We dig a good political tell-all every once in a while (how else will we get our political fix while waiting for House of Cards' third season?). Today, we get just that from former Treasury Secretary Timothy Geithner's new book, "Stress Test," which details, among other parts of the 2009 financial catastrophe, the structured bankruptcy that allowed Chrysler and General Motors to emerge as competitive players in the auto industry.
Some things are never as they seem. That's especially true when talking about the bankruptcy of General Motors. From afar, it's easy to look at GM's issue being one of decades of mismanagement, poorly built cars, and a certain, too-big-to-fail mindset. But closer to the situation, as the Detroit-based company was well and truly spiraling out of control in 2009, there was much more that the public wasn't able to notice.
Anyone looking for a little extra reading this week could do worse than check out a 29-page history of the Chevrolet Volt. The story of the extended-range plug-in vehicle comes from a professor at San Francisco's Presidio Graduate School, Dariush Rafinejad. A disclaimer, however, is in order, as the study received "generous support" from Chevy parent General Motors.
100 retired executives from General Motors will soldier on with smaller pensions after a trio of judges in the Sixth Circuit Court of Appeals in Cincinnati, ruled in favor of the automaker. The dispute stemmed from the requirements made by the Obama administration as part of GM's bankruptcy and restructuring, according to a report from The Detroit News.
Actually, it's not Rick Wagoner all by himself, but the ex-GM chairman is working with a team of tech entrepreneurs who make up Tred, a new test drive concierge service. Tred is still in beta, but the idea is that you pick the cars you'd like to test drive, schedule delivery by concierges who are working to get positive feedback from folks like you and then try out the vehicles you're considering on the roads you know.
Former General Motors CEO Rick Wagoner offered sound advice to graduates of the Virginia Commonwealth University in Richmond in the form of a commencement speech over the weekend. According to The Detroit News, the ousted executive told students to remember their values first and foremost, and that they should always protect their personal integrity above all else. In addition, Wagoner underscored the importance of humility as well, saying that while individuals can't control what life throws at
We can't be sure if he plays the Matthew Wilder original or P. Diddy's version, but we imagine Rick Wagoner waking up every morning to "Ain't nobody gonna break my stride, ain't nobody gonna slow me down, oh no...." In addition to his seat on the board of the Washington Post, Wagoner's been voted onto the board of Aleris Holding Co., an aluminum recycler. Aleris went bankrupt last year, exiting bankruptcy in May under the ownership of Oaktree Capital Management. As a producer of aluminum product
Wondering what has come of Rick Wagoner since he was jettisoned from General Motors prior to the company's historic bankruptcy? The former Duke basketball player has stayed far away from the spotlight over the past year, but that hiatus ends effective immediately. Automotive News reports that Wagoner has accepted a spot on the board of directors of the Washington Post. Wagoner is the 11th member of the board, which also includes the extremely rich and extremely powerful Warren Buffet and Melinda
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.
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 w
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.
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
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.
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.
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.
The short version of President Obama's speech today regarding the U.S. auto industry is this: there's only a little more time for GM and Chrysler to get their act together. First off, GM CEO Rick Wagoner got booted and was replaced by Fritz Henderson. Michigan governor Jennifer Granholm said Wagoner was a "sacrificial lamb" (it's still unclear why he was forced out while bank CEOs get to stay on, but that's another issue).
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
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.
Slapping a few dimes' worth of tax onto each gallon of gas we buy at the pump hasn't been the most popular idea in Washington. Sure, some elected representatives have called for a higher gas tax in the past, but more often than not the idea dies on the vine. There is a chance that things will be different now that one of the biggest opponents to a gas tax increase, General Motors (through CEO Rick Wagoner), has given the idea a sort of blessing. Wagoner said yesterday that a federal gas tax that
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 f