auto bailout

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GM's New Female CEO Receives Major Pay Package

Mary Barra will take home $14.4M this year

(Newser) - General Motors says new CEO Mary Barra will get a pay package worth $14.4 million this year—a 60% increase over the pay of Dan Akerson, who she replaced last month, CNN Money reports. Barra is the first woman CEO of a major global automaker. She'll get $1.... More »

Super Bowl Shows Value of Losing

John Tamny sees a conservative lesson in Pete Carroll's comeback

(Newser) - The Seahawks' dominance last night put Pete Carroll "in an elite circle of the all-time greatest football coaches," but he wasn't always held in such high esteem, writes John Tamny at Forbes . "Failure made Pete Carroll." Carroll, you'll recall, was fired after just one... More »

US Government Sells GM Stake, Loses $10.5B

Treasury secretary says bailout saved a million jobs

(Newser) - The US government ended up losing $10.5 billion on its bailout of General Motors, but still says the alternative would have been much worse. Treasury Secretary Jacob Lew announced today that the government sold its remaining shares in the Detroit automaker. The government received 912 million GM shares, or... More »

GM to Buy Back 200M Shares From Treasury

Move could speed up US exit from company

(Newser) - General Motors will spend $5.5 billion to buy back 200 million of its own stock from the US government in the next two weeks, accelerating Uncle Sam's exit from the automaker, the company announced today. GM will pay $27.50 a share, a 7.9% premium on yesterday'... More »

Obama Is the 'Bullsh***er' on the Auto Bailout

Romney wanted to save Detroit too: Marc Thiessen

(Newser) - President Obama called Mitt Romney a "bullsh***er" the other day, but it's "Obama who is peddling the BS when it comes to Romney and automobile-company bankruptcy," writes Marc Thiessen at the Washington Post . An Obama campaign ad claims that Romney would have let the auto industry... More »

Detroit News Endorses Romney

'Despite his wrong-headedness on the auto bailout'

(Newser) - Mitt Romney picked up a potentially valuable newspaper endorsement today, one that might do a bit to help blunt President Obama's constant attacks on him for opposing the auto bailout. The Detroit News threw its weight behind Romney, praising his resume of business success and bipartisan deal-making. "Romney... More »

Ryan Lobbied Hard to Save Wisconsin Auto Plants

Despite free-market credo, pushed for local car plants

(Newser) - Not only did deficit-hawk Paul Ryan vote for Detroit's $14 billion emergency bailout, he also spearheaded two lavish incentive plans that gave hundreds of millions of dollars in tax breaks and benefits to keep a large GM plant in his hometown, reports the Los Angeles Times . That plant closed... More »

GM Is Going to Need Another Bailout

It will probably go broke in a few years: Forbes' Louis Woodhill

(Newser) - The feds may have bailed out GM once, but the way things are going, the company is going to need Round 2 in the near future, writes Louis Woodhill at Forbes . The numbers aren't pretty: The US still owns 26% of the company and would need about $53 a... More »

Auto Bailout Loss Jumps to $25B

New Treasury report registers a 15% rise in predicted losses

(Newser) - The auto bailout just hit America's wallet about 15% more than expected. In its monthly report to Congress, the Treasury Department tacked another $3.3 billion onto the expected auto bailout losses, bringing the estimate to $25.1 billion lost on the $85 billion rescue. And the Detroit News ... More »

Mitt Takes Credit for Saving Auto Industry

Comments a 'new low in dishonesty,' Obama campaign says

(Newser) - Mitt Romney says he deserves a lot of the credit for saving America's auto industry, despite his vocal opposition to taxpayer help for General Motors and Chrysler in 2008. The Republican, speaking at an auto parts maker in Cleveland yesterday, said Obama followed his lead by allowing both firms... More »

Biden Hits Trail, Blasts Romney Over Auto Bailout

'They're about protecting the privileged sector'

(Newser) - Joe Biden hit the campaign trail for the first time in the 2012 cycle today, delivering a fiery speech rife with direct shots at the GOP field at a union hall in Toledo. "Hey! I'm back! You're back! And the [auto] industry is back!" Biden began,... More »

Clinton: Romney's Dad 'Turning Over in Grave'

Saving auto industry is Obama's greatest achievement, Bill says

(Newser) - Bill Clinton got personal yesterday while attacking Mitt Romney over his opposition to the auto industry bailout. "Every time I hear Mr. Romney talking about this I think his daddy must be turning over in his grave. We could not afford to lose a million and a half to... More »

GOP Grumbles as GM Spends $500M on Bonuses

Uncle Sam should come first, Republicans say

(Newser) - General Motors had a great year last year— making a record profit and reclaiming its crown as the world's biggest automaker —but some lawmakers aren't happy about its plans to reward its workers. The company plans to pay bonuses of at least $182 million to white-collar workers... More »

Romney's Auto Bailout Stand Haunts Him in Michigan

Chrysler, General Motors should never have been rescued, Mitt argued

(Newser) - Mitt Romney's opposition to the Detroit bailout plan may come back to haunt him in the Michigan primary , the New York Times reports. Not only did Bain Capital, the equity firm he founded, refuse to pump money into a flailing General Motors—Romney himself wrote an op-ed for the... More »

GM's 2011 Profit: Biggest Ever

It made $7.6B; that's up 62% over 2010

(Newser) - General Motors earned its highest profit ever last year. The 103-year-old company made $7.6 billion in 2011, up 62% from 2010. Full-year revenue rose 11% to $105 billion. North America led the way with a $7.2 billion pretax profit, but problems surfaced that could hurt future earnings: GM... More »

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 »

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