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0Auto Task Force says no more money for auto bailouts... probably 1244761380
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 1242761280
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 1239893880
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" 1239747960
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? 1239740400
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 1239544860
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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Rumormill: Obama will set a deadline for GM and Chrysler to address issues or enter Chapter 11 1238352300
GM and Chrysler have until Tuesday to complete the financial restructuring demanded by the government under the terms of the bridge loans. It is unlikely that they will make that target. The sticking point for GM is unwillingness on the part of bondholders to agree to what's being asked: GM needs ...
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Low wages, little glory: Government's Auto Task Force is hiring, looking for Wall Street experience 1237847400
Curious what it takes to be a member of the recently-created Auto Task Force? Thanks to an email sent out by Harry J. Wilson, a newly-hired Task Force worker, there's no need to wonder. Some knowledge of the auto industry would reportedly be helpful, though prospective applicants and their family ...

