October 23rd, 2009 by Bill Cawthon
Chrysler Group’s deputy CEO, Jim Press, may have already received his last Chrysler paycheck. According to Kenneth Feinberg, the U.S. Treasury’s special master for executive compensation, payments already made to a senior Chrysler executive exceed the allowable maximum for companies that have received government bailouts.
Feinberg did not name specific executives, simply saying that three senior [...]
October 23rd, 2009 by Bill Cawthon
The U.S. Treasury’s special master and Cerberus Capital Management LP reportedly have a difference of opinion when it comes to the future of Chrysler Financial.
In a document issued yesterday, Kenneth Feinberg, the special master overseeing executive compensation at the seven firms that received government bailouts, said, “Chrysler Financial is currently pursuing a successful wind down [...]
October 21st, 2009 by Bill Cawthon
Top executives at Chrysler Group will soon see a major cut in their paychecks. As soon as today, the U.S. Treasury plans to announce new limitations on executive pay packages at companies that received the most government assistance under the Troubled Asset Relief Program (TARP). In addition to Chrysler, affected companies include General Motors, American [...]
June 5th, 2009 by DaveAdmin
A small group of creditors are appealing to the Supreme Court after their appeal was denied. One key creditor is a group of Indiana pension funds under the rule of elected official Richard Mourdock.
One of the judges noted that, under the TARP law, no interference with the Treasury’s “truly extraordinary” powers was possible unless there [...]
May 31st, 2009 by Bill Cawthon
On Friday, the U.S. Treasury, obviously expecting Judge Arthur Gonzalez to approve Chrysler’s transfer of assets as early as tomorrow, set up a new company to receive them.
The new company, NewCarCo Acquisition, LLC, is based in Wilmington, Delaware and already has $6,943,000,000 in its account, courtesy of Uncle Sam. This is the funding the Obama [...]
May 14th, 2009 by DaveAdmin
Reports from Auburn Hills claim that Chrysler executives, who are currently figuring out ways to avoid their obligations to suppliers, banks, and the retired engineers who created the company’s glory days, have already found a way around Federal limits on executive compensation: they will be employed by Fiat, and “loaned” to Chrysler. That will allow [...]
May 7th, 2009 by Bill Cawthon
The majority of Chrysler’s secured creditors have agreed to a deal with the U.S. Treasury, a move that bolsters the automaker’s hopes for a quick passage through bankruptcy. In all, more than 100 funds agreed to the plan.
The group will swap $6.9 billion in first-tier secured debt for $2 billion in cash. That’s $250 million [...]
