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auto industry bailout

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    Report: Romney vows to dump federal stake in GM quickly
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    With a multi-volume list of issues that a presidential hopeful could discuss, we aren't sure why Mitt Romney keeps circling back to the auto industry bailouts, but here we are again. He's lately swinging his stick at the U.S. Treasury Department for not having sold its 26.5-percent stake in ...

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    Report: GM stock price leads to greater estimate of losses on bailouts
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    The "Government Motors" crowd isn't going to be happy about this: The Detroit News is reporting that the U.S. Treasury now says it has lost an extra $170 million in the auto industry bailout. The culprit? The declining price of General Motors stock. According to the report, GM's stock crested at ...

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    "Car Czar" Rattner settles with Cuomo over pension fund kickbacks
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    New York Attorney General Andrew Cuomo has announced that his office settled with former White House Task Force "Car Czar" Stephen L. Rattner for $10 million. The agreement comes following charges that Rattner engaged in a kickback scheme involving New York's pension funds while he was an ...

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    France's Sarkozy urges verification that U.S. auto aid jibes with world trade rules
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    The European Union made noises last year about having the WTO verify that the U.S. auto industry assistance package doesn't violate any international trade rules. Now French President Nicolas Sarkozy has said he will ask the World Trade Organization to stick their hands into the matter. Critics ...

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    Saab not long for the U.S. market, GM unsure of other brands' futures
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    Let's go ahead and get it out there: General Motors doesn't have a plan for Saab, Saturn, or HUMMER – it has a bunch of hopes, ideas and proposals. The best that GM can do with Saab is try to extricate the brand from its entangled web, which might make it more attractive to a buyer. That ...

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    UAW agrees to suspend GM job banks on Feb 2
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    The UAW idled Chrysler's jobs bank earlier this week, and as of February 2, the UAW and General Motors will shut down the job bank it also maintains for its workers. GM is paying the 1,600 workers currently in the system 85% of their on-the-job wages. As of February 3, they will receive a measure ...

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    GM warns it could be out of cash by March 31 if second $5.4M loan is delayed
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    General Motors is ringing the alarm bell over a delay in the second installment of its bridge loan. Chrysler faced the same thing when it was waiting on its first installment, but eventually got its money in time. GM puts the delay down to having to fill out a great deal of paperwork and having to ...

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    REPORT: French government calls for auto execs to forego bonuses
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    The French government has put €6 billion ($7.79 billion USD) on the table for car companies. And as part of the effort to make sure that every drop of the money goes toward maximizing performance and retaining jobs, the French government has asked that Peugeot/Citroen and Renault company ...

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    Does Washington's GMAC bailout hurt Ford?
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    The Wall Street Journal puts forth the case that the government's $5 billion lifeline to GMAC has given GMAC a competitive advantage compared to its rivals. After the taxpayer cash was received, GMAC dropped the required credit score to get a loan and began offering 0% financing on several models, ...

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    Industry crunch hitting design students hard
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    Another casualty in the collateral damage of auto industry woes: Graduating car designers are no longer finding jobs. The LA Times reports that in years past, manufacturer representatives would attend the Pasadena's Art Center College of Design's senior showcase and welcome a few visionaries into ...

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    Canada officially approves its own $4 billion auto aid package
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    True to their word, the Canadians came through with an aid package to support the auto industry, namely GM and Chrylser. The amount to be loaned is $4 billion Canadian, with $2.7 billion coming from the national government and $1.3 billion coming from Ontario, where much of the industry is based. ...

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    Porsche head predicts a hedge fund will swallow GM or Ford
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    Little guy Porsche is taking huge swings, and not just at the giant that is Volkswagen. Porsche head Wendelin Wiedeking had fierce Teutonic words for General Motors and Ford, and banks. His Rindfleisch – beef, that is – with U.S. automakers is that, through unsound practices, they have ...

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    UAW head says that unions aren't to blame for Detroit's problems
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    Ron Gettelfinger's basically saying "it's not our fault" when discussing the state of Detroit's automakers. Rather than admit that the UAW's plum labor agreements and contentious negotiations have contributed to the current gloomy situation, the United Auto Workers head man says that the economic ...

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