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April 2009
- Auto Workers Fear Deep Cuts in Pensions
  
  Washington Post | Apr 24, 09 8:03 AM CDT
  
  (Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post . Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says one Chrysler worker. “They offered these incentives for us to take early retirement, and I took one. Now it looks like my fixed income wasn't so fixed.” More »
- Fiat Begins Talks With GM While Courting Chrysler
  
  Wall Street Journal | Apr 23, 09 9:25 PM CDT
  
  (Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin America, the Wall Street Journal reports. Fiat is simultaneously trying to buy a 20% stake in Chrysler, now teetering on the brink of bankruptcy. More »
- Treasury Ups Offer to Chrysler Lenders
  
  Wall Street Journal | Apr 23, 09 1:58 AM CDT
  
  (Newser) - The Treasury Department is offering banks holding Chrysler's debt a better deal in the latest round of the back-and-forth over the automaker's future, the Wall Street Journal reports. The counter offer—still way short of what the banks seek—proposes to give lenders 22% of the $6.9 billion Chrysler owes, plus a 5% stake in company. More »
- Chrysler Execs Spurn $750M Fed Loan Over Pay Limits
  
  Washington Post | Apr 20, 09 4:47 PM CDT
  
  (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 compensation limits. But 25 top executives refused to sign waivers regarding their own paychecks. More »
- Bailed-Out Banks Don't Want to Bail Out Chrysler
  
  Washington Post | 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 that the banks rescued by the government should now help the government rescue Chrysler. More »
- Models—Human and Auto— Take Bailout Flak at Car Show
  
  New York Times | 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 about the bailout, bankruptcy, corporate governance, and even the role of gas-guzzlers in causing the Iraq war. More »
- Feds Put the Squeeze on Auto Creditors
  
  Wall Street Journal | 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, new debt, and some cash. More »
- 'Car Bubble' Blows Up on Automakers
  
  Washington Post | Apr 3, 09 10:01 AM CDT
  
  (Newser) - The housing boom brought a car bubble along for the ride, and now that one has burst, so has the other, reports the Washington Post . Thousands of cars are sitting on lots and likely to stay there. “You had a huge number of cars being sold," says Steven Rattner, the head of President Obama’s auto industry team. “So I don't think it is prudent to assume the sale levels are going back to those levels.” More »
- More Big Auto Sales Drops: GM Off 45%, Ford 41%
  
  Associated Press | Apr 1, 09 1:57 PM CDT
  
  (Newser) - Automakers got hammered again last month, with Detroit’s Big Three all reporting big sales drops today. Ford’s light-vehicle numbers were down 41%, the AP reports; General Motors’ fell 44.7% and Chrysler’s 39.3%, the Wall Street Journal adds. Foreign manufacturers weren’t immune, either, with Toyota’s sales diving 39% and Volkswagen tumbling 19.7%. More »
March 2009
- Chrysler, Fiat to Form 'Global Alliance'
  
  MSNBC | Mar 30, 09 12:52 PM CDT
  
  (Newser) - Chrysler and Fiat have agreed to form a “global alliance” just hours after President Obama exhorted the two automakers to partner, MSNBC reports. Obama had promised $6 billion in loans to help Chrysler link with Fiat, and set a 1-month deadline for doing so. "We are pleased that Chrysler, Fiat, and Cerberus have reached agreement on a global alliance, supported by the US Treasury," Chrysler said in a statement. More »
- Dow Drops Nearly 300 on Auto Bailout News
  
  Wall Street Journal | 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 $3. Financials, meanwhile, were falling, in response to huge selloffs overseas. The Nikkei fell 4.5%, the Hang Seng 4.8%, and the Sensex 4.9%. More »
- Auto Team: Chrysler Needs Bankruptcy, Fiat Deal
  
  Wall Street Journal | 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 lifeline will then cease, the Wall Street Journal reports. More »
- US Ousts Wagoner at GM, Pushes Tougher Auto Overhaul
  
  Wall Street Journal | Mar 29, 09 4:48 PM CDT
  
  (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. The surprise move came a day before President Obama unveils a new $21.6 billion auto bailout plan today. COO Frederick "Fritz" Henderson will step in temporarily for Wagoner. More »
- Obama to Give Automakers More Aid
  
  New York Times | Mar 27, 09 7:16 PM CDT
  
  (Newser) - President Obama will likely approve billions of dollars more in loans to General Motors and Chrysler on Monday, but attach a deadline for union and bondholder concessions to help the automakers survive, insiders tell the New York Times . Obama's auto task force will also keep government-managed bankruptcy as an option for the two companies, which have almost blown through $17.4 billion in federal loans. More »
- Chrysler Wants $1.5B More for Auto Loans
  
  Detroit Free Press | Mar 17, 09 5:20 PM CDT
  
  (Newser) - Chrysler, which has received $4 billion in federal money for its manufacturing operations and $1.5 billion for lending, wants another $1.5 billion for its loan arm, the Detroit Free Press reports. “We’ve gone to Treasury and said we need to re-up that amount,” Chrysler’s CEO told CNBC. The initial money boosted sales by allowing the company to offer 0% financing, said Bob Nardelli. More »
- Obama Auto Team in Detroit Considering $22B More in Aid
  
  Wall Street Journal | Mar 9, 09 10:28 AM CDT
  
  (Newser) - With the specter of bankruptcy looming over General Motors and Chrysler, President Obama’s auto team is in Detroit today as it considers whether to give the companies $22 billion more in bailout cash, the Wall Street Journal reports. The field trip will include visits to production and engineering facilities and a meeting with the United Auto Workers. More »
- Bankruptcies Could Boost US Car Sales
  
  Advertising Age | Mar 2, 09 2:34 AM CST
  
  (Newser) - Contrary to what GM and Chrysler contend, bankruptcies could actually end up boosting their sales. Customers who backed away from the brands amid uncertainty may return once the future is known—even if it's one that entails Chapter 11, marketers tell Advertising Age . Case in point: Studebaker lasted 30 years after it filed for Depression-era bankruptcy protection. More »
February 2009
- Would-Be 'Car Czar' to Head Auto Task Force
  
  Reuters | Feb 24, 09 7:58 AM CST
  
  (Newser) - Steven Rattner has been named chief adviser to the panel tasked with restructuring GM and Chrysler, Reuters reports. The financier was considered the frontrunner to be "car czar" before President Obama opted for a panel rather than a single chief. Rattner, who will leave the private equity firm he co-founded to take the position, is still expected to play a central role but without direct oversight. More »
- Detroit Bailout Proposals: Disappointing, Incomplete
  
  New Republic | Feb 18, 09 10:50 AM CST
  
  (Newser) - GM and Chrysler now want another $22 billion from Washington—and propose to use dramatic job cuts to help right their respective ships. What both companies avoid, writes economist Susan Helper for the New Republic , is an appraisal of the real problem: Nobody wants to buy their cars. Rather than cutting labor costs, the companies need to figure out why a typical American car sells for $2,000 less than a comparable Japanese model. More »
- GM, Chrysler: Bailout Is Bad, but Bankruptcy Is Worse
  
  Wall Street Journal | Feb 17, 09 9:23 PM CST
  
  (Newser) - The restructuring plans unveiled by GM and Chrysler make one thing clear: the cost of bailing out the companies has jumped $14 billion to a total of $39 billion. But as the White House begins to pick through the plans, the companies say it would be far more expensive if they go bankrupt, the Wall Street Journal reports. GM says it would require $100 billion in financing for a "risky" bankruptcy, while Chrysler says it would need an additional $24 billion. Both tried to play down even the possibility of such a move. More »