Obama's Auto Crackdown Worries Bailed-Out Banks

CEOs to make their case to the House tomorrow

(NEWSER) - The CEOs of the Big Three wrapped up a six-hour session with the Senate Banking Committee during which they asked for a minimum of $34 billion in aid, the Washington Post reports. Chairman Chris Dodd vowed to draft a bill “in the next 24-48 hours" that stood a chance of passing both houses and ducking a Bush veto. The execs face the House Financial Services Committee tomorrow. More»

CEOs of America's automakers will renew plea for bailout today

(NEWSER) - The Big Three CEOs are heading back to Washington this week, and this time two of them will be driving, the Wall Street Journal reports—Alan Mulally in a Ford Escape hybrid, and Rick Wagoner in a Chevrolet Malibu hybrid. The CEOs will attempt Thursday to persuade Congress to extend them $25 billion in low-cost loans, based on reorganization plans to be submitted today. More»

Announces program to help unemployed car owners

(NEWSER) - In his first press conference as CEO of foundering GM, Fritz Henderson today made it clear he wasn’t afraid to talk bankruptcy, saying it was now “more probable,” and that he might even decide to declare bankruptcy before his 60 days were up. “We will do it in court, or we will do it out of court, but we will get the job done,” he said. More»

(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 of the electric Chevy Volt, and giving itself until 2014 to reach many of its goals. The team will force out most of GM’s directors, on the heels of last night’s ouster of CEO Rick Wagoner. More»

Deal seems to be grinding gears

(NEWSER) - The federal auto industry bailout appeared to be stuck in neutral as President Bush warned today that a deal is not imminent. "We're not quite ready to announce that yet," Bush told reporters on a plane to Afghanistan. Lawmakers expected the administration to quickly reallocate part of the $700 billion market-recovery pot after Congress failed to rescue the Big Three last week, Reuters reports. More»