The Daily Caller
    Tea Party supporters can now root for their cause on the racetrack. has announced that a NASCAR vehicle will be sponsored by the organization. Chris Lafferty’s #89 truck will be known as “We the People’s” through the 2012 election. Bill Wallace, the coach and general manager of Lafferty Motorsports LLC, wrote in a letter posted on that the sponsorship will be funded with donations. Part of the donations made to TeaPartyRacing will go to Lafferty’s team, part to, an affiliate of, states that, “as a dynamic and patriotic race team,, attracts fans from all...
  • GM chief financial officer resigns unexpectedly

    03/10/2011 10:51:36 AM PST · by library user · 20 replies
    AP/Yahoo! Finance ^ | March 10, 2011 | by Tom Krisher
    ~EXCERPT~ DETROIT (AP) -- The chief financial officer of General Motors Co., who brought the company through a successful public stock offering and was once considered a candidate for CEO, is resigning as of April 1. In a surprise announcement Thursday, GM said that Chris Liddell, 52, will be replaced by Treasurer Dan Ammann. Liddell has been on the job for just 14 months. During a hastily arranged conference call with reporters, Liddell said he had no job lined up, but doesn't want to be a chief financial officer any longer. He said he had achieved his goals of pulling...
  • Consumer Reports says GM Volt falls short on range

    02/28/2011 5:40:23 PM PST · by Upstate NY Guy · 91 replies
    Reuters ^ | February 28, 2011 | John Crawley
    WASHINGTON (Reuters) - General Motors Co's mostly electric Chevy Volt turned in a lackluster performance for efficiency in its first series of road tests by product raters at Consumer Reports. "We would have really liked to have loved it," David Champion, director of Consumer Reports auto test center told Reuters on Monday after announcing the organization's top picks for 2011. "It was fun to drive and the ride quality was pretty good. But when you look at the finances, for us it doesn't make any sense," Champion said. He said consumers seeking value and top fuel efficiency would be better...
  • GM Foundation Donates $2 Million to Community Centers (Detroit)

    12/03/2010 7:44:55 AM PST · by Skeez · 8 replies ^ | 3rd of December 2010 | 07:58 GMT | Bogdan Popa
    General Motors is once again making the headlines thanks to a noble act, this time donating, through its GM Foundation, a total of $2 million to upgrade two community centers near the Detroit-Hamtramck Assembly Plant. As you probably know after the avalanche of stories concerning the Chevrolet Volt, the Detroit-Hamtramck Assembly Plant is the one responsible for building the Chevrolet Volt electric car, as well as the Cadillac DTS and Buick Lucerne. "We want to be a good neighbor and one way to do that is identify the needs in a community and respond with the money, the time and...
  • How General Motors Croaks a Small Business (And the story of outsourced GM buyers)

    10/05/2010 3:07:29 PM PDT · by jessduntno · 21 replies
    Vanity of sorts - Maybe a Rant | Today | JessDuntno
    Final letter to General Motors RE: Attempt to purchase our product from our contract manufacturer Dear Deepak, et. all, Thank you for contacting us. We recently received your PO # 33333333. It references the quote # 444444 we have written and re-written for both you and ****** Associates, who purportedly represented you, over the past couple of months. Your most recent request (direct from your own buying group) is for Net 60 Terms and a price reduction from $9,945. to $8,700. We have never quoted this price, and we are wondering how you got it? ####### Associates insisted we sell...
  • GM Repays Government Debt; Was The Bailout A Success? (Bailout an Epic Failure)

    04/22/2010 12:02:38 PM PDT · by mojito · 12 replies · 668+ views
    Mish's Global Economic Trend Analysis ^ | 4/22/2010 | Mike Shedlock
    GM Summary: GM is still Government Motors. The US Government converted $45.3 billion in loans to a 70% ownership position. The Canadian Government converted an $8.1 billion stake into 12% ownership. GM lost $3.4 billion in the 4th quarter of 2009. GM still has $15 billion in debt. GM has $27 billion in unfunded pension liabilities. Until GM IPOs we will not know an approximation of taxpayer losses. Moreover, those losses do not include the pension time bomb. With GM still losing money on top of all those issues why did GM repay TARP? The likely answer is to get...
  • GM's Pension: A Ticking Time Bomb for Taxpayers?

    04/15/2010 8:56:23 AM PDT · by BJClinton · 22 replies · 881+ views
    Yahoo! ^ | 4/15/2010 | v
    The threat to its pension plans has always been an issue, butit took on a new urgency when GM disclosed April 7 that its plans were underfunded by more than $27 billion, with more than half of that being owed to U.S. workers and retirees.
  • Worst-Made Cars on the Road

    04/12/2010 8:05:57 AM PDT · by throwback · 172 replies · 4,069+ views
    Yahoo, Forbes ^ | Friday, April 9, 2010 | Hannah Elliott
    If you want to drive something dependable and long-lasting, steer clear of these vehicles. With a 22% improvement in sales last month, and despite the six-month, $4.3 billion loss it announced Wednesday, General Motors is likely to have its strongest spring and summer in years. Plus, the automaker had critically acclaimed new products at the recent New York Auto Show and the much-anticipated Chevrolet Volt is due out this fall. More from • In Depth: Worst-Made Cars On The Road • Navigating Your Way Through Traffic • Cars With the Best Gas Mileage Year-over-year sales of GM's Cadillac division...
  • Old Chrysler’s Attorneys Throw Mud In The Court’s Eye: Our Response (Donofrio's latest)

    01/23/2010 9:01:04 PM PST · by STARWISE · 9 replies · 817+ views
    Natural Born Citizen ^ | 1-23-10 | Leo Donofrio
    On January 15, 2010, attorneys for Old Chrysler from the “esteemed” mega law firm – Jones Day - responded (Docket No. 6216) to our Motion To Reconsider the Bankruptcy Court’s Dealership Rejection Order/Opinion – (Docket No. 6132). However, opposing counsel have certainly lost their cool by grabbing mud and slinging it right in the Court’s face. They did this by playing the “birther” card in a memo supporting their Objection to our Motion while our Motion has absolutely nothing to do with the President. In fact, we clearly stated in that Motion that we do not contend the Government requested...