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21Treasury poised to sell off 30 million more GM shares

The next step in the US Treasury's efforts to eliminate its financial interests in General Motors will involve the sale of 30 million shares of the automaker's stock. The government's move to divest itself of GM is all part of a larger plan to sell the remaining 300 million shares of stock it received in compensation for the 2009 bailout of the then-failing automaker. The US Treasury plans to sell off all remaining stock – around 18-percent of GM – by early next year, yet this 30 mil

106Legal loophole allows GM to avoid paying federal taxes... still

The United States tax code will never be accused of being simple or easy to comprehend. With a tangle of exceptions and loopholes, individuals and corporations can work their way around paying their full income tax rate with ease.

21Treasury suggests GM buy back troubled Ally Financial

Back when Ally Financial was known as GMAC Financial, the U.S. Treasury gave it $17.2 billion in TARP funds to weather the global economic crisis. GMAC is now Ally Financial, and although it has repaid $5.4 billion of what it was loaned, there doesn't seem to be a clear path for repaying the outstanding amount. Bloomberg reports that Ally's mortgage unit, Residential Captial (ResCap), is teetering on the ledge of bankrupcty, and its banking operations didn't perform well in the Federal Reserve's

47Treasure Department: traffic jams waste 1.9 billion gallons of gas in U.S. each year

A car that is sitting still with the engine running is getting zero miles per gallon, no matter how efficient the aerodynamics or how great the hybrid powertrain is. Spread out over the entire U.S., all those zero mile per gallon situations – i.e. traffic jams – means Americans are wasting 1.9 billion gallons of gasoline a year, according to a new Treasury Department report. Another way to look at that is that congested roads cost Americans over $100 billion a year (calculated both a

22Treasury aims to sell GM shares early

According to The Detroit News, the United States Treasury Department is planning on quickly eliminating its shares of General Motors stock rather than trying to maximize the government's return on its investment. The news comes from Austan Goolsbee, chairman of the Council of Economic Advisors, who said that the government is interested in quickly shedding its 33 percent stake in the automaker due to the fact that it never wanted to be a shareholder in the automaker to begin with. The Detroit Ne

19Report: U.S. hires lead bank for General Motors IPO

The government of the United States may be actively avoiding any direct involvement in the day-to-day management of General Motors, but that doesn't mean it won't have a say when the time comes for the automaker to go public again. According to The Detroit News, the U.S. Department of the Treasury has hired investment bank Lazard Frères & Co. to provide it with advice on the initial public offering process.

47Treasury reportedly says GM properly used escrow to repay loans

General Motors didn't use another government loan to pay off the much-celebrated $4.7 billion portion of its federal debt. According to a spokesperson with the Treasury Department cited by Bloomberg, the Detroit-based carmaker properly used funds from an escrow account to do the deed. The funds were available for the automaker to use in the event that it ran across any extraordinary expenses, but since the manufacturer decided it didn't need the money, it paid it back.

24Report: Congressional panel doubts GMAC business case, suggests breakup

"The panel is deeply concerned that Treasury has not required GMAC to lay out a clear path to viability or a strategy for fully repaying taxpayers." This, according to a Congressional Oversight Panel that was created as a watchdog for the U.S. Treasury's Troubled Asset Relief Program (TARP) funds. The fix? Potentially breaking GMAC up into units and merging its auto lending business back into General Motors.

54REPORT: Next Chrysler CEO salary capped at $500,000

The next chief executive of Chrysler will be tasked with bringing the company out of bankruptcy, restructuring into a profitable business, repaying government loans (if and when they do so at all), integrating Fiat technology and retaining jobs wherever possible. Oh, and he or she will have to do it all on no more than $500,000 a year. This according to the latest reports, based on new Treasury Department regulations.

43BREAKING: Chrysler lenders, U.S. Treasury reportedly agree to terms [*UPDATED]

Details are scarce at the moment, but word is emerging that Chrysler's lenders have reached a deal with the U.S. Treasury Department that could help stave off bankruptcy.

33GM future hinges on success of new debt-for-equity swap offers

In addition to announcing the shuttering of Pontiac, General Motors has put forth a new offer to its bondholders to exchange $27 billion in claims for equity in the struggling automaker.

22Henderson says GM bankruptcy decision still in doubt; Hummer decision expected before month's end

We were on General Motors CEO Fritz Henderson's teleconference with reporters this morning, and while the proceedings were light on revelatory news (okay, there really wasn't any), some important things were clarified:

29Fiat CEO tells U.S. Treasury it can help Chrysler repay loans

General Motors and Chrysler have been in meetings with the U.S. Treasury this week to discuss how and when the Detroit automakers can again become viable. Both companies are asking for additional billions to fund their perspective turnarounds, but Chrysler is also defending a proposed partnership with Fiat. Fiat's pending 35% ownership stake would provide Chrysler with small and mid-size cars and more fuel efficient powertrains, but no cash.

60REPORT: Obama dropping "car czar" in favor of task force

While there have been rumors and suggested candidates floated for the so-called federal "car czar" post, it now no longer looks like that position will be filled. That's because President Barack Obama has apparently gone cold on the idea. Instead, new reports suggest that he will look to a select group of senior economic advisers for guidance.

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