bailout

Tesla and Chrysler trade barbs about paying back Uncle Sam

3:34 pm U.S. ET | May 23, 2013
Tesla CEO Elon Musk took to Twitter today to respond to Chrysler's barb that Tesla wasn't the first American automaker to repay the federal government for aid.... Read More »

 

2 congressmen ask Treasury for details on 2008-09 dealership closures

2:36 pm U.S. ET | May 21, 2013
Two congressmen -- one a former Ohio auto dealer and the other a Pennsylvania new- and used-car dealer -- have asked the U.S. Treasury Department to release materials detailing how General Motors and Chrysler dealerships were selected for closure during the 2008-09 restructuring.... Read More »

 

U.S. Treasury plans to sell remaining GM stake

2:31 pm U.S. ET | May 6, 2013
The Treasury Department said today it will begin another round of sales of the GM stock it acquired during the government's bailout of the automaker.... Read More »

 

GM redemption seen culminating in return to S&P 500 Index

11:45 am U.S. ET | May 1, 2013
As the Treasury sells off its shares of General Motors, the automaker is likely to return to the Standard & Poor's 500 Index in the next year, passing another milestone in its redemption. Getting back into the S&P 500 would help U.S. taxpayers expedite their exit from the company, likely boost GM stock in the short term and help support the shares in the long run as well.... Read More »

 

Thatcher saved UK auto industry with bailout, academic says

April 9, 2013 15:17 CET
The UK has a healthy automotive industry because Margaret Thatcher bailed out British Leyland, once the country's biggest car company, and allowed Japanese automakers to establish their first European factories in the country, a leading academic said.... Read More »

 

RICHARD JOHNSON

Thatcher forged lasting imprint on Europe's luxury brands

12:01 am U.S. ET | April 9, 2013
Britain's auto industry changed dramatically under Maggie Thatcher's government. Her decision to allow foreign ownership of British carmakers set off a bidding war between General Motors and Ford.... Read More »

 

RICHARD JOHNSON

Britain's Iron Lady forged lasting imprint on Europe's luxury brands

4:07 pm U.S. ET | April 8, 2013
Britain's auto industry changed dramatically on Maggie Thatcher's watch. Japanese carmakers began setting up assembly plants in the United Kingdom in the 1980s, starting with Nissan in Sunderland in the North East of England in 1986. It was Europe's first Japan transplant and was a particular triumph for the Iron Lady.... Read More »

 

Obama selects key auto bailout figure for deputy budget director

3:23 pm U.S. ET | April 2, 2013
President Obama said he intends to nominate White House aide Brian Deese as the new deputy director of the White House Office of Management and Budget.... Read More »

 

U.S. sold $489.9 million in GM shares in February

6:19 pm U.S. ET | March 11, 2013
The U.S. Treasury, which is exiting its ownership stake in GM, accelerated its sell-down of the automaker in February, saying it received $489.9 million in proceeds from the sale of common shares.... Read More »

 

Ally says Federal Reserve's stress test was 'fundamentally flawed'

9:39 am U.S. ET | March 8, 2013
Ally Financial, the auto lender majority-owned by the federal government, disputed results of the Federal Reserve's stress tests, calling the analysis "fundamentally flawed." "The analysis is inconsistent with historical experience in the most-stressed periods in our business,” the lender said in a statement on Thursday.... Read More »

 

U.S. Sen. Carl Levin, auto industry ally, won't seek 7th term

6:07 pm U.S. ET | March 7, 2013
Carl Levin, the six-term Democratic senator from Michigan known for his steadfast backing of the U.S. auto industry, won't run for re-election in 2014, his office said.... Read More »

 

NICK BUNKLEY

Whitacre-as-savior concept gets the Lutz lash

11:58 am U.S. ET | March 6, 2013
So Ed Whitacre thinks he saved General Motors. Bob Lutz thinks that claim is a total crock of (rhymes with part of “Whitacre”).... Read More »

 

GM denies reports of proposed hike in CEO Akerson's 2013 pay

8:11 pm U.S. ET | Feb. 25, 2013
GM today strongly denied several media reports that it has requested an increase in CEO Dan Akerson's 2013 compensation. Akerson's pay last year of $11.1 million ended up being higher than the $9 million originally requested primarily because he received restricted stock units that were earned in 2011, a GM official who requested anonymity said.... Read More »

 

Executive pay at bailed-out companies subject of D.C. hearing

6:22 pm U.S. ET | Feb. 22, 2013
A congressional subcommittee plans to hold a hearing Tuesday on executive pay at companies, including General Motors and Ally Financial, that the federal government bailed out about four years ago.... Read More »

 

U.S. Treasury: Cost of auto bailout drops to $20.3 billion

3:56 pm U.S. ET | Feb. 11, 2013
The Treasury Department on Monday said the overall cost of its 2008 financial-rescue effort was reduced to $55.48 billion from $59.68 billion, as it has recouped a majority of the costs of programs that unlocked tight credit markets. In its estimate, the Treasury projects that the cost of the auto industry bailout was reduced by $4 billion, or 16 percent, to $20.3 billion from a previously projected $24.3 billion.... Read More »

 

Ally sees full U.S. repayment by 2014 on auto business gains

10:11 am U.S. ET | Feb. 11, 2013
Ally Financial, the second-largest remaining investment by the Treasury’s federal bailout fund, will repay the government by 2014 on the strength of its auto-finance business, its CEO said.... Read More »

 

Ally posts Q4 profit as U.S. vehicle sales increase

11:41 am U.S. ET | Feb. 5, 2013
Ally Financial, the biggest auto lender in the United States, swung to a fourth-quarter profit as more consumers went shopping for cars and trucks... Read More »

 

Chrysler wins U.S. ruling against two dismissed dealerships

4:31 pm U.S. ET | Feb. 1, 2013
A federal judge has ruled against two Chrysler Group dealerships in New York whose owners lost their franchises as part of the automaker’s 2009 bankruptcy.... Read More »

 

Ally Financial needs 'concrete plan' to unwind from U.S., watchdog says

12:01 am U.S. ET | Jan. 30, 2013
The Treasury Department needs a “concrete plan” to unwind the 2009 bailout of Ally Financial, the former auto-finance arm of GM, an administration watchdog says in a new report. Taxpayers still own 74 percent of Ally, which owes $14.6 billion for the infusion of public dollars that enabled the former GMAC Inc. to avoid bankruptcy.... Read More »

 

U.S. Treasury failed to curb excess 2012 pay at GM, Ally, watchdog says

2:34 pm U.S. ET | Jan. 28, 2013
The U.S. Treasury Department "failed to rein in excessive pay" at bailed-out GM, Ally Financial and AIG, the rescue program's inspector general said. Sixteen of the 69 top employees at the three companies had 2012 pay packages worth at least $5 million and all but one had total compensation of $1 million or more, the Special Inspector General for the Troubled Asset Relief Program said in a report today.... Read More »

 

Marchionne: Chrysler will never again be a victim of circumstances

12:08 pm U.S. ET | Jan. 18, 2013
Chrysler-Fiat CEO Sergio Marchionne said the secret to the automaker's current success is a commitment to never again be a victim of the circumstances that led to the company's collapse in 2009. Speaking to about 1,000 people today at the 11th annual InForum auto show breakfast, Marchionne recalled touring Chrysler's headquarters building as the company was coming out of bankruptcy and looking at the scared faces of those still there.... Read More »

 

GM hopes U.S. stock sale revives image as it seeks higher credit rating

8:21 pm U.S. ET | Jan. 13, 2013
The sale of the Treasury's stake in General Motors and a possible credit rating upgrade of the automaker in 2013 will help distance the company from the stigma of its 2009 bankruptcy restructuring.... Read More »

 

U.S. Treasury's 'Corvette geeks' helped save car, GM engineer says

7:49 pm U.S. ET | Jan. 13, 2013
As GM worked through bankruptcy in 2009, the chief engineer for the Corvette was called on to discuss the future of the iconic sports car. Revamping of the Corvette, last redesigned in 2004, had been halted a few times as the automaker struggled financially and ended up in a government-backed reorganization, said the engineer, Tadge Juechter. GM had to answer to President Barack Obama's Treasury Department and auto task force.... Read More »

 

Ford passed by GM in U.S. government vehicle purchasing

10:17 am U.S. ET | Jan. 8, 2013
GM surpassed Ford in federal-government sales for the first time since receiving a federal bailout as Ford’s prices rose faster, according to General Services Administration data. GM directly sold 19,404 vehicles to the federal government in the fiscal year ending Sept. 30, a 3.6 percent increase from 2011, according to data obtained under a Freedom of Information Act request to the GSA, which coordinates most vehicle purchases.... Read More »

 

GM stock sale won't end 'Govt. Motors' debate

12:01 am U.S. ET | Dec. 24, 2012
Investors cheered General Motors' announcement last week that it will buy 200 million GM shares from the government. But what about car buyers?... Read More »