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GM CEO Obama: It’s Now Called “Government Motors”
Pat Dollard | Young Americans —
... funds to help GM and Chrysler survive. GM took $13.4 billion in government loans. Chrysler, meanwhile, has survived on $4 billion in federal aid during this economic downturn and the worst decline in auto sales in 27 years.
The Bush administration demanded both companies submit restructuring plans that the Obama administration would review. In progress reports filed with the government in February, GM asked for $16.6 billion more and Chrysler wanted $5 billion more.
WSJ:
Obama Outlines Plans for GM, Chrysler
WASHINGTON–Warning ...
GM = “Government Motors”
Daily Pundit —
U.S. Forces Out GM CEO Wagoner - WSJ.com
Among challenges the administration faced leading up to this weekend’s decision, foremost were the efforts to draw steep concessions from the United Auto Workers union and from the bondholders.
Attempts to solidify deals with the UAW and bondholders were slowed by disagreements by both parties over how exactly the other party needed to budge. The UAW, for instance, insists it already made health-care concessions in 2005 and 2007, and argues that the bondholders have never been asked to concede ...
Chairman Zero Works His Magic on the Market
Moonbattery —
It looks like Obama's move to effectively put himself in charge of General Motors is having the effect you might expect on the market: ...
Slogan of the Day: GM = Government Motors
FullosseousFlap's Dental Blog —
...
Stockholders be damned. Obama is in control now.
Is private enterprise capitalism now dead in the United States?
Technorati Tags: General Motors, Barack Obama
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Administration on GM, Chrysler
Calculated Risk —
... Monday said it is guaranteeing the warranties of new vehicles bought from General Motors and Chrysler in a bid to boost consumer confidence and auto sales. The Treasury Department said it had taken the temporary step to allay consumer worries about buying new cars from the two nearly bankrupt manufacturers that are on government life support. The new plan addresses fears that the new car warranties would be worthless if the companies collapse.From the WSJ: Obama Outlines Plans for GM, Chrysler Warning that they can't depend on unending taxpayer ...
Barack Obama, President and CEO, Creates a New Business Order
Pundits Blog —
... . Yet that is exactly what he is doing . He has fired General Motors CEO Rick Wagoner, imposed terms and deadlines on GM (and Chrysler), suggested that the company consider bankruptcy — which, at this point, may be the best option — and inserted the himself in the company's operations to the point that he is guaranteeing to service and repair GM cars and back their warranties. "My team will be working closely with GM to produce a better business plan," the president informed us. Given that the government has no ownership stake in the company — these steps are not only ...
Obama Taps Ralph Nader to Run GM, Nader Joins UAW
ScrappleFace —
... (2009-03-30) — President Barack Obama today tapped consumer advocate and career presidential candidate Ralph Nader to replace fired General Motors CEO Rick Wagoner. ...
Obama’s Brilliant Plan For General Motors: File Bankruptcy
Say Anything —
... WASHINGTON—The Obama’s administration’s leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter. ...
How Iceland Went Mad
Calculated Risk —
Most of the news today was about GM and Chrysler. See WSJ: Obama Favors Bankruptcy for GM, Chrysler and NY Times: Obama Issues Ultimatum to Struggling Automakers Bankruptcy is likely. For some interesting reading, there was an excellent article in the NY Magazine today about a software programmer who wrote some of the software for securitizing mortgages: see: My Manhattan Project And here is a story from Michael Lewis writing in Vanity Fair on Iceland: Wall Street on the Tundra Short excerpt: Iceland’s de facto ...
Links for 2009-03-30 [del.icio.us]
FullosseousFlap's Dental Blog —
... the company into bankruptcy (if, for example, the company's plans for "viability" continue to fall short after the new 60-day deadline)? And doesn't that, in turn, make extracting the necessary concessions (by threatening bankruptcy) more difficult as well? ... This wouldn't be the first time that financier-turned-autoczar Steven Rattner's tendency to talk to the press--and maybe emphasize his own role--proved counterproductive. ... 2:23 A.M.
U.S. Forces Out GM CEO Wagoner - GM = Government Motors
The Obama administration used the ...
links for 2009-03-31
FullosseousFlap's Dental Blog —
... (tags: glenn_beck fox_news)
U.S. Forces Out GM CEO Wagoner - GM = Government Motors
The Obama administration used the threat of withholding more bailout money to force out General Motors Corp. Chief Executive Rick Wagoner and ...
What was once unthinkable is now the plan
Betsy's Page —
When discussion began in December of what to do with the auto companies, some of us argued that the best of the bad choices was to let them go bankrupt and have a structured plan that would allow them to deal with their creditors, workers, and investors. But we were told that this was totally unthinkable and we needed to spend federal money to bail them out. So we did. And now, guess what? It's now time to do what was once considered unthinkable. The Obama's administration's leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ...
'Green News Report' - March 31, 2009
The BRAD BLOG —
... Bankruptcy Leads Possible Plans for GM, Chrysler
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World switches off to save planet in "Earth Hour"
Not ...
