auto bailout

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Chrysler's Big News: We Repaid Bailout Loan

Announcement coming tomorrow at Michigan plant

(Newser) - Chrysler will announce with some fanfare tomorrow the repayment of $7.5 billion in bailout loans from the US and Canadian governments. CEO Sergio Machionne will announce the milestone tomorrow alongside White House manufacturing adviser Ron Bloom at Chrysler’s Sterling Heights, Michigan, plant, the Wall Street Journal reports. Chrysler...

Obama Should Campaign on Auto Bailout
Obama Should Campaign
on Auto Bailout 
OPINION
May 17, 2011 1:26 PM CDT

Obama Should Campaign on Auto Bailout

Some Republicans were ready to let GM, Chrysler die: Jonathan Cohn

(Newser) - Barack Obama reportedly plans to make the auto bailout a key part of his reelection campaign, and Jonathan Cohn of the New Republic thinks that’s a great idea. Chrysler and GM are in much better shape, he argues—GM in particular is “reporting big profits, it is winning...

GM Shares Jump 8% in Wall Street Return

Shares trading for $35.80

(Newser) - And, they're off! General Motors stock jumped from the initial IPO price of $33 per share to $35.80 after GM Chief Executive Dan Akerson rang the opening bell this morning, returning the icon of American manufacturing to life as a publicly traded company. The Dow Jones industrial average rose...

GM Prices Stock at $33 Ahead of IPO
GM Prices Stock at $33
Ahead of IPO
Nov 17, 2010 4:44 PM CST

GM Prices Stock at $33 Ahead of IPO

Historic offering will get government some money back

(Newser) - General Motors says its common stock will sell for $33 per share when its initial public offering takes place tomorrow. The IPO, one of the largest in history, brings the US government closer to getting back part of the $50 billion it gave GM last year. The government will sell...

GM Doesn't Have to Pay Taxes

Little-noticed ruling costs government $45.4 billion

(Newser) - General Motors won’t be government-owned for much longer, but it’s getting a parting gift from Uncle Sam: a $45.4 billion tax exemption that could leave it tax-free for years. GM will be able to shield its future profits using past losses using so-called “tax-loss carry-forwards,”...

Bailed-Out Companies Throw Cash to GOP

Even though Dems led push for TARP

(Newser) - Despite being bailed out by the government—and, in some cases, still owing money to the government—many companies are donating heavily to candidates. And many of those candidates are Republicans, even though it was mostly Democrats who supported the TARP program, the Washington Post reports. The 23 companies that...

Final Bailout Tab: $29B
 Final Bailout Tab: $29B 
Oct 6, 2010 7:52 AM CDT

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

(Newser) - So it's not exactly zero, but the $388 billion the feds dumped into bailouts is going to end up with a final price tag of ... $29 billion, reports the New York Times. Most of Treasury's losses are focused in housing rescues ($46 billion) and the Detroit bailout ($17 billion), while...

Bailout May End Up Costing $0

Despised TARP expires Sunday

(Newser) - The terms "$700 billion" and "bailout" are paired as often as "Tea" and "Party," but it turns out that the government lifeline to banks and auto firms will only cost taxpayers a fraction of what was originally predicted. The hugely unpopular Troubled Asset Relief Program—...

China's SAIC Eyes Big Stake in GM

Move could pose dilemma for Treasury

(Newser) - China’s SAIC Motor Corp. is considering making a big grab for GM shares when the government sells off its stake in the company, creating a potential political dilemma for the Treasury, the Wall Street Journal reports. GM is set to go public again in November, and the government, which...

Disaster Awaits Chevy Volt
 Disaster Awaits Chevy Volt  
opinion
Jul 30, 2010 12:55 PM CDT

Disaster Awaits Chevy Volt

Nothing about this car makes sense

(Newser) - Like Rush Limbaugh , auto industry observer Edward Niedermeyer can't think of too many reasons to plunk down $41,000 on a Chevy Volt. Among his complaints: It's too expensive, it has the interior room of a cheap economy car, the business model is lousy—GM could have sold it...

GM to Repay Bailout Early, Posts (Smaller) $1.2B Loss

Auto giant speeds $1.2B per quarter repayment sked

(Newser) - General Motors will start repaying its $6.7 billion debt to the US and Canadian governments early, with $1.2 billion quarterly payments beginning next month, reports the Detroit News . The accelerated repayment plan is a strong indication that finances are looking up for the troubled automaker, which today posted...

In Congress, 535 New GM Boardmembers

Legislators strong-arm automaker to keep dealerships, factories open

(Newser) - GM might not have realized when it took $58 billion in bailout money that it would now be beholden to members of Congress, who have been acting like 535 new board members as they angle for their constituents' (and their own) interests. Dems and Republicans alike have pressured companies to...

Chrysler Plans to Build Fiat in Mexico

(Newser) - Chrysler is planning to produce a Fiat-branded subcompact car at a plant in Mexico, insiders tell the Wall Street Journal. The move may anger two key shareholders of the restructured automaker—the US government and the United Auto Workers. Workers at the Toluca, Mexico, plant are represented by a Mexican...

Detroit's Fall Wallops Canada
 Detroit's Fall Wallops Canada 
Aug 1, 2009 5:39 PM CDT

Detroit's Fall Wallops Canada

(Newser) - The collapse of Detroit has turned its Canadian counterpart into a veritable ghost town, the Economist reports. Located just across the Detroit River in Ontario, Windsor depends heavily on the Big Three, and now claims Canada’s highest unemployment rate at 14.4%. But Ontario’s problems go beyond “...

House Votes to Block Dealership Closings

(Newser) - A spending bill passed by the House last night includes a provision to reopen hundreds of Chrysler dealerships and prevent the closing of over 2,000 more planned by GM, the Detroit News reports. The measure, opposed by the White House, will force the automakers to give dealers targeted for...

Wreck Your Car? You Can Still Sue GM

(Newser) - General Motors had hoped to emerge from bankruptcy with a protective coating against future product-liability suits. No such luck, reports the Wall Street Journal. Bowing to government pressure, GM has agreed to change its bankruptcy terms, allowing drivers injured in accidents that stem from vehicle defects to sue the company,...

Obama's Approval at 62%; Government Less Popular

(Newser) - Though opinions of the government vary, most Americans continue to have a favorable view of President Obama, Fox News reports. In a new poll, 62% of respondents approve of the job Obama is doing; 31% disapprove. 64% like the president as a person. But on the administration’s takeover of...

GM-Owning Feds Buy Rival Fords
GM-Owning Feds Buy
Rival Fords
Jun 11, 2009 5:30 AM CDT

GM-Owning Feds Buy Rival Fords

General Services Administration spends $129M on competition

(Newser) - The federal government isn't letting its stake in General Motors and Chrysler stop it from doing business with rivals, the New York Times reports. Ford, the only one of the Big Three not to receive bailout funds, won the biggest order in the General Services Administration's recent stimulus-funded $287 million...

Indiana Makes Final Attempt to Block Chrysler Sale

State treasurer argues that deal tramples on bankruptcy law, Constitution

(Newser) - Indiana's attempt to block Chrysler's sale to Fiat moves to a federal appeals court today, the Washington Post reports. The state's treasurer, who oversees three state pension and construction funds that hold $42 million of Chrysler's debt, is arguing that the deal to bring the company out of bankruptcy violates...

Fire Sale Sweeps Chrysler Dealerships

Prices hit rock bottom before June 9 deadline

(Newser) - Those well-worn "Rock-Bottom Price!" and "Must Go!" stickers are more than sales pitches at nearly 800 dealerships cut loose by Chrysler, which have to sell by June 9 or lose vehicles to auction. The bankrupt automaker refused to buy back some 44,000 cars, reports ABC...

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