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auto task force

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    Report: Ex-car czar Rattner says Auto Task Force should have pushed for more cuts
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    The government's Auto Task Force was given the difficult task of saving General Motors and Chrysler at a time when the credit markets were frozen and the economy was in chaos. The team ultimately got the job done by ushering the two iconic companies through extraordinarily short ...

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    Report: Judge tosses out suit by Delphi pensioners against Treasury
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    The Detroit News is reporting that a federal judge has thrown out a portion of the lawsuit brought against the federal government by Delphi retirees. The former employees of the automotive supplier brought suit against the federal government after their pensions were terminated in bankruptcy ...

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    Report: 'Car Czar' post nixed as part of federal budget deal
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    Last week, the government avoided a costly shutdown by cutting $38 billion from the 2012 federal budget. The American people are just now hearing what those cuts consist of, and it appears the auto industry and industry regulation have been affected. The Detroit News is reporting that the ...

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    Report: Ex-car czar Rattner nears SEC settlement
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    According to Reuters, the Securities and Exchange Commission is set to settle with the former head of the Obama Administration's auto task force, Steven Rattner. Earlier this year, the SEC charged Rattner with participating in a pay-to-play pension program, but the commission is expected to ...

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    Report: TARP audit criticizes Obama task force for dealer closings
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    General Motors and Chrysler terminated the contracts of thousands of dealers while the automakers were in bankruptcy proceedings; a move that was required by the Obama Administration's auto task force as a condition of bankruptcy. The scheme was heralded as a way to save the struggling automakers ...

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    Former Car Czar impressed with progress of GM, Chrysler
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    Steven Rattner, the man who headed the Auto Task Force, saved Michigan from bankruptcy, shepherded the still-contentious resurrections of General Motors and Chrysler and will soon have a book on his time in the trenches, has said his little lambs are doing better than he expected they would a ...

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    Report: GM to make another $1B loan repayment
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    Last December General Motors began repaying its debt to the U.S. government by making a $1 billion payment to its U.S. debtors and another $192 million to Canada. Company CEO Ed Whitacre promised that the payments would keep coming every quarter until the loan was paid off in June, 2010, and with ...

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    GM begins repayment to U.S. and Canadian governments
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    Good news, the check is in the mail! General Motors issued a (very) brief press release this afternoon stating that the automaker had delivered on its promise to issue its first reimbursement checks to the U.S. and Canadian governments by the end of the year. GM sent $1 billion to the feds and ...

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    REPORT: Fed predicts it will lose $30B on auto industry bailout
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    2009 isn't quite over yet, but we're pretty sure most automakers would rather forget that it ever happened. And while General Motors and Chrysler suffered the pain and humiliation of bankruptcy and workers lost thousands of jobs and many plants and dealerships closed, the good news is that the ...

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    Government reportedly encouraged by Fiat's plan for Chrysler, sees "huge sense of urgency"
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    Two weeks ago Fiat and Chrysler unleashed an ambitious five-year plan to return Detroit's number three automaker to financial and product health. The plan called for 14 all-new models based mostly on Fiat platforms and ten more vehicles which will receive much-needed attention. While Senator John ...

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    REPORT: GM's CFO Ray Young likely to resign
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    The last two chief financial officers at General Motors, Rick Wagoner and Fritz Henderson, eventually became CEO. Ray Young, who has been CFO at the General for less than a year and a half, likely won't make it to the top. The Detroit News reports that Young is going to resign his post as CFO in ...

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    REPORT: Government ends warranty programs for GM, Chrysler
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    On March 30, President Obama announced that the federal government would back the warranties of General Motors and Chrysler in the event of bankruptcy. When the president says the word "backing," he means cold, hard cash, and in this case the total was $641 million. But with both companies out of ...

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    BREAKING: Rattner reportedly quitting post as head of Auto Task Force
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    Steve Rattner, the former Wall Street executive who was tapped by the Obama Administration run point for the Auto Task Force, is reportedly stepping down after five months on the job. According to a statement from Treasury Secretary Timothy Geithner, Rattner (above, far right) will now "transition ...

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    REPORT: Federal bankruptcy court expected to rule on "New GM"
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    According to Reuters, General Motors is on its way into bankruptcy court today in an effort to win approval and access to additional federal funding under its asset-split plan. The automaker filed for Chapter 11 protection just 30 days ago, but it will now go before Judge Robert Gerber to sell ...

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    Auto Task Force says no more money for auto bailouts... probably
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    To date, the U.S. government has reportedly given General Motors, Chrysler, their financial institutions and various industry suppliers about $80 billion in taxpayer money, and Congress wants to know when we're going to get that money back. The Senate Banking, Housing and Urban Affairs Committee ...

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    Unlikely Ally: Ralph Nader addresses Capitol Hill over likely GM bankruptcy
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    Ralph Nader, the man who single-handedly sank the Chevrolet Corvair by exposing its safety faults in his book Unsafe At Any Speed, has unexpectedly appeared at the side of General Motors. In a letter written to Senator Chris Dodd, Chair of the U.S. Senate Committee on Banking, Housing and Urban ...

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    GM reportedly accelerating the closure of 1,700 dealers
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    June 1, 2009 is turning into the equivalent of General Motors' D-Day, and every day seems to bring new events that are being planned in advance of it. GM had more than 6,000 dealerships at the end of last year, and in the initial viability plan it offered to the government, the automaker pledged to ...

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    GM chairman Kresa admits: "Time is not on our side on trying to get things done out of bankruptcy"
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    If General Motors' saga were a play by Aeschylus, today marks the day when Kent Kresa, GM's interim chairman, returns from a visit to the Oracle at Delphi and informs everyone that the signs are not auspicious. There's been much talk of the bondholder issues that GM faces, and the news today is ...

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    GM chairman looking to turn over half of board of trustees by June?
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    According to the Detroit Free Press, General Motors interim chairman, Kent Kresa, has been asked by president Obama's administration to replenish the automaker's board with fresh blood. Kresa said that while the board did achieve "historic things" recently, like renegotiating the UAW pay scale, he ...

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    GM's new offer for bondholders may contain no cash, just equity
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    GM's most recent offer to its bondholders offered a little bit of cash and a little bit of equity. GM CEO Fritz Henderson's example was that a holder of $1,000 in bonds would end up with $333 and a some equity. After conferring with the Auto Task Force, however, that offer was deemed excessive in ...

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