gm bailout


Meet Brian Deese, the 31-year-old in charge of breaking up GM

Many of us ABers being in our early- to mid-30s, we're less amazed that another of our ilk has risen to a decisive government position. We are, after all, a generation on the rise. The surprising part about Brian Deese's story is that he's been instrumental in shaping the Obama administration's moves to save General Motors, and this is his first official tour of duty in Washington. What qualifies a guy who hasn't even finished his Yale Law degree to steer President's automotive task force around? From what's been said about Mr. Deese, his ... Read more →

REPORT: GM reaches deal with Canadian Auto Workers union Frank Filipponio

After two weeks of intense negotiations, General Motors Canada and the Canadian Auto Workers (CAW) union have reached a deal that will help the automaker cut costs, allowing it to meet the terms for ...

REPORT: GM hedges bets, plans to miss $1B debt payment deadline Jonathon Ramsey

The familiar expression goes "Better the devil you know," meaning it's preferable to deal with the nasty things you don't like but are at least familiar with. General Motors, however, doesn't seem to ...

Ford counting on the "B" word to score conquest sales Jeremy Korzeniewski

Is that 'B' as in bankruptcy or 'B' as in bailout? Probably 'B' as in both. Regardless of the buzzword you choose to slap on the respective situations General Motors and Chrysler find themselves in, ...

REPORT: Pontiac and GMC may get axe... you knew this was coming Dan Roth

When the president tells you to sharpen your pencil and improve your last-ditch survival effort, it's time to grab the big eraser. According to reports, General Motors may ditch its GMC and Pontiac ...

GM and AIG: Why bondholders might want bankruptcy 7 months ago on Autoblog

Before we begin, let us state clearly that this is speculation by Karl Denninger at The Market Ticker. Examining the various stakeholders' interests in General Motors, Denninger has come up with a scenario that supposes GM's bondholders might actually want the automaker to file for bankruptcy. The ...

GM asking Department of Energy for $2.6 billion to build hybrids? 7 months ago on Autoblog

General Motors released an updated business plan to Congress on Wednesday, and one of the main points of interest surrounds the automaker's request of an additional $2.6 billion for the production of the Chevrolet Volt and two additional variants based on the same Voltec powertrain ...

STUDY: 76% of Americans believe economy can survive without GM 7 months ago on Autoblog

According to The Detroit Free Press, Rasmussen Reports called 1,000 people and asked them if they believed "the economy could recover without General Motors in business." The results were clear: 76% of respondents said "Yes, it can." The sentiment against any more taxpayer money being used to ...

Autoblog Podcast #121 7 months ago on Autoblog

We reluctantly skipped last week's podcast, so it's only appropriate we're back with a vengeance this week. Alex Nunez makes a rare appearance, joining Chris and Dan, and bringing rapier wit and incisive analysis to the podcast party. We really meant to cover more subjects, but it was ...

Gov't rejects automaker restructuring plans, new deadlines set 7 months ago on Autoblog

President Obama has just finished his press conference on the government's determination of the viability of General Motors and Chrysler, and the gist is that both automakers have failed to convince the feds that their business plans deserve further investment. Obama and his task force will give GM ...

Rumormill: Obama will set a deadline for GM and Chrysler to address issues or enter Chapter 11 7 months ago on Autoblog

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 ...

REPORT: GM bondholders could still spur Chrysler merger 8 months ago on Autoblog

It's the General Motors and Chrysler merger saga, take three. A few months ago, GM said "No can do" to the union, taking off its ring and walking out of church. Now GM's bondholders may be contemplating a shotgun wedding, forcing The General back to the altar over the debt-equity swap the automaker ...

GM requests $16.6 billion more in Viability Plan, Saturn and Saab futures bleak 9 months ago on Autoblog

General Motors has just revealed its Viability Plan that was due today to the U.S. Treasury Department under the loan agreement signed back on December 31, 2008. Just like Chrysler, GM is requesting more money than it was initially loaned due to domestic and global industry sales that were ...

REPORT: GM lobbying Congress for $7B in tax relief 9 months ago on Autoblog

Ask for a little help from the government, and the next thing you know you're asking for the government to protect you from the very help it's giving you. General Motors is restructuring its debt load by offering equity shares instead of cash to debt holders, namely the government and the UAW. The ...

Saab not long for the U.S. market, GM unsure of other brands' futures 9 months ago on Autoblog

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 ...

GM plans to trim 400 dealers per year until 2012 9 months ago on Autoblog

Dealership rationalization was something General Motors was looking at well before the economy went pear-shaped. GM still has more than 6,300 dealerships in the U.S., and it is even more important now to start shedding some of that financial burden. That is why The General told dealers at the NADA ...

Followup: GM receives second gov't loan installment of $5.4 billion 10 months ago on Autoblog

Cue the angels! General Motors reports that it has received the second installment of the $13.4 billion government loan that it was promised by former President Bush late last month. Sure, it may have arrived a few days late, leading GM's coffer-keepers to anxiously check their mailboxes every few ...

REPORT: Dealers say bailout hasn't made for more GMAC loans 10 months ago on Autoblog

Show me the money. With apologies to Cuba Gooding Jr., that is exactly what many General Motors dealers are saying to GMAC Financial Services. Despite being given $5 billion from the U.S. Government last month, GMAC apparently hasn't loosened its purse strings enough for dealers' likings. Some, in ...

Federal loan conditions: UAW can't strike against GM 10 months ago on Autoblog

Now that we've made it through the bailout hearings and the deal between GM and the U.S. Government has been settled (for now), we can start taking a closer look at the details. Oh, here's one: the Feds added one crucial condition to the GM bridge loans, and it was aimed squarely at the unions: no ...

Opinion: What should happen to Saturn, Vauxhall and Opel during GM's reorganization? 10 months ago on Autoblog

Amidst all the recent bailout talk, one question being asked is what role GM's Opel division will serve in a new-and-hopefully-improved General Motors. More succinctly, will Vauxhall and Saturn soldier on unchanged or will they simply fade into automotive landscape? Automotive News seems to think ...

Goodbye-amino? Pontiac could kill G8 ST; become one-car brand 11 months ago on Autoblog

It's been a bad month for Pontiac fans. While begging for money from Congress, GM mentioned its intentions to sacrifice the brand to aid the General's recovery and get a few billion from the feds in the process. Now comes word that GM may keep the brand around, but cut its lineup in half... or ...

GM may rebuild Saturn rather than kill it 11 months ago on Autoblog

When it comes to Saturn, General Motors is a little stuck. The plucky brand that promised something different and then turned into much the same hasn't seen critical acclaim or profitability for more than ten years. GM has halted funding for new Saturn products, and its plan to Congress indicated ...

GM asks Congress to kickstart its heart with ambitious plan 11 months ago on Autoblog

General Motors has just revealed the plan it has submitted to Congress today, and the details show just how far the largest U.S. automaker is willing to go in order to secure bridge loans from the federal government. The plan includes selling Saab, possibly killing Saturn and scaling back Pontiac, ...

GM jets: No tracking for you! 11 months ago on Autoblog

GM has seven planes (four of them are for sale), and one of them was recently and infamously used for a brief sojourn to Washington for head honcho Rick Wagoner. When the public found out about it, well, let's just say the polling numbers weren't exactly favorable. For reasons that might or might ...

Would GM shed Saab, Saturn and Pontiac to secure gov't aid? 11 months ago on Autoblog

When ants need to cross some dangerous span in order to get to the thing they want, certain ants in the colony will sacrifice themselves to build a bridge that other ants can cross. That's how you get the honey. In GM's case, the honey is a $12 billion government lifeline. The dangerous span is, ...

The Detroit 3's problem is really... "vehicle density"? 1 year ago on Autoblog

There have been so many different arguments for why The Detroit 3 should or shouldn't get a bailout that we could make a casserole out of them. One argument against a bailout -- or at least, a reason for the futility of a bailout -- that we don't recall hearing yet is "vehicle density." The ...

Quoth Mitt Romney in the NYT: "Let Detroit Go Bankrupt" 1 year ago on Autoblog

Mitt Romney, former Massachusetts governor, former entrant in the marathon to win the White House, and current automotive industry expert (who knew?) had a few things to say in the New York Times today on the potential auto industry bailout. The opening paragraph says it all: "IF General Motors, ...

The Skinny: Automaker aid from the Feds 1 year ago on Autoblog

So here's a breakdown of what's going on in Congress concerning federal aid for U.S. automakers. A Senate bill expected to be voted on this Thursday would expedite funds for Ford, GM and Chrysler so that they could actually get the cash they need within 22 days after the bill becomes law -- should ...

Senator calls for 50-mpg mandate for Detroit to receive aid 1 year ago on Autoblog

"Thick and fast." That's the phrase that describes the opinions, pleas, advice, denunciations, and WTF? going on around the U.S. auto industry right now. Enter Congress, which is trying to figure out how to give Detroit automakers the $25 billion they were promised a few months ago. Congressmen are ...

Calling for GM bailout may cost Wagoner his job 1 year ago on Autoblog

General Motors' CEO, Rick Wagoner, who's been manning the helm for the last eight years and a part of its staff since 1977, has taken some heat for asking the Feds for a bailout. A possible condition for those funds may be the symbolic sacrificial death of its current leader, according to a slew of ...






Autoblog Podcast #153: With Phil Berg

Phil Berg puts his reputation on the line and hangs with the podcast crew.

 
 

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