General Motors

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Auto Plan Drives GOP in Different Directions

Parochial concerns results in a less-than-unified response

(Newser) - Republicans were caught off guard by Obama’s auto moves yesterday, and they responded in wildly different ways, Politico reports. Some complained the president hadn’t been hard enough on GM and Chrysler, while others groused that he’d been harder on them than he’d been on Wall Street....

GM Will Drive Obama Off Cliff: Brooks
GM Will Drive Obama Off Cliff: Brooks
OPINION
Mar 31, 2009 8:36 AM CDT

GM Will Drive Obama Off Cliff: Brooks

Company can't be saved; political costs of bankruptcy are huge

(Newser) - For decades, General Motors hasn’t been so much in the automaking business, David Brooks writes in the New York Times, as “in the restructuring business.” And for just as long, presidents have sought to push bankruptcy into the future. By getting serious, though, “the Obama administration...

Detroit's Papers Missing on Red-Letter Day

Freep , News stop delivery on day GM CEO forced out

(Newser) - Yesterday was a once-in-a-lifetime news day in Detroit: GM's boss was forced out, Chrysler was pushed to merge with Fiat, Michigan State made it to the Final Four—and the first day that Motor City's two daily newspapers didn't land on doorsteps to tell readers all about it. Both the...

Auto Intervention Puts Obama on Risky Road

Prez may end up taking the flak from restructuring's tough choices

(Newser) - President Obama's intervention in the auto industry puts him on a risky road through uncharted territory, David E. Sanger writes in the New York Times. Making decisions for an industrial giant like GM is a totally different enterprise than stepping in with the likes of AIG, Sanger writes—especially when...

White House Favors Managed Bankruptcy for Chrysler, GM

(Newser) - The Obama administration’s favored plan to rescue GM and Chysler is a managed bankruptcy that would relieve them of their biggest liabilities by splitting the carmakers into “good” and “bad” components, the Wall Street Journal reports. The “good” GM would  comprise profitable brands like Chevy and...

GM Plummets; Dow Down 254
 GM Plummets; Dow Down 254 
MARKETS
Mar 30, 2009 3:22 PM CDT

GM Plummets; Dow Down 254

Materials, banks see broad declines

(Newser) - Carmakers led stocks down today, after GM and Chrysler' reconstruction plans were rejected by the Obama administration, the Wall Street Journal reports. GM closed down 25%; parts and materials makers like Goodyear and Alcoa were also sharply lower, as were financials on continued uncertainty in that sector. The Dow fell...

Wagoner: Optimist, Survivor, Martyr?
 Wagoner: Optimist, 
 Survivor, Martyr? 
Analysis
Mar 30, 2009 1:42 PM CDT

Wagoner: Optimist, Survivor, Martyr?

The long, unhappy reign of Rick Wagoner

(Newser) - During Rick Wagoner’s 9-year stint at the wheel, GM lost its place as the world’s top automaker, cut tens of thousands of jobs, and saw shares fall from $70 to less than $3. But through it all Wagoner fended off all challengers—including the likes of Kirk Kerkorian—...

Ousted GM Boss Gets $20M Retirement Payout

(Newser) - If Rick Wagoner is upset about being forced out of his job as GM’s CEO, his $20 million retirement package should provide some consolation, ABC News reports. Though Treasury rules prevent Wagoner from collecting severance pay, the ousted exec is still eligible for an “Executive Retirement Plan” and...

Obama: No Auto Bailout Without More Concessions

(Newser) - GM and Chrysler got tough love from Barack Obama today, with the president declaring that they haven't made substantial enough changes to justify another federal bailout, and decrying the “failure of leadership” to come up with viable restructuring plans. Obama said the companies would have to regroup radically to...

In Iraq, Hummer's the Hottest Ride

While 20,000 patrol the streets, 20 civilian Hummers are setting a trend

(Newser) - An American military icon has become all the rage in war-weary Baghdad: the Hummer. With at least 20,000 military Humvees on the road, the civilian version seems an unlikely symbol for auto-elitism, but a dealership run by two brothers indicates otherwise. They estimate they've sold 20 H3s in the...

Dow Drops Nearly 300 on Auto Bailout News
 Dow Drops Nearly 300 
 on Auto Bailout News 
MARKET update
Mar 30, 2009 8:46 AM CDT

Dow Drops Nearly 300 on Auto Bailout News

(Newser) - Stocks hit the brakes hard this morning, after the Obama administration’s auto task force panned GM and Chrysler’s proposed reconstruction plans. The Dow was down 298 points by late morning, while the S&P and Nasdaq had tumbled 59 and 31 points respectively. GM plummeted 25%, falling below...

Auto Task Force: GM Plan Not Viable

(Newser) - GM’s current restructuring plan isn’t going to cut the mustard, President Obama’s auto task force declared in its stinging assessment for the White House. The memo accuses GM of relying on rosy, unrealistic projections for sales, burning through too much cash, expecting too much from the rollout...

US Ousts Wagoner at GM, Pushes Tougher Auto Overhaul

(Newser) - The White House has forced out General Motors chief Rick Wagoner as part for a more aggressive restructuring of the beleaguered automaker than the company has proposed, the Wall Street Journal reports. The Treasury threatened to withhold billions in federal loans if the chairman and CEO refused to step down....

Obama to Give Automakers More Aid

(Newser) - President Obama will likely approve billions of dollars more in loans to General Motors and Chrysler on Monday, but attach a deadline for union and bondholder concessions to help the automakers survive, insiders tell the New York Times. Obama's auto task force will also keep government-managed bankruptcy as an option...

Obama to Outline Plan for Auto Industry Monday

President will discuss required conditions for further government aid

(Newser) - President Obama is nearing a decision on whether to give automakers more bailout money and will lay out his plan for the future of the industry Monday, the Detroit News reports. The president “will outline what he thinks is the best way forward," spokesman Robert Gibbs said, including...

GM to Miss Restructuring Deadline, Win Extension

Seeks one month extension to allow negotiations with UAW, bondholders

(Newser) - General Motors, about to miss its March 31 deadline for completing the cost-cutting restructuring plan it submitted to the government, is expected to get a 30-day extension, reports the Wall Street Journal. Though the UAW has agreed to shed 7,600 jobs at GM next week, and another 10,000...

7,500 Hourly UAW Workers Take GM Buyouts

The total is now 60,500 buyouts since '06

(Newser) - General Motors has convinced 7,500 unionized, hourly workers to accept buyouts and exit the company as early as next week, the Wall Street Journal reports. The automaker offered $20,000 in cash and $25,000 car vouchers—far less than previous offers—in this latest round of cuts to...

In Bankruptcy Maneuver, GM May Split in 2

If GM faces Chapter 11, a splitting of the company could avert disaster

(Newser) - General Motors executives and Treasury officials alike seem adamant that the company should avoid Chapter 11 bankruptcy at all costs, but bankruptcy scenarios are already crystallizing behind the scenes, BusinessWeek reports. One option calls for splitting the company into a “good GM,” which would emerge from bankruptcy with...

Auto Task Force to Back More Loans, Push Concessions

Experienced or not, decisions from Obama's task force will come this week

(Newser) - President Obama’s auto task force will back new loans for General Motors and Chrysler but will ask for more sacrifices from unions, management, and GM’s bondholders, the Wall Street Journal reports. GM and Chrysler have requested $22 billion more atop the $17.4 billion already loaned to them....

Sweden to Saab: Tough Luck
 Sweden to Saab: Tough Luck 
Mar 23, 2009 8:34 AM CDT

Sweden to Saab: Tough Luck

The G.M.-owned Swedish automaker seeks a buyer to save itself

(Newser) - As governments around the world have propped up their automobile companies, typically paternalistic Sweden has answered Saab’s plea for help with an unexpected reply: “No.” No bailout, no takeover. The town of Trollhattan in southwest Sweden now faces economic catastrophe akin to Detroit’s decline as its...

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