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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: auto bailout

auto bailout stories: 105 news summaries

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(Newser) - Chrysler's financing arm has turned down a $750 million federal loan in order to skirt limits on executive pay, sources tell the Washington Post. Fearing that an earlier $1.5 billion loan was running out, the Treasury offered Chrysler Financial the extra credit about 2 weeks ago, attaching strict... More »

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Chrysler • Treasury Department • TARP • auto bailout

Bailed-Out Banks Don't
Want to Bail Out Chrysler

Lawmakers say rescued banks should cooperate in auto rescue plan

Apr 17, 09 7:44 AM CDT
(Newser) - Auto task force Steven Rattner's request that four big banks write off their $7 billion debt to Chrysler in return for nothing met with a big no from dropped jaws, reports the Washington Post. JPMorgan Chase, Morgan Stanley, Citigroup, and Goldman Sachs are seeking a better deal, but critics argue... More »

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Chrysler • Citigroup • Goldman Sachs • Morgan Stanley • auto industry • bailout • JPMorgan Chase • Wall Street bailout • auto bailout • Steven Rattner

Models—Human and Auto— Take Bailout Flak at Car Show

Models take the flak for GM, Chrysler missteps

Apr 14, 09 9:10 AM CDT
(Newser) - Crowds hostile about the state of America’s auto industry have made presenting at auto shows a much trickier job than it used to be, the New York Times reports. The eye-candy models at scaled-back exhibits from General Motors and Chrysler are fielding questions during the ongoing New York event... More »

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Chrysler • General Motors • auto industry • hecklers • auto show • auto bailout

 Feds May Trade Debt for Stake in 'New' GM

Insiders say government planning to trade some of $13.4B loan for equity

Apr 14, 09 5:35 AM CDT
(Newser) - The Obama administration is considering trading some of GM’s $13.4 billion government debt for equity in the streamlined, post-restructuring version of the automaker, Bloomberg reports. Insiders say the move, which would be accompanied by an offer to bondholders of equity in the new entity, is part of a... More »

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bankruptcy • General Motors • nationalization • auto industry • Obama administration • auto bailout

Feds Put the Squeeze on Auto Creditors

Billions of dollars in concessions sought from banks, bondholders

Apr 10, 09 6:14 AM CDT
(Newser) - The government is pushing hard to wring billions of dollars in concessions from the creditors of General Motors and Chrysler, the Wall Street Journal reports. Insiders say Treasury has pushed GM to offer bondholders only stock in return for debt after it judged as too generous a deal involving stock,... More »

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Chrysler • bankruptcy • General Motors • bonds • auto industry • Obama administration • auto bailout

(Newser) - Car & Driver managed to punk at least one blogger with an April Fools’ item about President Obama banning bailed-out automakers from NASCAR: Ann Coulter, reports left-leaning watchdog Media Matters. “With their racing budgets deemed ‘unnecessary expenditures,’” the article read, “GM and Chrysler are ordered... More »

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Ann Coulter • NASCAR • Car and Driver Magazine • prank • April Fools' Day • Obama administration • President Obama • auto bailout

 Sinking Car Sales May 
 Be on the Rebound 

Today's figures 'as low as it's going to get': analyst

Apr 1, 09 7:58 AM CDT
(Newser) - Figures to be released today are likely to show a third straight month of annualized new-car sales below 10 million, the Wall Street Journal reports—but there’s a chance those numbers have hit bottom. Considering the size of the American consumer market, today’s figure “is about as... More »

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auto industry • auto sales • cars • financial crisis • auto bailout

 Rival Bankruptcies 
 Spook Jealous Ford 

It's kinda jealous

Apr 1, 09 6:58 AM CDT
(Newser) - Ford Motor Co., the lone member of the “Big Three” not to accept government help, is suddenly looking across town with dread and a touch of jealousy, the Wall Street Journal reports. A bankruptcy at GM or Chrysler could wreak havoc on Ford’s supply chain, as shared... More »

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bankruptcy • Ford • Alan Mulally • auto industry • auto bailout • Ford Motor Co.

 New GM Boss: 
 Bankruptcy 
 'More Probable' 

Announces program to help unemployed car owners

Mar 31, 09 10:53 AM CDT
(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... More »

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bankruptcy • General Motors • CEO • auto industry • Rick Wagoner • auto bailout • Frederick Henderson

Editorial Roundup

 Was Obama Tough Enough? 


Mar 31, 09 8:57 AM CDT
(Newser) - Barack Obama gave GM and Chrysler some tough love yesterday. Too tough, or too much love? Here’s what the papers are saying:
  • Obama “delivered a believable, sharp, and necessary ultimatum,” says the Washington Post. He rightly demanded union concessions, and put bankruptcy back on
... More »

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Barack Obama • Chrysler • bankruptcy • General Motors • auto industry • Obama administration • auto bailout

Auto Plan Drives GOP in Different Directions

Parochial concerns results in a less-than-unified response

Mar 31, 09 8:46 AM CDT
(Newser) - Republicans were caught off guard by Obama’s auto moves yesterday, and they responded in wildly different ways, Politico reports. Some complained the president hadn’t been hard enough on GM and Chrysler, while others groused that he’d been harder on them than he’d been on Wall Street.... More »

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Barack Obama • Republican • General Motors • Detroit • auto industry • Big Three • auto bailout

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

Mar 31, 09 8:12 AM CDT
(Newser) - After the Obama administration kicked out GM’s boss and said two of the Big Three automakers may benefit from bankruptcy, CEOs of banks bailed out by the government are wondering if there's a bull's-eye on their backs, the Washington Post reports. The risk of such a crackdown has been... More »

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CEO • bank • auto industry • Big Three • Rick Wagoner • Vikram Pandit • bailout • Obama administration • auto bailout • Ken Lewis

OPINION

 Auto Intervention Puts 
 Obama on Risky Road 

Prez may end up taking the flak from restructuring's tough choices

Mar 31, 09 5:46 AM CDT
(Newser) - President Obama's intervention in the auto industry puts him on a risky road through uncharted territory, David E. Sanger writes in the New York Times. Making decisions for an industrial giant like GM is a totally different enterprise than stepping in with the likes of AIG, Sanger writes—especially when... More »

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General Motors • auto industry • Obama administration • President Obama • auto bailout

(Newser) - The Obama administration’s favored plan to rescue GM and Chysler is a managed bankruptcy that would relieve them of their biggest liabilities by splitting the carmakers into “good” and “bad” components, the Wall Street Journal reports. The “good” GM would  comprise profitable brands like Chevy... More »

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Chrysler • bankruptcy • General Motors • Detroit • Obama administration • President Obama • auto bailout

(Newser) - If Rick Wagoner is upset about being forced out of his job as GM’s CEO, his $20 million retirement package should provide some consolation, ABC News reports. Though Treasury rules prevent Wagoner from collecting severance pay, the ousted exec is still eligible for an “Executive Retirement Plan” and... More »

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executive compensation • General Motors • retirement • Rick Wagoner • golden parachutes • auto bailout

(Newser) - GM and Chrysler got tough love from Barack Obama today, with the president declaring that they haven't made substantial enough changes to justify another federal bailout, and decrying the “failure of leadership” to come up with viable restructuring plans. Obama said the companies would have to regroup radically to... More »

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Barack Obama • Chrysler • General Motors • Detroit • auto industry • Obama administration • auto bailout

MARKET update

 Dow Drops Nearly 300 
 on Auto Bailout News 


Mar 30, 09 8:46 AM CDT
(Newser) - Stocks hit the brakes hard this morning, after the Obama administration’s auto task force panned GM and Chrysler’s proposed reconstruction plans. The Dow was down 298 points by late morning, while the S&P and Nasdaq had tumbled 59 and 31 points respectively. GM plummeted 25%, falling below... More »

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stock market • Dow Jones • General Motors • Nasdaq • Nikkei 225 Stock Average • auto industry • Bombay Sensex • S&P 500 • Hang Seng China Enterprises Index • auto bailout • auto task force

 Auto Team: Chrysler Needs 
 Bankruptcy, Fiat Deal 

Administration offers 30 days more working capital before aid dries up

Mar 30, 09 7:30 AM CDT
(Newser) - Chrysler cannot become viable on its own, says the White House's auto task force, recommending “quick and surgical” bankruptcy restructuring and the proposed Fiat partnership as the automaker's best shot at survival. The administration will provide Chrysler 30 days’ more working capital to finalize a deal, but the federal... More »

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Chrysler • automaker • auto industry • Fiat • Obama administration • financial crisis • auto bailout • auto task force

(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... More »

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General Motors • auto industry • Rick Wagoner • Obama administration • auto bailout

(Newser) - The White House has forced out General Motors chief Rick Wagoner as part for a more aggressive restructuring of the beleaguered automaker than the company has proposed, the Wall Street Journal reports. The Treasury threatened to withhold billions in federal loans if the chairman and CEO refused to step down.... More »

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General Motors • Rick Wagoner • auto bailout

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