Big Auto

  • News

    They Are What They Drive

    With President Barack Obama showing the ailing U.S. auto industry some tough love Monday, POLITICO wondered — what’s … … in the driveways of White House aides? A lot of foreign cars, as it turns out. Explore the depths of auto-psychoanalysis, after the jump.

    / Mar 31, 2009 at 5:19 PM
  • News

    WSJ Breaking: GM / Chrysler To Be BK’d Into Good Bank / Bad Bank

    Wow. That whole “Bankruptcy one option of many” thing lasted about, what, three whole hours? Updates to come. The situation is fluid.

    / Mar 30, 2009 at 3:02 PM
  • News

    Obama: Extensions For Big Auto

    The situation is fluid. Obama (In his capacity as the First GM Human Resources Director): Wagoner is moving on to pursue other opportunities. Obama (In his capacity as the First Managing Director, Investment Banking/Advisory): Chrysler needs a deal with Fiat.

    / Mar 30, 2009 at 11:13 AM
  • News

    Dealbreaker Weekend: Obama To Wagoner: You’re Fired!

    Mr. Wagoner has been CEO since 2000 and has managed the company through some of its most difficult moments. Over the last four years, GM has reported losses of $82 billion and nearly ran out of money at the end of 2008 before the U.S. Treasury Department provided emergency loans. GM’s Wagoner Will Step Down […]

    / Mar 29, 2009 at 6:21 PM
  • News

    Immortality

    Now that Big Auto looks poised to do its run down the double black diamond run “Bankruptcy,” seems like a great time for some free lift passes to Big Auto Supply, right? After all, where is the money going to come from to keep all those plants full of employees when Big Auto stops buying […]

    / Mar 19, 2009 at 11:15 AM
  • News

    Oh, Canada!

    Chrysler might not be long for Canada. In its continual quest to trim operations the big C is presently focused on Canada, where, in addition to a $2.3 dollar loan (we hope that’s in Canadian dollars) the automaker is seeking concessions from the Canadian Auto Workers Union. Chrysler LLC is studying how it could pull […]

    / Mar 17, 2009 at 3:45 PM
  • News

    Cash For Clunkers

    Might be too little, too late for Detroit, but it is a neat idea anyhow. That is, if you think we need more cars on the road. Members of the U.S. Congress are working on a new bill to provide incentives for drivers to trade in older vehicles for newer, more fuel-efficient cars, hoping that […]

    / Mar 17, 2009 at 3:08 PM
  • News

    Breaking: WSJ Reports GM CEO Reports Bankruptcy Could Work, But Risky.

    “GM CEO says bankruptcy ‘could work’ but would be too risky,” is the exact ticker line. “That, Mr. Wagoner, is the sound of inevitability.” The situation is fluid.

    / Mar 17, 2009 at 10:35 AM
  • News

    G^M = B^K?

    As we mentioned in the Opening Bell, GM is staring default and potentially bankruptcy in the face (“we actually need about $30 billion”). A lot of light and noise has been emanating from GM’s general direction for several weeks now, but it looks like this is the main event. Of course, this isn’t a surprise. […]

    / Mar 5, 2009 at 9:58 AM
  • News

    Surprise, Surprise

    General Motors has let us know that their same month U.S. sales figures for February were down by more than half. No surprise here. Let me just ask, why are they still producing products again? GM says U.S. sales for February declined 52.9 percent [Reuters]

    / Mar 3, 2009 at 2:29 PM
  • News

    Currency Singularity

    So unless you just crawled out of bed still in your Greenspan Underoos because you no longer have an office to go to, you probably know that General Motors is looking at a 2008 loss of $31 billion. Don’t worry though, because this is about what we expected. Perhaps it is our cynical side, but […]

    / Feb 26, 2009 at 11:07 AM
  • News

    10 Lions Versus 3 Gladiators

    The revolving door to the give-away party has started to turn, beginning with Chrysler which, after smashing through the floor of their own “worst case scenario” is back looking for $5 billion or so. Just to tide them over, you understand. Three top Chrysler LLC executives are to meet today with President Barack Obama’s automotive […]

    / Feb 25, 2009 at 2:00 PM
  • News

    Yeah, So That Car Czar Slot You Were Hoping For? Not So Much.

    You had to know that appointing a “Car Czar” with the kind of powers that might actually get something done when it came to Big Auto was just never going to happen. There is, after all, only one Lord of the Bailout, and he does not share power (unless it is via a gridlocked committee […]

    / Feb 23, 2009 at 1:33 PM
  • News

    We Totally, Seriously, Honestly Won’t Need Any More. Really.

    So GM is going to grudgingly accept another check for $4 billion. Is anyone else so numbed to large numbers at this point that $4 billion really doesn’t seem like much money? I mean, John Paulson spits $4 billion. Tim “The Safecracker” Geithner exhales larger sums while taking his afternoon nap. (And you believed that […]

    / Feb 17, 2009 at 10:40 AM
  • News

    GM Makes A Final Lap

    Just in case you weren’t sure, General Motors is in trouble. Big trouble. On top of all the other trouble you’ve no doubt heard about they are now planning to cut 10,000 jobs. Yesterday’s rumors are fact this morning as the flagging former giant begins to face the music. General Motors Corp., the largest U.S. […]

    / Feb 10, 2009 at 10:09 AM
  • News

    The Theta Theta Theta Sorority

    It says something that we credit Ford with some kind of great accomplishment insofar as they didn’t go begging for government handouts when GM and Chrysler debased themselves during Congressional Pledge Week. (“I want that bathroom floor shining in the light by morning. Here’s a toothbrush. If a sister asks, you must be able to […]

    / Jan 12, 2009 at 10:59 AM
  • News

    A Break In Bailout Nation?

    The longer the silence continues, the more it appears that Big Auto is facing some form of bankruptcy. Leaving matters in the hands of the current administration, rather than some initiative on the part of the legislature, certainly upped the odds that you’d see a Chapter 11esque move, but the long days of bailout silence […]

    / Dec 18, 2008 at 2:38 PM
  • News

    Big Auto’s Latest Suckers: The Treasury

    The Treasury Department said Friday it’s prepared to act to avoid any possible collapse of nation’s three largest auto companies given that rescue efforts in Congress have failed. “Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,” […]

    / Dec 12, 2008 at 11:03 AM

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