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NEWS ABOUT: auto task force

Obama's Auto Boss Faces Charges of ... Nothing

Rattner's pay-to-play 'scandal' is common practice

(Newser) - The press is abuzz over Obama auto-recovery boss Steven Rattner’s ties to a pay-to-play scandal, but every story about Rattner mentions he’s not accused of anything. What he apparently did—paid to receive part of a public pension fund to manage—is “an open practice,” so... More »

Dow Drops Nearly 300 on Auto Bailout News

(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 »

Auto Team: Chrysler Needs Bankruptcy, Fiat Deal

Administration offers 30 days more working capital before aid dries up

(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 »

Auto Task Force to Back More Loans, Push Concessions

Experienced or not, decisions from Obama's task force will come this week

(Newser) - President Obama’s auto task force will back new loans for General Motors and Chrysler but will ask for more sacrifices from unions, management, and GM’s bondholders, the Wall Street Journal reports. GM and Chrysler have requested $22 billion more atop the $17.4 billion already loaned to them.... More »

Chrysler, GM May Need 'Considerably' More US Aid

(Newser) - Chrysler and GM could end up needing a “considerably higher” amount than the $21.6 billion so far requested, Bloomberg reports. Steven Rattner, who heads President Obama’s auto task force, said it's possible the request could go as high as $40 billion. He also said that Chrysler’s... More »

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