Republican and Democrats alike have led the charge to have the government override private industry’s decisions as 202 Congressmen cosponsored a bill which would prevent GM and Chrysler from dropping dealers while in bankruptcy. In Chrysler’s case, the dealerships have already lost their franchises and some have closed.
The proposal would overrule bankruptcy law, judicial decisions, [...]
Senator Bob Corker, who insisted that Southern auto transplants owned by foreign companies could supply the nation’s vehicles without GM and Chrysler, has introduced an amendment to a tobacco regulation bill which would force GM and Chrysler to give dealers losing their franchise more time to wind things down and reimburse them for their vehicle [...]
While Chrysler was able to negotiate terms with most creditors and stakeholders relatively early in the Chapter 11 process, General Motors appears to have had more hitches. Owners of $27 billion in bonds have refused to sign onto the GM deal, which would give them a 10% stake in a new GM in return for [...]
President Barack Obama has announced sweeping new fuel efficiency and emissions standards for American vehicles. The proposed standards include the first-ever U.S. government regulation of greenhouse gases and would end the dispute between California and the Environmental Protection Agency.
Speaking at the White House, the President said “Right now, the rules governing fuel economy in this [...]
Head of the Fed Ben Bernanke flatly ruled out a government takeover of major banks, such as Citigroup, that would wipe out stockholders.
Rhetoric is rather different when talking about banks vs. automakers. When they mention GM and Ford, they say the stockholders deserve nothing because they were asleep at the switch. Automaker bankruptcy has almost [...]
The automobile industry, hammered by slow sales and tight credit, will pass homebuilding as the most distressed industry in the United States next year. The still-suffering housing industry, the winner for 2008, is seen as falling to third, after autos and the retail sector, according to an early December survey of the213-member Turnaround Management Association.
Chrysler, [...]
The Swedish government may provide $3.4 billion in aid to its two automakers, Volvo and Saab (owned by Ford and GM), which employ around 20,000 people within the country. The plan, which must be approved by the parliament, includes loans, loan guarantees, and research funds. No demands were made on the two companies to slash [...]
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