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NEWS ABOUT: Chrysler

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Detroit's Sourest Lemons

A look at these clunkers will leave little doubt why Motown's in such a mess

(Newser) - With Detroit automakers making headlines on Capitol Hill, the New York Daily News offers a retrospective on the Motor City’s biggest lemons:
  • Ford Edsel: A gas-guzzling marketing disaster that became a byword for failure.
  • Chevy Aveo: From 0 to 60 in 11.7 seconds.
  • Hummer H2: A militaristic
... More »

Democrats, White House Haggle Over 'Car Czar'

(Newser) - As White House and congressional negotiators work out the details of aid to the Big 3 automakers, they've hit a stumbling block over the need for a so-called "car czar," the Washington Post reports. The White House wants to appoint a powerful trustee from within the Commerce Department... More »

Chrysler Hires Bankruptcy Firm

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... More »

Auto Bailout Must Be Paid Back: Bush

Bush supports some aid, but it must be done his way, he warns Dems

(AP) - Using the word "recession" for the first time to describe the US economy, President Bush today demanded that Congress adopt his approach to an auto bailout and require car companies to pay back any federal aid. But he displayed skepticism about the wisdom of new aid, saying he is... More »

Detroit Paper to Congress: You Cannot Turn Away

(Newser) - In an open letter to members of Congress, the Detroit Free Press insists that the government cannot turn its back on the auto industry. If it does, "there will be economic hell to pay—not just in Detroit, but all across America, including in your state, in your district.... More »

Big 3 Execs Finish With Senate

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... More »

Big 3 Would Agree to Oversight if Bailed Out

CEOs admit bad management

(Newser) - Detroit’s Big Three automakers would accept federal oversight in return for financial support, the Wall Street Journal reports. The chiefs of GM, Ford, and Chrysler all said that they would accept a bailout styled after that of Chrysler in the late ‘70s, which put the firm under the... More »

Dodd Endorses Big 3 Bailout as CEOs Hit Hill Again

Senate Democrat enlisted to work on compromise package

(Newser) - Sen. Chris Dodd welcomed the Big Three CEOs back to the Senate Banking Committee today by declaring his support for an auto bailout, the AP reports. Chariman Dodd said inaction would be akin to playing “Russian Roulette with the economy.” He praised the automakers for making a better... More »

GM, Chrysler Mull 'Packaged' Bankruptcy to Get Bailout

Execs say that's 'way down the list,' but Detroit desperate for federal bailout

(Newser) - Bankruptcy is officially on the table for General Motors and Chrysler, a source tells Bloomberg. The companies may accept a pre-packaged bankruptcy, which would force the union and creditors to make concessions, in order to get government help. At least three congressmen have had their staffs explore the possibility. GM... More »

In DC Corral, the Big 3 Dare Congress to Shoot

Including a breakdown of the industry's ridiculous demands

(Newser) - The Big Three, their creditors, the unions, and Congress are locked in “a standoff worthy of a spaghetti western,” writes Steven Pearlstein in the Washington Post. “But none really wants to pull the trigger.” In the end, there’s little doubt Congress will step in, but... More »

Saving Detroit: It's Now or Never

Auto industry in danger of going under while lawmakers haggle over lifeline

(Newser) - If Congress is going to save America's auto industry it needs to quit the grandstanding and finger-pointing and take action right now, Tom Walsh writes in the Detroit Free Press. The Big Three have submitted their survival plans as requested, Walsh writes, and the figures show they aren't bluffing—they... More »

Automakers Raise Request to $34B

(Newser) - Automakers may be returning to Capitol Hill humbled into driving instead of flying, but that won't stop them from holding out their hands for even more money. Collectively, they told Congress today to be willing to shell out a total of $34 billion in loans and lines of credit—up... More »

Big 3 CEOs Head Back to DC—This Time by Car

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... More »

Once United, Big 3 Take Different Roads to Bailout

Automaker bring different bailout concerns in appeal for federal aid

(Newser) - When the automakers return to Congress this week to beg for a federal bailout, they’ll no longer be presenting one case among them. Each company will unveil its own rejuvenation plan, reports the New York Times. Ford, in best financial shape, wants only the promise of access to federal... More »

Automakers Will Get Another House Hearing

Panel sets Dec. 5 date; Detroit's new plan due next week

(Newser) - A House committee will hear struggling automakers out on their new ideas for federal aid Dec. 5, the Wall Street Journal reports today, with Detroit’s plan due to Congress’ Democratic leaders by Tuesday. Dems say approval of billions in federal funds hinges on making Ford, General Motors, and Chrysler... More »

Detroit Should Look at the History of Steel

Bankruptcy saved that industry, but auto isn't exactly the same

(Newser) - When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New ... More »

Obama Team Weighs Streamlined Auto Bankruptcy

A 'prepackaged' plan likely would include government financing, take less time

(Newser) - Barack Obama’s transition team is looking at a streamlined, “prepackaged” bankruptcy for the Big Three automakers, Bloomberg reports. In a “prepack,” the companies already would have financing lined up when they go to court, and would have to reach agreements with banks, workers, and suppliers. The... More »

Hey, Mitt, Your Naked Opportunism Is Showing

Flip-flop on Detroit shows McCain was right not to pick Romney as running mate

(Newser) - Mitt Romney is speaking sideways when he talks about Detroit these days, Joan Vennochi writes in the Boston Globe. The man who promised he would “not rest until Michigan is back” in the Republican primary is now urging bankruptcy for Detroit automakers. “If the auto industry could reinvent... More »

Congress to Big 3: Ball's in Your Court

(Newser) - After failing to strike a deal today on a possible bailout for the Big Three automakers, Congressional leaders offered the firms one more chance to push for the $25 billion lifeline they've requested, the Detroit News reports. Lawmakers will wait until December and require concrete plans for the money before... More »

Big Three Worse Than Somali Pirates

Extortion done right in Detroit

(Newser) - Detroit’s pleas for a bailout sound an awful lot like blackmail to Bloomberg’s Mark Gilbert. Let GM fail, CEO Rick Wagoner told Congress, and the “level of economic devastation would far exceed” what Detroit is asking for. In other words, give us what we want, or the... More »

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