The United States Treasury has shuffled another 135 to 137 million shares of General Motors stock as it continues its exit from the Detroit-based manufacturer. According to The Detroit News, the July sale netted the government $876.9 million, which was valued between $34 and $37 per share.
Canada's federal government and the government of the province of Ontario have started searching for an investment bank to sell the rest of their combined 140 million shares in General Motors, according to an unidentified source, Bloomberg reports. That represents a 10-percent stake up for sale. The news doesn't come as a surprise bec
If you have a hate on for automakers that take government money then it may be time to upwardly revise your feelings towards Chrysler. The pentastar brand had originally sought up to $7 billion from the Advanced Technology Vehicles Manufacturing (ATVM) loan program, though since its original request in 2007, it had reduced that amount downward to a more reasonable $3.5 billion. Now, it has
The federal government spent roughly $86 billion in taxpayer money to bail out the auto industry. That's a lot of Monopoly money, folks, and when the industry we know and love was at its weakest point, early projections suggested that that the U.S. government and American taxpayers would never see $30 billion of that money. But as the economy slowly crawls back to life and cars and tr
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 General and the Pentastar are now more fiscally healthy than they've been in ages. The bad n
Over the past two days, we've told you what we've heard about the latest short-term federal aid coming to Chrysler and GM. According to the latest reports, it will be $5B to the latter and $500M to the former. We also mentioned it had been reported that Chrysler Financial had inexplicably turned down an additional $750M in government aid during this most recent round of handouts. It had been speculated
Feel that breeze? It's the draft coming through the front door. The door that was opened a crack to let in the banks and Detroit Three but has been pushed wide open. The latest industry to claim distress is from another automotive sector, the rental car business. Yes, The Wall Street Journal is reporting that rental car agencies are now seeking Troubled Asset Relief Program funds, too.
True to their word, the Canadians came through with an aid package to support the auto industry, namely GM and Chrylser. The amount to be loaned is $4 billion Canadian, with $2.7 billion coming from the national government and $1.3 billion coming from Ontario, where much of the industry is based. With the conversion from Canadian to U.S. dollars at today's rates, that works out to just about the 20-percent that was pro
General Motors CEO Rick Wagoner has arrived in Washington to deliver testimony at Senate hearings scheduled for today and tomorrow, and as we reported late yesterday, his transportation this time was not a private jet, but rather a series hybrid Chevy Volt mule in the body of a John Neff
The US Congress is contemplating a bailout of $25 billion or more for US automakers, and the European Union is watching closely. European Commission President, Jose Manuel Barroso, told Europe 1 Radio that he is prepared to rat out the US government to the World Trade Organization if the EU considers the bailout illegal.
In the latest development of The Incomprehensible Union, General Motors is reportedly asking the U.S. government for $10 billion -- on top of the $25 billion loan approved recently -- to help it merge with Chrysler. The supplemental infusion would give the government, i.e. you and me, a stake in the merged company in the form of preferred stock, would see the government taking over pension ob
What do failing banks and foreclosed houses have to do with race tracks? A lot, apparently, if you're Charles Schumer. The New York Senator added an earmark to the nation's $700 billion "rescue plan" that will extend current tax laws for race tracks that allow them to be considered the same as amusement parks in the eyes of the IRS. As long as that's the case, track facilities can write off improvements to their concession stands, parking lots and the tracks themselves over a seven-year period r