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In their rush to send out key details of Obama’s auto plan, many journalists ignored important information. This is the full text; other documents are available from the White House. One of the challenges we have confronted from the beginning of this administration is what to do about the state of our struggling auto industry. [...]
Dear Employees, Today’s announcement by the Administration represents an important step forward on our path to viability. The Administration, U.S. Treasury and the President’s Auto Task Force have recognized Chrysler’s viability as an important part of the U.S. auto industry and overall economy, and have provided a critical vote of confidence in our alliance with [...]
In a surprise move possibly demanded by government negotiators, GM CEO Rick Wagoner, who has been in office for eight years, will be stepping down, according to a Detroit News article. President Carter set, as one requirement of the original Chrysler loans, a demand that Chrysler’s CEO step down; he did so and was famously [...]
Cerberus wants to protect its investors and intends to stay within its internal rules limiting how much capital it can commit to an individual company. That’s the reason the private-equity firm is asking for more federal loans instead of plowing further cash into Chrysler. These comments were included in a letter from Mark Neporent, Cerberus’ [...]