The Washington Post notes that even while Chrysler and its fellow Detroit automakers plead for billions in loans from the federal government, they are still spending millions on lobbying government officials.
The Post says Chrysler and Cerberus Capital Management spent $3.4 million in the fourth quarter of 2008, second only to General Motors’ $3.9 million. Ford, [...]
Chrysler is draining its financial reserves rapidly, according to sources cited in a Reuters report. Hundreds of millions of dollars in additional incentives and supplier payments have added to its cash burn and the company may have difficulty funding its operations after the first half of 2009.
Pending asset sales are unlikely to able to cover [...]
Merger talks are not only continuing between General Motors Corp. and Cerberus Capital Management, they may intensify this week as the companies try to gauge the Washington winds following the elections tomorrow.
According to Bloomberg News, people familiar with the discussions say GM and Cerberus still want the merger but have had to put off their [...]
Reuters reports that a Bush administration official has said the U.S. Treasury Department is not negotiating with General Motors Corp and Cerberus Capital Management, the owners of Chrysler Holdings LLC, to provide direct government aid to their proposed merger.
The official said, “Treasury is not negotiating with the automakers, the administration is working to get the [...]
Chrysler and the United Auto Workers union urged members of a Senate committee to reject a proposed Korea Free Trade Agreement. The deal would immediately eliminate the entire U.S. tariff on Korean passenger cars and most of Korea’s tariff on U.S. light vehicles, currently eight percent on passenger vehicles and ten percent on trucks. It [...]
Chrysler wants the federal government to include auto loans in the $700 billion bailout the Bush administration has proposed to Congress.
Jim Press, Chrysler president and vice-chairman, confirmed the automaker had spoken with government officials and company spokeswoman Linda Becker said Chrysler is studying a proposal put forward by the American Financial Services Association (AFSA), a trade group representing [...]
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