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FRIDAY, NOVEMBER 20, 2009
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NEWS ABOUT: General Motors

General Motors stories: 456 news summaries

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46 Bailed-Out Firms Behind on Repaying US

CIT bankruptcy will cost taxpayers $2.3B

Nov 16, 09 7:38 AM CST
(Newser) - A whopping 46 of the banks the government bailed out last year are behind on their payments, with some going belly-up despite the rescue. The largest so far, CIT Group, is in bankruptcy court today hoping to wipe out the $2.3 billion it owes Uncle Sam, and analysts tell... More »

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General Motors • Wall Street bailout • TARP • CIT Group

UPDATED


 GM to Repay Bailout Early, 
 Posts (Smaller) $1.2B Loss 

Auto giant speeds $1.2B per quarter repayment sked

Nov 16, 09 6:48 AM CST
(Newser) - General Motors will start repaying its $6.7 billion debt to the US and Canadian governments early, with $1.2 billion quarterly payments beginning next month, reports the Detroit News . The accelerated repayment plan is a strong indication that finances are looking up for the troubled automaker, which today... More »

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General Motors • Detroit • auto industry • auto bailout • Cash for Clunkers

OPINION

 Obama's Ego Needs 
 Its Own ZIP Code 

President has switched tone from 'we' to 'I'

Nov 14, 09 12:01 PM CST
(Newser) - The budget deficit hasn’t been the only thing ballooning since President Obama took office—the man’s ego is growing by leaps and bounds, moving Jeff Jacoby to wonder, “Was there ever a president as deeply enamored of himself as Barack Obama?” A video message for this week’... More »

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Berlin • General Motors • narcissism • President Obama • ego

 GM Won't Sell Opel After All 

European operations won't go to Canadian outfit

Nov 3, 09 7:47 PM CST
(Newser) - General Motors backed out today on a deal to sell Opel, its European arm, to a Canadian parts supplier and its Russian banking partners. The GM board’s move reflects an uptick in the auto business, the Financial Times reports, and will also be a blow to the German government,... More »

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Magna International Inc. • Germany • General Motors • mergers and acquisitions • auto industry • Opel • Sberbank

 In Congress, 535 New 
 GM Boardmembers 

Legislators strong-arm automaker to keep dealerships, factories open

Oct 29, 09 7:02 AM CDT
(Newser) - GM might not have realized when it took $58 billion in bailout money that it would now be beholden to members of Congress, who have been acting like 535 new board members as they angle for their constituents' (and their own) interests. Dems and Republicans alike have pressured companies to... More »

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Congress • General Motors • auto industry • Jay Rockefeller • bailout • auto bailout

 Pay Czar Cuts 
 Bonuses, But 
 Boosts Salaries 

Feinberg beefs up base base to help firms retain talent

Oct 28, 09 1:24 AM CDT
(Newser) - Base pay will increase for the majority of top execs in the finance and auto firms supervised by federal pay czar Kenneth Feinberg. Salaries are being bumped up—by hundreds of thousands of dollars in some cases—as bonuses and other perks are slashed. Despite the salary hikes, all 136... More »

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Chrysler • Citigroup • executive compensation • Bank of America • General Motors • AIG • bonuses • executive bonuses • Kenneth Feinberg • pay czar

 50% Pay Cuts 
 for Bailout Execs 
 Due Today 

Warren confirms cuts to 25 top earners at 7 companies

Oct 22, 09 9:40 AM CDT
(AP) - The Treasury Department today is expected to order seven companies that have not paid back last year's US government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by... More »

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Chrysler • executive compensation • Bank of America • General Motors • Citibank • AIG • Treasury Department • Obama administration • Wall Street bailout • TARP • Elizabeth Warren • Kenneth Feinberg

Pay Czar Slashes Top Salaries at 7 Bailed-Out Firms

175 top earners will see pay cuts averaging 50%

Oct 21, 09 3:53 PM CDT
(Newser) - President Obama’s pay czar will cut compensation for the 25 highest-paid employees at seven companies that took large amounts of government aid. The 175 executives will face salary reductions of 90%, but with other compensation elements added in, the total reductions average 50%. Ken Feinberg also will require the... More »

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Chrysler • Citigroup • executive compensation • Bank of America • General Motors • AIG • compensation • bailout • GMAC • Wall Street bailout • pay czar

 Rattner: Why I 
 Fired GM's Wagoner 

Former car czar calls deficiencies 'appalling'

Oct 21, 09 3:33 PM CDT
(Newser) - Barack Obama's former car czar says he had no choice but to fire GM's Rick Wagoner. "Everyone knew Detroit's reputation for insular, slow-moving cultures," Steven Rattner writes in an essay for Fortune. "Even by that low standard, I was shocked by the stunningly poor management that we... More »

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bankruptcy • General Motors • restructuring • Rick Wagoner • Obama administration • Steven Rattner

 Hummer Sold to Chinese Firm 

GM offloads brand to Chinese heavy-equipment maker

Oct 10, 09 1:22 AM CDT
(Newser) - General Motors has finalized a deal to sell its iconic Hummer brand to Chinese heavy-equipment maker Sichuan Tengzhong Heavy Industrial Machinery Co. The deal will save 150 Hummer dealerships and 3,000 American jobs, execs say. The vehicles will be assembled at GM plants in the US until 2011 under... More »

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China • General Motors • auto industry • Hummer • Sichuan Tengzhong Heavy Industrial Machinery Company

ANALYSIS

 Saturn: GM's Biggest Mistake  

Brand was an unsustainable distraction from the start

Oct 2, 09 5:39 PM CDT
(Newser) - As General Motors’ Saturn experiment ends with a whimper, it’s important to understand that the brand was a failure from the start. Some obituaries blame GM for not providing a fuller roster of vehicles to build customer loyalty—but if anything, the automaker gave Saturn too much, writes Mark... More »

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Toyota • General Motors • Detroit • Saturn • Hyundai • auto industry • Big Three

(Newser) - Saturn's hopes of a life after GM ended today when a deal to sell the brand to Penske Automotive fell through. GM said it will now begin shutting down manufacturing and dealership operations. Penske canceled the deal—which could have saved about 13,000 jobs—because it couldn't swing an... More »

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General Motors • Detroit • mergers and acquisitions • Saturn • auto industry • Roger Penske

Volcker: Obama Plan May Lead
to More Bailouts

Former Fed chief
faults strategy
of 'too big to fail'

Sep 24, 09 5:27 PM CDT
(AP) - A top White House economic adviser says the Obama administration's proposed overhaul of financial rules preserves the policy of "too big to fail" and could lead to future bailouts. Former Fed chief Paul Volcker told Congress that by designating some companies as critical to the broader financial system, the... More »

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Wall Street • General Motors • Paul Volcker • AIG • bailout • bank regulation • Obama administration • Wall Street bailout

Recession Crushes
White-Collar Michigan

Layoffs, property price plunge leaves middle-aged workers in limbo

Sep 17, 09 1:26 AM CDT
(Newser) - Tens of thousands of middle-aged white-collar workers have been left jobless and stranded in Michigan by the recession, the Wall Street Journal reports. Auto industry veterans laid off by the Big Three are finding themselves competing against against younger people for a smattering of job openings. With property prices down... More »

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Chrysler • General Motors • Detroit • Michigan • recession • Ford • unemployment • auto industry • Big Three • white collar

 Obama 
 Rallies Labor 
 to Back 
 Reform 

President rallies for support at AFL-CIO rally, Ohio GM plant

Sep 15, 09 4:37 PM CDT
(Newser) - President Obama returned to friendly territory at an AFL-CIO rally in Pittsburgh and a GM plant in Ohio today to rally support for his health care reform plans, the Wall Street Journal reports. Noting that the issue had been talked “to death,” Obama asked the audience of AFL-CIO... More »

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General Motors • Ohio • AFL CIO • tariffs • health care reform • Pittsburgh

 GM to Try Money-Back 
 Guarantee 

Firm hopes 60-day refund period will rouse sales

Sep 10, 09 4:46 PM CDT
(Newser) - General Motors is offering a good old money-back guarantee as a ploy to entice buyers to its showrooms, USA Today reports. Buyers will be able to get a full refund on any new GM model within 60 days of purchase. The automaker plans to announce the refund program in ads... More »

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General Motors • automaker • auto industry • auto sales • US automakers • refund • Bob Lutz • Edward Whitacre

 GM to Sell Opel 
 to Canada's Magna 

Detroit firm also recommends Vauxhall go to Magna

Sep 10, 09 9:30 AM CDT
(Newser) - After painfully drawn-out negotiations, General Motors’ board has agreed to sell its Opel unit to Canadian firm Magna International, maintaining a tie that will keep Opel a "a fully integrated part of GM's global product development organization," the company said. The German government, which earlier this year loaned... More »

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Angela Merkel • Magna International Inc. • Germany • Canada • bankruptcy • General Motors • Detroit • acquisition • Big Three • Opel • Vauxhall

GM Longs to Build
Electric Cadillacs

Car could boost brand's image but hurt automaker's bottom line

Aug 22, 09 6:00 PM CDT
(Newser) - Old dreams apparently die hard at GM. For months, the automaker has been yearning to build a gasoline-electric luxury Cadillac, but the Treasury Department and naysayers within the company say the price tag would be too high. Now, with the company dramatically reorganized, the Cadillac Converj could be coming to... More »

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General Motors • fuel efficiency • Toyota Prius • Cadillac • Fritz Henderson

(Newser) - General Motors will start making temporary loans to dealers who have yet to be reimbursed by the federal government under the Cash for Clunkers plan, the Wall Street Journal reports. Dealers, some now irate, essentially did the same thing for customers participating in the trade-in plan—covering the government... More »

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General Motors • auto industry • loan • car dealers • Federal government • automobile • reimbursement • Cash for Clunkers • Car Allowance Rebate System • cash advance

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money.... More »

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Chrysler • Citigroup • executive compensation • Bank of America • Goldman Sachs • General Motors • bailout • GMAC • American International Group • executive bonuses • Kenneth Feinberg • pay czar

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