auto bailout

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Auto Plan Drives GOP in Different Directions

Parochial concerns results in a less-than-unified response

(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....

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

(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...

Auto Intervention Puts Obama on Risky Road

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

(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...

White House Favors Managed Bankruptcy for Chrysler, GM

(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 and...

Ousted GM Boss Gets $20M Retirement Payout

(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...

Obama: No Auto Bailout Without More Concessions

(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...

Dow Drops Nearly 300 on Auto Bailout News
 Dow Drops Nearly 300 
 on Auto Bailout News 
MARKET update

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...

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...

Auto Task Force: GM Plan Not Viable

(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...

US Ousts Wagoner at GM, Pushes Tougher Auto Overhaul

(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....

Obama to Give Automakers More Aid

(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...

Obama to Outline Plan for Auto Industry Monday

President will discuss required conditions for further government aid

(Newser) - President Obama is nearing a decision on whether to give automakers more bailout money and will lay out his plan for the future of the industry Monday, the Detroit News reports. The president “will outline what he thinks is the best way forward," spokesman Robert Gibbs said, including...

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....

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...

Auto-Parts Suppliers Get Own $5B Bailout

(Newser) - The US will provide $5 billion in aid to the nation’s auto-parts manufacturers, a sector struggling because of the tenuous financial situation of Detroit’s Big Three car companies, the Wall Street Journal reports today. Many parts makers face bankruptcy, as they have not been paid for product delivered....

Chrysler Wants $1.5B More for Auto Loans

(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...

Bankruptcy Not the Way to Go: GM Boss

Wagoner maintains 99% of problems can be solved without filing

(Newser) - GM can still avoid bankruptcy, CEO Rick Wagoner said today, telling reporters in Washington that "99%" of the company’s problems could be fixed and that he was working with the UAW and bondholders to reduce debt and costs. Bankruptcy “could work,” he said, “but it...

Obama Auto Team in Detroit Considering $22B More in Aid

GM and Chrysler, both facing collapse, woo more taxpayer dollars

(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...

Auto Suppliers Seek Their Own Bailout

Trade groups warn industry could collapse from bottom up as Big 3 troubles filter down

(Newser) - The auto industry is warning that it could collapse from the bottom up if the government doesn't immediately assist America's car parts suppliers, the Washington Post reports. Suppliers are struggling to use their unpaid billings to troubled automakers—usually 45 to 60 days behind deliveries—as collateral for operating loans,...

To Save Economy, Give Money to Morons
To Save Economy, Give Money to Morons
OPINION

To Save Economy, Give Money to Morons

They're dumb, but they're 'our countrymen'

(Newser) - Our economic system is supposed to be based on the principle that people must live with the consequences of their decisions, which tends to make them more careful deciders. “We’ve made a hash of all that,” writes David Brooks of the New York Times. We’ve had...

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