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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 [...]
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 [...]
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 [...]
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 [...]