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30 Mar 2009 21:29

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Biz, U.S.: Now that Rick Wagoner’s resigning, he’s retiring like a bandit

  • $20 million size of the bailout, a.k.a. retirement, that Rick Wagoner’s getting source
Posted by Ernie Smith • 0 Comments • Permalink

30 Mar 2009 10:43

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Biz, U.S.: Stocks are down! Time for a photo of a fretting investor!

As you might imagine, they really didn’t like the GM/Chrysler auto bailout news. So, now they’re fretting. source
Posted by Ernie Smith • 0 Comments • Permalink

30 Mar 2009 00:34

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Biz, U.S.: Auto bailout: Why Obama’s finally trading the carrot for the stick

  • We think we can have a successful U.S. auto industry.
    But it’s got to be one that’s realistically designed to weather this storm and to emerge — at the other end — much more lean, mean and competitive than it currently is.
  • President Barack Obama • On Face the Nation yesterday morning; the president and his administration feel that the automakers (particularly Chrysler, who seems to have given up hope for anything but a merger) are not doing enough to aggressively restructure their companies in the face of impending doom. • source
Posted by Ernie Smith • 2 Comments • Permalink

30 Mar 2009 00:30

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Biz, U.S.: The bailed-out auto companies are pretty much screwed

  • 60 days for General Motors to restructure in a way that doesn’t suck; if it doesn’t, the bailout funds go dry. source
Posted by Ernie Smith • 0 Comments • Permalink

05 Mar 2009 10:36

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Biz: General Motors sounds like they’re on their last legs

  • The failure to obtain sufficient funding from the U.S. government or governments outside the United States may require us to shrink or terminate operations or seek reorganization for certain subsidiaries outside the United States.
  • General Motors • In a filing to the federal government regarding the health of their company. The company says it may have to go into bankruptcy to stay afloat, which, considering their size, would probably not be healthy for the economy at all. Michigan is screwed. • source
Posted by Ernie Smith • 2 Comments • Permalink

26 Feb 2009 10:08

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Biz: How is it possible to lose this much money, GM?

  • $9.6 billion loss in the 4Q alone; WTF guys? That isn’t cool. source
Posted by Ernie Smith • 0 Comments • Permalink

18 Feb 2009 10:11

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Biz: But what does this mean for Hummer stretch limos?

Hummer is one of three GM brands on the chopping block. Wanna buy it? It’s going cheap. source
Posted by Ernie Smith • 0 Comments • Permalink
 

17 Feb 2009 21:08

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Biz, U.S.: General Motors has a plan, and that plan is drastic

  • 47,000 job cuts for the automaker, who will have to have their pampered senior executives make the cars at that rate source
Posted by Ernie Smith • 0 Comments • Permalink

16 Feb 2009 10:20

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U.S.: One “car czar” isn’t enough. Obama needs a task force.

  • The auto industry is “necessary,” says an Obama advisor. After initially saying he was going to put one guy in charge of the auto industry’s restructuring, Barack Obama thanks a staff is necessary, an official says. The task force would be overseen by Treasury Secretary Timothy Geithner and White House economic adviser Lawrence Summers. Tomorrow is GM and Chrysler’s deadline for submitting their company’s plans to restructure. source
Posted by Ernie Smith • 0 Comments • Permalink

15 Feb 2009 13:01

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Biz, U.S.: Automaker GM considers the nuclear option

  • General Motors could fold into a new company. The plan, which the Wall Street Journal reported about yesterday, would have the automaker file for Chapter 11 bankruptcy and reform as a new company. They’re under a lot of pressure to act right now – they got a massive bailout from the government and, along with Chrysler, have until Tuesday to show the government how they plan to restructure. source
Posted by Ernie Smith • 0 Comments • Permalink
 
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