Bailout

Paperwork error on GM loan will cost JPMorgan $1.5 billion, U.S. court rules

1:24 pm U.S. ET | Jan. 21, 2015
A 2008 paperwork error in a loan agreement with General Motors, before the automaker went into Chapter 11 bankruptcy, will cost JPMorgan Chase $1.5 billion, a federal appeals court ruled today....
Read More »

 

GM’s Treasury bailout records shouldn’t be secret, U.S. judge told

1:00 pm U.S. ET | Jan. 21, 2015
The Treasury’s role in shielding General Motors from car lawsuits after a 2009 bailout of the automaker isn’t confidential and should be made public, the Center for Auto Safety told a federal judge....
Read More »

 

Obama seeks authority to negotiate major trade deals

3:31 pm U.S. ET | Jan. 20, 2015
In his penultimate State of the Union address, President Barack Obama vowed to seek congressional authority to negotiate big ticket trade deals with European and Asian nations that could have significant implications for the auto industry, but have been stalled....
Read More »

 

Four former Chrysler dealers could reopen under U.S. appeals court ruling

2:58 pm U.S. ET | Jan. 20, 2015
One Las Vegas dealership and three former Detroit area dealerships -- Livonia Chrysler Jeep, Fox Hills Chrysler Jeep and Village Chrysler Jeep -- could get a chance to reopen more than five years after a Chrysler Group LLC decision to close them, according to a federal appeals court ruling....
Read More »

 

2015 AUTOMOTIVE NEWS WORLD CONGRESS

Marchionne sees industry consolidation as a given

9:38 pm U.S. ET | Jan. 13, 2015
Fiat Chrysler Automobiles CEO Sergio Marchionne said further mergers in the automotive industry are inevitable, and questioned the way safety regulators are exercising their powers....
Read More »

 

Obama touts auto bailout success; Michigan worries about trade

3:51 pm U.S. ET | Jan. 7, 2015
President Barack Obama, on a trip to unveil elements of his State of the Union address, took a victory lap in Michigan on Wednesday to tout his support of the auto industry, but concerns about trade policies hung in the background of his tour....
Read More »

 

Ally sale leaves U.S. taxpayers with $9.3 billion loss on auto rescues

9:24 pm U.S. ET | Dec. 29, 2014
American taxpayers lost $9.3 billion on the government's bailout of auto companies following the Treasury Department's sale of its remaining stake in Ally Financial. The Treasury took in $70.4 billion from the rescue of GM, Chrysler, Ally and others after spending nearly $80 billion in taxpayer funds, data released Monday show....
Read More »

 

JIM HENRY

Free of U.S. ownership, Ally expects cheaper funds, maybe more subprime deals

3:13 pm U.S. ET | Dec. 19, 2014
Ally Financial is “free at last,” to borrow a phrase CEO Michael Carpenter used earlier this year to describe how it would feel for Ally finally to put six years of government ownership behind it....
Read More »

 

Ally's six-year bailout ends after U.S. sells $1.28 billion stake

7:48 pm U.S. ET | Dec. 18, 2014
The Treasury disposed of its remaining $1.28 billion stake in auto lender Ally Financial, resolving the last big bailout from an emergency government program to halt the 2008 financial crisis. Ally said the government ultimately gained $2.4 billion from its investment....
Read More »

 

Canada helped bail out GM, Chrysler with incomplete information, auditor finds

12:19 pm U.S. ET | Nov. 25, 2014
Canada had limited information about the restructuring plans of GM and Chrysler Group when the government approved a $12.1 billion bailout for the automakers in 2009, federal auditors said....
Read More »

 

GM's bankruptcy judge to retire, remain on recall status

3:32 pm U.S. ET | Nov. 17, 2014
The New York bankruptcy judge overseeing part of the fallout from General Motors' problems with faulty ignition switches will retire from the bench, but remain active in so-called recall status for at least a year, his court announced....
Read More »

 

GM lawsuit poses danger to future bailouts, Treasury says

4:19 pm U.S. ET | Oct. 30, 2014
The Treasury Department says confidential information it received during the GM bailout should stay secret, otherwise at-risk companies needing government help in the future might not be willing to share data....
Read More »

 

THE GM RECALL

GM sued for $10 billion over losses on 27 million recalled cars

1:43 pm U.S. ET | Oct. 15, 2014
General Motors was hit with its biggest lawsuit so far over serial recalls, brought on behalf of drivers of 27 million vehicles seeking more than $10 billion in compensation for fallen car prices....
Read More »

 

U.S. Treasury to cut Ally stake

10:56 am U.S. ET | Aug. 14, 2014
The Treasury Department plans to cut its stake in Ally Financial by selling stock on the open market in its first divestiture since the company's initial public offering in April....
Read More »

 

THE GM RECALL

GM judge says concealing switch fault would have been fraud

11:56 am U.S. ET | July 2, 2014
General Motors customers who sued the automaker over fallen car prices might have a stronger case if they could prove the company defrauded the court when testifying during its 2009 bankruptcy, a judge said....
Read More »

 

Marchionne uses Chrysler's 'human-interest' story to woo U.S. investors

June 20, 2014 06:01 CET
Fiat Chrysler CEO Sergio Marchionne says he will use the “human-interest” angle of Chrysler's rebound from bankruptcy to help Fiat Chrysler appeal to U.S. investors ahead of a listing there later this year....
Read More »

 

Marchionne pitches Chrysler's 'Cinderella' story to U.S. investors

10:44 pm U.S. ET | June 19, 2014
Fiat Chrysler CEO Sergio Marchionne said he's pulling out all the stops to build investor interest ahead of a listing in the United States later this year following the completion of Fiat's merger with Chrysler....
Read More »

 

THE GM RECALL

Rattner says he saw 'GM nod' and 'GM salute' during rescue

3:26 pm U.S. ET | June 12, 2014
Steven Rattner, the former auto czar who led the government bailouts of General Motors and Chrysler, says he witnessed GM's problematic management culture firsthand and was shocked -- and crash victim advocates are asking why he didn't act....
Read More »

 

Location of GM ignition suit litigation to be decided by U.S. panel

6:38 am U.S. ET | May 29, 2014
GM wants to return to a New York courtroom to fight at least 90 ignition-switch defect lawsuits while some car owners are driving for the cases to be heard by a California judge seasoned in auto litigation....
Read More »

 

LARRY P. VELLEQUETTE

Why the bankruptcy legacy seems different at Chrysler and GM

3:02 pm U.S. ET | May 22, 2014
There is a fundamental difference today between Chrysler and GM because of what did and did not happen during their gut-wrenching bankruptcy crises five years ago. Chrysler came close enough to death in its bankruptcy to dramatically alter its culture, while GM never stopped believing it was too big to fail....
Read More »

 

THE GM RECALL

Bailout architects deny knowledge of GM ignition woes

12:08 pm U.S. ET | May 21, 2014
Leaders of the White House task force that orchestrated the government bailout of General Motors and Chrysler in 2009 said today that they knew nothing about GM's defective ignition switch at the time from talking to the top executives involved in crafting the company's turnaround plan....
Read More »

 

THE GM RECALL

U.S. bankruptcy judge urges settlement on GM ignition defects

8:08 am U.S. ET | May 2, 2014
A federal bankruptcy judge today urged settlement talks in a dispute between General Motors and plaintiffs seeking compensation for the lost value of their cars stemming from a massive recall over a faulty ignition switch....
Read More »

 

U.S. government says it lost $11.2 billion on GM bailout

May 1, 2014 06:01 CET
The U.S. government says it lost $11.2 billion on its bailout of GM, more than the $10.3 billion the Treasury Department estimated when it sold its remaining shares in the company in December....
Read More »

 

U.S. government says it lost $11.2 billion on GM bailout

2:53 pm U.S. ET | April 30, 2014
The U.S. government lost $11.2 billion on its bailout of GM, more than the $10.3 billion the Treasury Department estimated when it sold its remaining shares in the company in December, according to a government report released on Wednesday....
Read More »

 

Ontario plans to unload remaining stake in GM

1:29 pm U.S. ET | April 11, 2014
The Canadian province of Ontario plans to sell its remaining shares of General Motors Co. in the next year as part of a review of its state-owned assets....
Read More »

 

Latest digital edition
Digital Edition Archive
Table of Contents
 Automotive News
News by Brand