Obama Auto Team in Detroit Considering $22B More in Aid

(NEWSER) - The man tabbed by President Obama to see General Motors and Chrysler through bankruptcy is leaving the post, the New York Times reports. Though Steven Rattner’s former investment firm is under investigation, it’s unclear if that affected his decision. Treasury Secretary Tim Geithner said today that, with both auto giants emerging from bankruptcy, Rattner is leaving to spend more time with family. He’ll be replaced by Ron Bloom, a top member of the advisory group. More»

(NEWSER) - Chrysler and GM could end up needing a “considerably higher” amount than the $21.6 billion so far requested, Bloomberg reports. Steven Rattner, who heads President Obama’s auto task force, said it's possible the request could go as high as $40 billion. He also said that Chrysler’s mention of a merger with Fiat is a “worthy idea” because the company is “just kind of barely making it” alone. More»

Obama taps financier Rattner as lead in GM, Chrysler restructuring

(NEWSER) - Steven Rattner has been named chief adviser to the panel tasked with restructuring GM and Chrysler, Reuters reports. The financier was considered the frontrunner to be "car czar" before President Obama opted for a panel rather than a single chief. Rattner, who will leave the private equity firm he co-founded to take the position, is still expected to play a central role but without direct oversight. More»

Privately owned automaker preparing for Chapter 11 should feds not help out

(NEWSER) - Chrysler has contracted a law firm to help it prepare for bankruptcy, the Wall Street Journal reports. The hiring of Jones Day suggests the automaker faces immediate failure if Congress decides to deny financial assistance to Detroit automakers. Jones Day has experience in automotive matters and has represented the United Auto Workers in many cases. More»

(NEWSER) - If General Motors goes into bankruptcy next Monday—as is widely expected—the US government will own 70% of the automaker, the New York Times reports. Under a plan that GM officials detailed today to union members, the UAW would take a 17.5% stake though its health care fund, with a potential for 2.5% more. Bondholders, who have more money at risk than the UAW, would get just 10% of GM. More»