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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 [...]
Automotive News just reported that Moody’s Investors Service has cut Fiat SpA’s long-term rating to Ba1, the first level of “junk” status, as a result of negative cash flow, debt, and a weak automotive market. Moody’s put on a negative outlook, indicating that they could downgrade it again within two years. While Moody’s noted Fiat’s [...]
The Saturn Distribution Corporation, which was set up as an indirect General Motors subsidiary, sent a letter to customers to warn that it could become an independent marketing and distribution firm which does not build vehicles. GM has only committed to building Saturns through the 2012 model year. Thus, GM could stop making Saturns in [...]
Dear Stakeholders, Today, Chrysler LLC submitted its viability plan to U.S. Treasury Secretary Geithner in line with the government’s deadline. It gives detailed information on how we will achieve and sustain long-term viability. We believe our submission meets the terms of the federal loan demonstrating our viability as a stand-alone company, as well as the [...]