Autoblog

Rattner recounts auto bailout, was "shocked" and "stunned" at condition of GM, Chrysler

Jonny Lieberman — Wed, 21 Oct 2009 15:20:00 EST

Filed under: Government/Legal, Hirings/Firings/Layoffs, Chrysler, GM

Steve Rattner is a man we admire but do not envy. Rattner, a former Wall Street banking type with zero experience in the automotive or manufacturing world, was tasked by President Obama with guiding General Motors and Chrysler through their restructuring efforts. Not a small job, by any means. Or one we would wish on our worst enemies. That said, it was a HUGE job, and huge jobs typically make for great stories. Rattner, in an article he penned himself for CNN's Money doesn't disappoint. At all. Allow us to tantalize you with some quotes:

When the Obama administration took office on Jan. 20, it inherited nothing in the auto area: no staff, no stacks of analyses, no plans of any kind. The Bush administration had decided in late December that GM and Chrysler were not going to go bankrupt on its watch and had shoveled $17.4 billion of TARP money into the companies to keep them afloat, but without any meaningful stab at restructuring them.

Oh snap! But really, that's not even the tip of the juicy iceberg. How about this apple, er, lack of apple:

When I asked our energetic young chief of staff, Haley Stevens, what we were going to give our visitors for lunch, she replied, "Nothing. Treasury has no budget for even bottles of water." It seemed harsh to expect our guests to go many hours without eating, so I gave Haley $100 and told her to go to a sandwich shop. That became our hospitality protocol.

Hungry for more? We haven't even scratched the surface, as our man Rattner is just getting warmed up. Here's one more for you about Rattner and friends first trip to Detroit:

What we didn't prepare for was the intense public interest in our visit to these hard-hit communities. Throngs of reporters awaited us at every stop while a news helicopter buzzed overhead. More peculiarly, the ensuing press coverage seemed wildly over-focused on our test drive of the Chevy Volt, as if the company's salvation rested on this one vehicle.

Don't tell Lutz. And hey, speaking of Maximum Bob and his pals, here's what Ratner has to say about Detroit Management:

Everyone knew Detroit's reputation for insular, slow-moving cultures. Even by that low standard, I was shocked by the stunningly poor management that we found, particularly at GM, where we encountered, among other things, perhaps the weakest finance operation any of us had ever seen in a major company.

And Mr. Rattner is just getting warmed up. Just wait 'till he gets to Wagoner. We implore you all to jump over to CNN to read the rest. Hat tip to chemistrusaz!

[Source: CNN Money | Photo by Chip Somodevilla/Getty]

Rattner recounts auto bailout, was "shocked" and "stunned" at condition of GM, Chrysler originally appeared on Autoblog on Wed, 21 Oct 2009 15:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

REPORT: Wagoner gets $8.2M severance + $74,030 annually w/benefits... for life

Chris Shunk — Wed, 15 Jul 2009 08:34:00 EST

Filed under: GM, Earnings/Financials

When Rick Wagoner was forced out of his position as the CEO of General Motors last March, he left with a severance plan that included $22 million paid out over the course of a few years, plus a yearly pension. Just a few months later, The Los Angeles Times is reporting that Mr. Wagoner has worked out a deal with his ex-employer that will "only" pay out $8.2 million, plus $74,030 per year for life, along with health and life insurance plans. Wagoner's retirement becomes official on August 1, at which time he can begin reaping the benefits of his golden parachute.

Wagoner's severance, while greatly reduced, is still worth more money than most Americans will earn in their lifetime, and it will doubtlessly prompt some to once again question big payouts to ex-executives at federally bailed out companies. We wonder if now is a bad time to hit up Wagoner for a low interest loan to help us get into a new Camaro...

[Source: The Los Angeles Times | Image: Bill Pugliano/Getty]

REPORT: Wagoner gets $8.2M severance + $74,030 annually w/benefits... for life originally appeared on Autoblog on Wed, 15 Jul 2009 08:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most

Chris Shunk — Tue, 16 Jun 2009 13:00:00 EST

Filed under: Trends, Government/Legal, GM, Earnings/Financials

With General Motors in bankruptcy, it was only a matter of time before pensions came under scrutiny. The Detroit News is reporting that GM CEO Fritz Henderson has confirmed that executive pensions beyond $100,000 per year will be cut by two-thirds. Recently defenestrated boss Rick Wagoner will likely take the biggest hit of all - he was supposed to receive $22 million over five years as part of his retirement package, but that number will reportedly drop by up to $15 million.

The move by GM mirrors closely that of Chrysler, which also took an axe to its executive retirement pay structure. Ex-CEO and one-time company savior Lee Iacocca lost his company car and may lose some or all of his monthly stipend, and he is now representing 1,200 ex-Pentastar employees protesting the move. Chrysler retirees have been lumped together with the Pentastar's other creditors, and it will be up to a judge to determine what amount they will receive in the months and years ahead.

[Source: Detroit News | Image: Bill Pugliano/Getty]

REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most originally appeared on Autoblog on Tue, 16 Jun 2009 13:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

REPORT: Bill Ford, Jr. "shocked" at Wagoner's ousting

Jonathon Ramsey — Wed, 22 Apr 2009 18:00:00 EST

Filed under: Etc., Government/Legal

Bill Ford, Jr., executive chairman of the Ford Motor Company, admits he was surprised at former General Motors CEO Rick Wagoner being asked to step down by the Obama administration. Even as Ford applauded the White House, saying "One of the things we've never had in the past is an administration that wants to pull all the parties together and figure out an energy policy and how to make a strong automotive industry and he is doing that," he also told CNN's Larry King: "I guess I never thought I'd live to see the day where the CEO of General Motors was dismissed by the President of the United States."

Of course, Ford isn't alone in being shocked, but there is quite a range of opinion on the matter: Some say GM taking government loans (as opposed to private sector loans) changed the rules, and the government needed to protect its investment; others say it was government interference. Regardless, the way things are going, we would be surprised if that were the last "shocking" development in the car industry saga.

[Source: The Detroit Free Press]

REPORT: Bill Ford, Jr. "shocked" at Wagoner's ousting originally appeared on Autoblog on Wed, 22 Apr 2009 18:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Michael Moore: "The Commander in Chief of the Free World is now Mr. Goodwrench"

Dan Roth — Fri, 03 Apr 2009 12:59:00 EST

Filed under: Etc., Government/Legal, GM, Celebrities

Michael Moore, long a critic of General Motors, is calling Rick Wagoner's ousting a "superhero move" from President Obama, one that puts corporate America on watch. The truth, as usual, lies in the middle of the extremes, but Moore has long been critical of the Automotive Industrial Complex and its treatment of blue-collar workers.

In a new post on his website, Moore says he views the move as a kind of karmic payback for GM's brass after decades of high living. The controversial documentary filmmaker and activist acknowledges that while Wagoner is getting a $23 million package to go away, he's still being shown the door by a government that's been mandated by the people to sort things out.

There's also a post-script that addresses the difference between the scrutiny the automakers have received versus the comparative free-for-all banks have had with TARP funding, hoping that this disparity will be sorted out in the same swashbuckling manner. Agree or not, Moore offers another take on all the gloom and doom, positing that it may even be a glimmer of hope for better things to come.

[Source: Michaelmoore.com; Image: Ann-Christine Poujoulat/Getty]

Michael Moore: "The Commander in Chief of the Free World is now Mr. Goodwrench" originally appeared on Autoblog on Fri, 03 Apr 2009 12:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Autoline on Autoblog with John McElroy

John McElroy — Mon, 30 Mar 2009 18:29:00 EST

Filed under: Hirings/Firings/Layoffs, GM, Autoline on Autoblog

WHY OBAMA AXED WAGONER

Rick Wagoner is no longer CEO of General Motors for two reasons. First, he failed to come up with a plan that satisfied the government that GM would be viable going forward. Two, President Obama needed political cover before he poured more money into the auto industry, a move which is strongly opposed by a majority of Americans.

Obama needed to show he was decisive and in control to maintain support for his efforts to provide taxpayer money to GM and Chrysler. And firing the chairman of General Motors will make it easier for the Administration to demand more concessions from the UAW.

While axing Wagoner caught me by surprise, after reading the Task Force's report, I almost wonder why the President didn't feel compelled to act sooner. The "Determination of Viability Summary" is a harsh critique of GM's plans. In the eyes of the Task Force, Wagoner simply did not move fast enough and did not meet the government's loan requirements: GM did not come up with a competitive labor agreement, did not renegotiate its VEBA payments, and did not come to an agreement with its bond holders. Indeed, under the latest plan GM submitted to the government, its restructuring efforts would not be completed until 2014.
____________________________________________________________________________________

John McElroy is host of the TV program "Autoline Detroit" and daily web video "Autoline Daily". Every week he brings his unique insights as an auto industry insider to Autoblog readers.
____________________________________________________________________________________

Continue reading Autoline on Autoblog with John McElroy

Autoline on Autoblog with John McElroy originally appeared on Autoblog on Mon, 30 Mar 2009 18:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Wagoner retirement package worth $20.2 million

John Neff — Mon, 30 Mar 2009 15:05:00 EST

Filed under: Government/Legal, Hirings/Firings/Layoffs, GM, Earnings/Financials

Now that Rick Wagoner is out of a job, he's eligible to start receiving retirement benefits from his former employer of 32 years. Though having received over $63 million in salary since becoming a General Motors executive in 1992, Wagoner is eligible for a "Salaried Retirement Plan" and "Executive Retirment Plan" that are together valued at $20.2 million.

With all the rage directed towards executives in the banking industry who recently received tens of millions of dollars in bonus money, we're sure there'll be similar outrage expressed over an auto exec receiving a $20M+ retirement package after leaving his company propped up by federal aid on the brink of bankruptcy.

There are differences to note, however, as the money Wagoner will receive is neither bonus money nor a "golden parachute" severance package. GM is not allowed to pay executives severance money under the conditions to which it agreed when the automaker began accepting federal aid last December. Wagoner's retirement plan reportedly doesn't count as severance, and therefore he is legally permitted to receive it.

We wonder, however, if public opinion might influence Wagoner's decision to accept the retirement package. Some banking executives have chosen to voluntarily give back the bonus money that they are legally, though perhaps not morally, entitled to receive. Wagoner could do the same, we suppose, if he believed it would benefit GM. After being asked by the president to leave his job at GM, though, who knows if he cares?

[Source: ABC News, Photo by EMMANUEL DUNAND/AFP/Getty]

Wagoner retirement package worth $20.2 million originally appeared on Autoblog on Mon, 30 Mar 2009 15:05:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

BREAKING: GM CEO Wagoner out at Obama's request

Alex Nunez — Sun, 29 Mar 2009 18:58:00 EST

Filed under: Government/Legal, Hirings/Firings/Layoffs, GM

Tom Krisher of the Associated Press reports that General Motors CEO Rick Wagoner will step down from his post immediately, based on information given to him from an unnamed source. The news comes on the eve of President Obama's expected announcement of a deadline for General Motors and Chrysler to finalize their restructuring terms or enter government-backed, pre-packaged Chapter 11 bankruptcy. There's no official confirmation from GM at this time. The only announcement the automaker made today was a brief, two-sentence statement in response to the anticipated Obama announcement, saying that they continue to work with the President's automotive Task Force.

The Detroit Free Press reports that the move was specifically requested by the Obama administration as part of the rescue plan that will be announced tomorrow. Wagoner reportedly agreed, and COO Fritz Henderson would appear to be in line to be the new top guy at the RenCen. No official word on that so far, either.

Get ready a big week of auto news, kids. The NY Auto Show just got a whole lot more interesting, too. Stay tuned.

UPDATE: Official message from Rick Wagoner and GM's announcement of Board restructuring after the jump.

[Source: Associated Press, Freep]

Continue reading BREAKING: GM CEO Wagoner out at Obama's request

BREAKING: GM CEO Wagoner out at Obama's request originally appeared on Autoblog on Sun, 29 Mar 2009 18:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Wagoner: Gas tax hike is "worthy of consideration"

Jeremy Korzeniewski — Wed, 18 Mar 2009 15:29:00 EST

Filed under: Hybrid, Government/Legal, Green, GM

Count General Motors' CEO Rick Wagoner as one proponent for a raise in the federal gas tax. While the idea seems like political suicide for any legislator willing to jump on board, hiking the gas tax up so that a gallon of gas hovers around the $4.00 mark could have a few desirable effects, notably influencing consumers to purchase fuel efficient vehicles and funding road improvement projects that are currently out of cash.

Last summer, when fuel prices were at their record peaks, interest in hybrid vehicles and smaller cars was also at an all-time high. With the introduction of the Chevy Volt tentatively scheduled for late 2010, perhaps it's not so surprising to hear that GM, once a major detractor of artificially high fuel prices, is now singing a new tune.

Still, it seems unlikely that the government would raise the gas tax in the midst of a recession. After all, it's much easier for legislators to direct a mandate at automakers to produce more fuel efficient vehicles without worrying about whether consumers will be motivated to buy them.

[Source: Washington Times, Photo by Bill Pugliano/Getty]

Wagoner: Gas tax hike is "worthy of consideration" originally appeared on Autoblog on Wed, 18 Mar 2009 15:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

GM gets its $4 billion, Chrysler still waiting

Jonathon Ramsey — Fri, 02 Jan 2009 10:58:00 EST

Filed under: Government/Legal, Chrysler, GM, Earnings/Financials

On Monday, December 29, Chrysler and General Motors were supposed to get the first installments of its allotted funds from the $17.4 billion dollar bridge loans. On Wednesday, GM got it's $4 billion. Chrysler, on the other hand, is still "finalizing the details of our financial assistance." The U.S. Treasury - the body disbursing the funds - didn't have much to say beyond that, either, merely reiterating that it wants to get the deal done within a timeline that satisfies Chrylser's funding needs.

While we wonder what the holdup is, we have no reason to believe that Chrysler won't get its money. It is unlikely that anything has happened in the past three weeks to make the government go "On second thought..." We also wonder how Chrysler plans to meet the next deadline: by February 17, GM and Chrysler need to have submitted plans to demonstrate their long-term viability; on March 31, a putative "car czar" will decide whether those plans are actually worth anything. The idea that Chrysler can demonstrate sound health over the long-term in just 45 days is a head-scratcher, but hey, some folks didn't even think Chrysler would still be here, so that's got to count for something.

[Source: Automotive News, sub. req'd]

GM gets its $4 billion, Chrysler still waiting originally appeared on Autoblog on Fri, 02 Jan 2009 10:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Ironic or appropriate? Wagoner up for "Michiganian of the Year"

Jeremy Korzeniewski — Mon, 29 Dec 2008 15:58:00 EST

Filed under: Etc., GM

Depending on your point of view, General Motors CEO Rick Wagoner could either be considered a Godsend or a pariah that represents all that's currently wrong with the country. Of course, we're referring mainly to the automotive bailout that the CEO helped (or hindered, again depending on your viewpoint) negotiate with the Feds and its impact on the jobs of thousands of Michigan workers. Regardless, Mr. Wagoner has been nominated for the "Michiganian of the Year" trophy by The Detroit News. That oughtta ruffle a few feathers.

Also up for the award, and perhaps equally as divisive, is John Dingell, the recently displaced chairman of the Committee on Energy and Commerce. These men are just two of the choices mentioned by the newspaper, which has polled Michigan residents annually since 1978 for the award. Submissions are now open, and you can either cast a vote towards one of the preselected candidates or fill in your own.

[Source: The Detroit News]

Ironic or appropriate? Wagoner up for "Michiganian of the Year" originally appeared on Autoblog on Mon, 29 Dec 2008 15:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Would Ghosn be the best choice to lead GM?

Jeremy Korzeniewski — Wed, 10 Dec 2008 09:31:00 EST

Filed under: Government/Legal, Hirings/Firings/Layoffs, GM, Nissan, Renault, Fiat

Calls for the replacement of Rick Wagoner at General Motors raise an intriguing question: who would be the best choice to take the reigns of America's largest automaker if Wagoner were ousted? Some would point directly to GM COO Fritz Henderson, but we're not so sure that Washington would go along with that idea. A slightly more palatable choice may be found in Nissan/Renault head-honcho Carlos Ghosn, who has managed to right the sinking ship that was Nissan in the early 2000s after taking the helm in 1999. Seems like a logical choice, then.

CNN has a few other options to consider, including Robert Lane, chairman and of Deere & Co., John G. Rice, vice chairman of General Electric and president and CEO of GE Technology Infrastructure and Sergio Marchionne, CEO of Fiat S.p.A. We could possibly see Marchionne getting the nod, considering that he's had plenty of experience in the automotive world, but many would surely question whether GM should go the way of Chrysler and Ford by appointing non-car-guys to take the helm.

[Source: CNN]

Would Ghosn be the best choice to lead GM? originally appeared on Autoblog on Wed, 10 Dec 2008 09:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Bob Lutz would fall on sword for Wagoner

Chris Shunk — Tue, 09 Dec 2008 09:57:00 EST

Filed under: Hirings/Firings/Layoffs, GM

Bob Lutz has been eerily silent of late. One would expect the Vice Chairman of General Motors might have something to say about the recent trips taken by GM, Ford and Chrysler to Congress, but he left the talking to his boss, CEO Rick Wagoner. When it comes to members of Congress suggesting Wagoner step down as CEO, though, Lutz could stay silent no longer. In fact, Blogger Bob even went so far as to offer up his own head for the gallows in order to keep Wagoner in charge. Lutz told the Detroit Free Press that he should go if someone has to resign, and he pointed out his controversial remarks regarding global warming as a reason to pick him instead. Lutz went on to praise his boss for transforming GM into a global automaker and streamlining the company's processes.

It should be pointed out that the current legislation on the table for $15-17 billion in federal loans doesn't include a requirement that any of the Detroit 3 CEOs resign. Senator Chris Dodd (D-Connecticut) did, however, mention in a TV interview that he thought Wagoner should "move on".

[Source: Detroit Free Press]

Bob Lutz would fall on sword for Wagoner originally appeared on Autoblog on Tue, 09 Dec 2008 09:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Chris Dodd says Wagoner should "move on"

John Neff — Mon, 08 Dec 2008 09:28:00 EST

Filed under: Government/Legal, GM

He may have gotten his money, but it looks like General Motors CEO Rick Wagoner didn't make any friends in Washington during the process. Over the weekend, Senator Chris Dodd (D-Connecticut) remarked on CBS' Face the Nation that the vertically gifted CEO should "move on". He did not specify, however, whether or not Wagoner's resignation would be baked into the $15-17 billion aid package that the House and Senate will vote on this week.

Dodd is chairman of the Senate Banking, Housing and Urban Affairs committee that grilled all three Detroit CEOs last week, and at times during the questioning seemed sympathetic to the plight of each CEO. Nevertheless, more scrutiny has been cast on Detroit's request for government assistance than another other industry, especially the financial industry that seemingly gets tens of billions of dollars from Congress for batting its eyelashes and giving its best come hither look. We know of no financial institution that has sacrificed its CEO at the altar of public appeasement, though Wagoner's record as CEO of GM from 2000 to the present does him no favors.

Meanwhile, President Elect Obama appeared on Meet the Press yesterday and suggested auto executives should lose their jobs if they don't end their "head in the sand" approach to decision making.

[Source: BusinessWeek, Photo by Brendan Hoffman/Getty]

Chris Dodd says Wagoner should "move on" originally appeared on Autoblog on Mon, 08 Dec 2008 09:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

One down, one to go: Detroit 3 CEOs begin House testimony

John Neff — Fri, 05 Dec 2008 10:49:00 EST

Filed under: Government/Legal, Chrysler, Ford, GM

Having watched each of the Detroit 3 CEOs take tough questions from the Senate Banking Committee for six hours yesterday, we've returned to the couch today to watch General Motors CEO Rick Wagoner, Ford CEO Alan Mulally, Chrysler CEO Bob Nardelli and Ron Gettelfinger, President of the United Auto Workers union, visit House members of the Financial Services Committee led by Rep. Barney Frank (D-Massachusetts).

We were actually surprised at how well yesterday's hearings went for the Detroit 3. There was far less grand standing by politicians this time around, due largely in part to the lesson learned by each CEO after that whole private jet fiasco. A couple of yesterday's creative solutions for the mess in Motown included a "pre-packaged bankruptcy" in which financing for restructuring would be secured beforehand, as well as a renewed interest in seeing GM and Chrysler follow through on their erstwhile attempt to merge a few months ago. Since Ford's position is more secure than that of GM and Chrysler, Alan Mulally looked bored most of the day, while his colleague Bob Nardelli got the grilling of a lifetime. Senators seemed particularly interested in why Chrysler's owner, the private equity firm Cerberus, couldn't just infuse the Auburn Hills-based automaker with more money.

While senators yesterday seemed to take the situation much more seriously this time around, we've just finished watching opening statements made by members of the House of Representatives in the Financial Services Committee and were less than impressed. It appears the soap boxes are out and spot lights are on.

[Photo by Chip Somodevilla/Getty]

One down, one to go: Detroit 3 CEOs begin House testimony originally appeared on Autoblog on Fri, 05 Dec 2008 10:49:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Wagoner arrives for Senate hearing in Volt mule

John Neff — Thu, 04 Dec 2008 10:29:00 EST

Filed under: Government/Legal, Chrysler, Ford, GM

General Motors CEO Rick Wagoner has arrived in Washington to deliver testimony at Senate hearings scheduled for today and tomorrow, and as we reported late yesterday, his transportation this time was not a private jet, but rather a series hybrid Chevy Volt mule in the body of a Chevy Cruze. Ford CEO Alan Mulally also ditched his private plane for a ride down to DC in a Ford Escape Hybrid, while Chrysler CEO Bob Nardelli made the trip in a Chrysler Aspen Hybrid. UAW President Ron Gettelfinger flew down, but on a commercial flight (he never had a private jet in the first place and it likely would've been awkward if he chose one automaker's vehicle over the other two).

Testimony will be given by the four men and a number of other witnesses today and tomorrow, though it still appears as if there aren't enough votes in the Senate to get federal aid for the automakers passed immediately. Even if aid in the form of government loans is approved, there's still the matter of where the money will come from. The only two options on the table are converting $25 billion in already approved loans for investment in green technology to be used by the automakers to keep their businesses afloat, or carving out the money from the $700 billion in aid that Congress has already approved for the financial industry. We'll be keeping an eye on what's happening in Washington today and tomorrow, so stay tuned.

[Photo by Win McNamee/Getty]

Wagoner arrives for Senate hearing in Volt mule originally appeared on Autoblog on Thu, 04 Dec 2008 10:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Wagoner now driving Volt mule to Congress

Michael Harley — Wed, 03 Dec 2008 23:10:00 EST

Filed under: Hybrid, Government/Legal, Plants/Manufacturing, Chevrolet, GM, Earnings/Financials

Click above for our high-res 2011 Chevrolet Volt gallery

General Motors CEO Rick Wagoner will be taking advantage of the media circus surrounding his drive from Detroit to Washington D.C. tomorrow. As it seems every press outlet will be covering the roadtrip adventures of the three Detroit leaders as they travel via wheeled transportation to the capitol to beg for billions (remember, no corporate jets this time), Wagoner has wisely dumped the ho-hum hybrid Chevrolet Malibu in favor of a Chevy Volt mule in a Chevy Cruze body during at least the last few highly-visible miles of his journey. Wagoner will still trek part of the route to Washington in the hybrid Malibu, but just not all the way. To take full advantage of the public display, GM will also bring a show version of the highly-anticipated 2011 Chevy Volt to the capitol and put it on display when Wagoner arrives at the Russell Senate Building around 9:30 AM. If you are in the neighborhood (Delaware Ave. and C Street), Wagoner will be briefly talking to the public before he opens his heart to Congress. Thanks, TKTK.

Gallery: 2011 Chevy Volt

[Source: Detroit Free Press]

Wagoner now driving Volt mule to Congress originally appeared on Autoblog on Wed, 03 Dec 2008 23:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

GM's Wagoner heading to Congress in Malibu Hybrid

Michael Harley — Tue, 02 Dec 2008 13:57:00 EST

Filed under: Hybrid, Sedan, Etc., Government/Legal, Hirings/Firings/Layoffs, Chrysler, Ford, GM

Click above for a high-res gallery of the 2008 Malibu Hybrid

While it won't get him there as quickly (or as luxuriously) as a Gulfstream corporate jet, GM CEO Rick Wagoner will drive to Washington this week in a Chevrolet Malibu hybrid to ask for taxpayer-funded bridge loans. Last month, Wagoner, Ford CEO Alan Mulally and Chrysler LLC CEO Robert Nardelli, all received some serious flak from both lawmakers and the public when they arrived in Washington via three separate private jets while begging for $25 billion in federal money. All are expected to take alternate forms of transportation this time around, with Mulally already announcing plans to drive a Ford Escape Hybrid. Simple math says Wagoner's Malibu hybrid should only burn about 15 gallons of fuel during the 520-mile trek from Detroit to Capitol Hill, costing the automaker about $30 in gasoline (compare that to the estimated $10,000 cost of the jet one-way). It should be quite the road-trip.

[Source: Google/AP]

GM's Wagoner heading to Congress in Malibu Hybrid originally appeared on Autoblog on Tue, 02 Dec 2008 13:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Mulally and Wagoner reconsider $1 salary for federal aid

John Neff — Tue, 02 Dec 2008 13:27:00 EST

Filed under: Government/Legal, Ford, GM, Earnings/Financials

Chrysler CEO Bob Nardelli was the only auto exec who readily offered to work for a buck if it meant securing federal aid from Congress in the form of bridge loans. Ford CEO Alan Mulally famously told the politicians sitting before him, "I think I'm OK where I am." We would be OK too with the tens of millions of dollars that Mulally has received as compensation so far from Ford. GM CEO Rick Wagoner was described as being "demur" when asked about lowering his salary to a $1.

Now it seems that the boy from Boeing and the Ricker are reconsidering their previous reluctance to take a pay cut. The Detroit Free Press is reporting that both CEOs are prepared to tell Congress on Thursday that they would be willing to work for $1 if it meant getting the approval of Congress for federal loans.

Congress had previously demanded the each of the Detroit 3 automakers submit a detailed plan to Congress outlining how they would use the federal loans to return to profitability and ensure the long term viability of their companies. Ford is the first to turn their homework in, which reveals the Blue Oval expects to be making money again in 2011 and will have an all-electric sedan on sale by then. All it's asking in return is a $9 billion slice of the $25 billion federal aid package that would only be used if necessary. Ford already has enough credit to survive through 2010 and only envisions needing the fed's money if something happens to either GM or Chrysler.

[Source: Detroit Free Press]

Mulally and Wagoner reconsider $1 salary for federal aid originally appeared on Autoblog on Tue, 02 Dec 2008 13:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

SNL takes on the Detroit 3 bailout

Chris Shunk — Tue, 25 Nov 2008 09:01:00 EST

Filed under: Videos

Click above to watch video after the jump

Saturday Night Live has been on a roll of late, with a string of strong skits centered around the Presidential election and the ongoing financial crisis. So it was only a matter of time before SNL took on the auto industry to task, using last week's Congressional hearings as the backdrop. As one might expect, SNL writers showed no mercy for Allan Mulally, Bob Nardelli, and Rick Wagoner, and Congress didn't look too bright, either. The omnipresent joke of the entire eight-minute skit was a long, consistent shot at the quality of Detroit 3 products. Even though it's an obvious exaggeration, we're guessing the shots are a sure-fire sign that commercials touting the quality improvements at Ford and GM have fallen on deaf ears. Hit the jump to view SNL's latest.

[Source: DKKonservo]

Continue reading SNL takes on the Detroit 3 bailout

SNL takes on the Detroit 3 bailout originally appeared on Autoblog on Tue, 25 Nov 2008 09:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments