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
Detroit automakers are busy putting the final touches on its Congress-bound revitalization plans, but all three automakers are also making plans in the event government loans are turned down. GM has a back-up plan, and it reportedly includes more factory closures, white-collar cutbacks, further slashed marketing budgets, and delayed product introductions. Automotive News is reporting that cuts also could hit research and development, which would further hurt the General's ability to com
President-Elect Barack Obama has been in favor of assisting Detroit automakers, but the soon-to-be Commander in Chief agrees with a Congressional demand to see concrete plans before any checks are signed. Obama's Cheif of Staff, David Axelrod, was all over the boob tube Sunday sharing the President Elect's thoughts on what the industry needs to do, saying a real plan to "retool and rationalize" is needed. Without a solid plan, Axelrod said there is little taxpayer dollars can do to fix the probl
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
While the U.S. banking industry is still waiting for Congress to give it a $700 billion hand, President Bush signed into law last night the spending bill that gives U.S. automakers $25 billion in loans to get their collective act together.
Over the past few weeks, we've heard how badly Detroit automakers needed $25 billion in government-backed loans, but very few of us know exactly who gets the money. GM CEO Rick Wagoner got in front of a camera to answer some of those questions, and to talk about some of the challenges the General faces. Some of the interesting comments from slick Rick include the fact that the $25 billion is a