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 almost [...]
Several sources have been projecting which vehicles from Fiat may be sold by Chrysler over the coming years, based on the utterances of Frank Klegon and Jim Press, internal sources, and bare speculation. Most recently, Jim Press said that a Fiat-based Chrysler-made vehicle could arrive in as little as two years, but said that items [...]
John Campi, the Chrysler purchasing chief imported from Home Depot (which gave him a multi-million dollar severance package), left Chrysler today, citing health reasons. He was immediately replaced by 44-year old Scott Garberding, who joined Chrysler in 1996, prior to the Daimler takeover. Garberding had been vice president of global alliance operations.
Some sources familiar with Chrysler [...]
Bob Nardelli signed the following statement to Chrysler employees:
Today GM released their third quarter results which included the following statement, I wanted to share with you:
“In addition, we have recently explored the possibility of a strategic acquisition that we believed would generate significant cost reduction synergies and substantially strengthen our financial position in the medium [...]
Numerous sources, including Allpar, predicted a GM-Chrysler merger or takeover announcement on November 4 or November 5. Some major media sources believe this announcement will come with GM’s release of its earnings today. It is possible that an announcement was planned based on actions which have been halted or postponed, but it is also possible [...]
The Detroit News reports that talks between the Renault-Nissan alliance and Cerberus Capital Management have ended. While future discussions have not been ruled out, sources say Cerberus would prefer to come to an arrangement with General Motors.
Neither automaker would comment, but those with knowledge of the negotiations say Cerberus believes a GM-Chrysler deal would be financially more advantageous as well [...]
According to a recent Reuters article, GM and Cerberus are now considering a deal that would leave GM in control, with Cerberus having a mere 10% or lower stake in the combined organization as well as all of GMAC. The minor stake in GM would give Cerberus an incentive to have GMAC work with the [...]
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