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The number of creditors objecting to the Chrysler-Fiat-Treasury plan appears to be dwindling, if a motion filed today by the “Attorneys for the Chrysler Non-TARP Lenders” (Thomas Lauria, who claimed death threats as the sole named attorney) is any evidence. In part II, the document tellingly describes the “Non-TARP Lenders” as holding “over $300 million [...]
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 [...]
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, [...]
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 [...]