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NEWS ABOUT: auto bailout

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Detroit Bust Would've Been Better Than Bailout

Ex-Prez Bush says bailout his idea, and a good one

(Newser) - Three years ago, Mitt Romney wrote that President Obama should " Let Detroit Go Bankrupt ," instead of bailing out the struggling auto industry, in a famous New York Times column. And today? Even with the American auto industry on the rebound, Michigan's GOP primary looming on Feb. 28,... More »

Biden: They Won't Let Me Drive

Vice president waxes poetic about his love of convertibles to 'Car and Driver'

(Newser) - Joe Biden is a car guy. His dad ran multiple dealerships, and the VP has owned some drool–worthy classics in his day. “I still have my 1967 Goodwood-green Corvette, 327, 350-horse, with a rear-axle ratio that really gets up and goes,” he boasts in a new interview... More »

US Sells All Its Chrysler Stock to Fiat

The 6% stake will sell for $500 million

(Newser) - The Treasury Department has reached a deal to sell its remaining 6% stake in Chrysler to Fiat for $500 million, making the Italian automaker Chrysler’s majority shareholder with a 52% stake, the Detroit Free Press reports. Fiat will then pay another $75 million for the government’s right to... More »

Car Crash Victims Screwed by Auto Bailouts

GM and Chrysler were freed from most of their legal responsibilities

(Newser) - When the government bailed out Chrysler and GM, it freed them from most of their prior legal obligations—including billions owed to the victims of crashes involving defective cars, the Wall Street Journal reports. Though the automakers agreed to continue to be liable for new lawsuits stemming from old vehicle... More »

Foreign Car-Bashing DNC Chair Owns ... Foreign Car

Wasserman Schultz attacked the GOP for putting US auto industry at risk

(Newser) - The chairwoman of the DNC—who slammed Republican 2012 hopefuls for putting the US auto industry at risk by favoring foreign automakers—herself owns a foreign car, the Hill reports. “If it were up to the candidates for president on the Republican side, we would be driving foreign cars;... More »

Chrysler's Big News: We Repaid Bailout Loan

Announcement coming tomorrow at Michigan plant

(Newser) - Chrysler will announce with some fanfare tomorrow the repayment of $7.5 billion in bailout loans from the US and Canadian governments. CEO Sergio Machionne will announce the milestone tomorrow alongside White House manufacturing adviser Ron Bloom at Chrysler’s Sterling Heights, Michigan, plant, the Wall Street Journal reports. Chrysler... More »

Obama Should Campaign on Auto Bailout

Some Republicans were ready to let GM, Chrysler die: Jonathan Cohn

(Newser) - Barack Obama reportedly plans to make the auto bailout a key part of his reelection campaign, and Jonathan Cohn of the New Republic thinks that’s a great idea. Chrysler and GM are in much better shape, he argues—GM in particular is “reporting big profits, it is winning... More »

GM Shares Jump 8% in Wall Street Return

Shares trading for $35.80

(Newser) - And, they're off! General Motors stock jumped from the initial IPO price of $33 per share to $35.80 after GM Chief Executive Dan Akerson rang the opening bell this morning, returning the icon of American manufacturing to life as a publicly traded company. The Dow Jones industrial average rose... More »

GM Prices Stock at $33 Ahead of IPO

Historic offering will get government some money back

(AP) - General Motors says its common stock will sell for $33 per share when its initial public offering takes place tomorrow. The IPO, one of the largest in history, brings the US government closer to getting back part of the $50 billion it gave GM last year. The government will sell... More »

GM Doesn't Have to Pay Taxes

Little-noticed ruling costs government $45.4 billion

(Newser) - General Motors won’t be government-owned for much longer, but it’s getting a parting gift from Uncle Sam: a $45.4 billion tax exemption that could leave it tax-free for years. GM will be able to shield its future profits using past losses using so-called “tax-loss carry-forwards,”... More »

Bailed-Out Companies Throw Cash to GOP

Even though Dems led push for TARP

(Newser) - Despite being bailed out by the government—and, in some cases, still owing money to the government—many companies are donating heavily to candidates. And many of those candidates are Republicans, even though it was mostly Democrats who supported the TARP program, the Washington Post reports. The 23 companies that... More »

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

(Newser) - So it's not exactly zero, but the $388 billion the feds dumped into bailouts is going to end up with a final price tag of ... $29 billion, reports the New York Times. Most of Treasury's losses are focused in housing rescues ($46 billion) and the Detroit bailout ($17 billion), while... More »

Bailout May End Up Costing $0

Despised TARP expires Sunday

(Newser) - The terms "$700 billion" and "bailout" are paired as often as "Tea" and "Party," but it turns out that the government lifeline to banks and auto firms will only cost taxpayers a fraction of what was originally predicted. The hugely unpopular Troubled Asset Relief Program—... More »

China's SAIC Eyes Big Stake in GM

Move could pose dilemma for Treasury

(Newser) - China’s SAIC Motor Corp. is considering making a big grab for GM shares when the government sells off its stake in the company, creating a potential political dilemma for the Treasury, the Wall Street Journal reports. GM is set to go public again in November, and the government, which... More »

Disaster Awaits Chevy Volt

Nothing about this car makes sense

(Newser) - Like Rush Limbaugh , auto industry observer Edward Niedermeyer can't think of too many reasons to plunk down $41,000 on a Chevy Volt. Among his complaints: It's too expensive, it has the interior room of a cheap economy car, the business model is lousy—GM could have sold it... More »

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

Auto giant speeds $1.2B per quarter repayment sked

(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 posted... More »

In Congress, 535 New GM Boardmembers

Legislators strong-arm automaker to keep dealerships, factories open

(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 »

Chrysler Plans to Build Fiat in Mexico

(Newser) - Chrysler is planning to produce a Fiat-branded subcompact car at a plant in Mexico, insiders tell the Wall Street Journal. The move may anger two key shareholders of the restructured automaker—the US government and the United Auto Workers. Workers at the Toluca, Mexico, plant are represented by a Mexican... More »

Detroit's Fall Wallops Canada

(Newser) - The collapse of Detroit has turned its Canadian counterpart into a veritable ghost town, the Economist reports. Located just across the Detroit River in Ontario, Windsor depends heavily on the Big Three, and now claims Canada’s highest unemployment rate at 14.4%. But Ontario’s problems go beyond “... More »

House Votes to Block Dealership Closings

(Newser) - A spending bill passed by the House last night includes a provision to reopen hundreds of Chrysler dealerships and prevent the closing of over 2,000 more planned by GM, the Detroit News reports. The measure, opposed by the White House, will force the automakers to give dealers targeted for... More »

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