Perhaps Friday?

December 17th, 2008 by Bill Cawthon

The latest from the Bush Administration is that short-term loans for Chrysler and GM could come by Friday.
The loans, which were predicted to be available today, are now being held as Treasury Secretary Henry Paulson studies whether enough money will be left in the Troubled Asset Relief Program to bail out any banks that might run into [...]

Tags: bailout, Chrysler, economy, loans, Obama, Paulson, Treasury. Auto industry, Chrysler, GM, Government loans

White House: cut gas mileage demands

November 19th, 2008 by DaveAdmin

Even as Congressional Republicans slam American automakers for not making enough high-mileage vehicles, the White House has sent an alternative plan to Congress to rescue the domestic automakers which removes fuel efficiency demands from a retooling loan recently passed by Congress. The Energy Department, under White House leadership, has, through this time, refused to disburse [...]

Tags: bailout, Congress, loans, Paulson, Treasury. Auto industry, Government loans

Proposed bailout conditions for the auto industry

November 17th, 2008 by DaveAdmin

According to Detroit News, Senator Majority Leader Harry Reid will shortly introduce a bill to set aside $25 billion of the $700 billion Troubled Asset Recovery Program for automakers. Unlike banks, automakers will have to agree to real limits on executive compensation; in addition, automakers will not be able to use loans to pay dividends, [...]

Tags: bailout, compensation, government, loans, Michigan, Paulson, Reid, Senator, stock, suppliers, Treasury. Auto industry, Chrysler, GM

Analyst gives up on GM; stock plunges

November 13th, 2008 by DaveAdmin

Henry Paulson’s old employer Goldman Sachs has removed price targets and investment ratings for General Motors, inferring that government aid, which they believe unlikely to occur, is required for the giant automaker’s survival. A J.P. Morgan analyst downgraded GM from overweight to neutral, noting that government aid would likely involve a large stock buy which [...]

Tags: General Motors, Paulson, ratings, stock. Auto industry, GM

Bush, Paulson bailing on automakers?

November 12th, 2008 by Bill Cawthon

The Bush Administration has said it would consider immediate aid for the Detroit automakers if Congress approves it, but does not want to tap the $700 billion included in the Emergency Economic Stabilization Act. According to White House spokeswoman Dana Perino, that program was designed to help financial institutions and there was no specific discussion [...]

Tags: bailout, Chrysler, Congress, design, economy, factories, General Motors, loans, Michigan, Obama, Paulson, Pelosi, President Bush, Reid, Senator, Treasury. Auto industry, Chrysler, Factories

Merger talks may heat up after elections

November 3rd, 2008 by Bill Cawthon

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 [...]

Tags: bailout, Cerberus, Congress, loans, lobbying, managers, merger, Paulson, Treasury, Wagoner. Auto industry, Cerberus, Chrysler, GM

GM has asked for federal help to fund Chrysler merger

October 27th, 2008 by Bill Cawthon

General Motors has asked the U.S. government for financial aid to help it complete a merger with Chrysler. According to sources, GM executives have asked the Treasury Department to consider taking a stake in the merged company.
One of the people with knowledge of the discussions said the government is reluctant. Treasury Secretary Henry Paulson wants [...]

Tags: bailout, Chrysler, Congress, General Motors, loans, McCain, merger, Obama, Paulson, Senator, Treasury. Auto industry, Cerberus, Chrysler, GM

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