GMAC investment pays millions for government

January 16th, 2010 by Bill Cawthon

Automotive News reports the government’s lifeline to GMAC is already paying dividends. The bank, which replaced Chrysler Financial as the primary lender for Chrysler dealers and customers, just declared a quarterly dividend worth $129 million on the preferred stock issued to the U.S. Treasury at the end of 2009. The most recent payment is on [...]

Share

Tags: Cerberus, GMAC, U.S. Treasury. Cerberus, GMAC

Treasury takes over majority of GMAC

December 30th, 2009 by DaveAdmin

The United States Treasury will invest another $3.8 billion in GMAC, which handles loans for General Motors and Chrysler vehicles. In return for its total $17.2 billion investment, the U.S. government will own 56% of GMAC; the additional $3.8 billion raised the government’s share from 35% to 56%.
The government had been predicted to invest $5.6 [...]

Share

Tags: Cerberus, GMAC, Treasury. Auto industry, Cerberus, Chrysler, GMAC

Chrysler restores vacation freedom to employees

December 2nd, 2009 by Bill Cawthon

Chrysler has ended the policy instituted under Cerberus Capital Management that required salaried employees to take their vacation during the two-week summer plant shutdown.
Put in place as a cost-cutting measure under previous CEO Robert Nardelli, the policy was unpopular and created hardships for some families.
The policy broke down this year as the break came soon [...]

Share

Tags: Cerberus, Chrysler, employees, vacations. Cerberus, Chrysler

Rattner: Chrysler’s survival depended on dumping Cerberus management

November 20th, 2009 by Bill Cawthon

Steve Rattner, former head of the Obama Administration’s Auto Task Force, said replacing the management team installed by Cerberus Capital Mangement was one of the task force’s objectives in restructuring Chrysler.
Rattner, who was speaking at Council on Foreign Relations-sponsored forum about the global auto industry, told the audience, “We wanted to have a completely fresh [...]

Share

Tags: auto task force, Cerberus, Chrysler, Nardelli. Cerberus, Chrysler, Executives

Government, Cerberus at odds over fate of Chrysler Financial

October 23rd, 2009 by Bill Cawthon

The U.S. Treasury’s special master and Cerberus Capital Management LP reportedly have a difference of opinion when it comes to the future of Chrysler Financial.
In a document issued yesterday, Kenneth Feinberg, the special master overseeing executive compensation at the seven firms that received government bailouts, said, “Chrysler Financial is currently pursuing a successful wind down [...]

Share

Tags: Cerberus, Chrysler Financial, GMAC, U.S. Treasury. Ads and marketing, Cerberus, GMAC

IRS: Jim Press owes nearly $1 million in back taxes

September 18th, 2009 by Bill Cawthon

According to the Detroit Free Press, Chrysler Deputy CEO Jim Press owes the U.S. government nearly $1 million in back taxes and the Internal Revenue Service has put a lien on family’s home in Birmingham, Michigan.
A lien notice filed with the Oakland County Register of Deeds says Press and his wife, Suwichada, have an unpaid [...]

Share

Tags: Cerberus, Chrysler, Jim Press. Cerberus, Chrysler, Executives

Tag Archive for 'Cerberus'

GMAC investment pays millions for government

Treasury takes over majority of GMAC

Chrysler restores vacation freedom to employees

Rattner: Chrysler’s survival depended on dumping Cerberus management

Government, Cerberus at odds over fate of Chrysler Financial

IRS: Jim Press owes nearly $1 million in back taxes

Upcoming or Popular Dodges, Chryslers, and Jeeps