Big Auto


    Dealbreaker Afterdark: Big Auto In Big Trouble

    The Senate compromise looks dead at the moment. CNN is reporting that bipartisan talks have collapsed and the Senate bill looks dead. The pressure actually falls back to Pelosi now, who played a bit of legislative brinkmanship with the Senate and has now lost (baring some miracle tomorrow). GM will likely be the first victim, […]

    / Dec 11, 2008 at 10:47 PM
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    Trials Of The Car Czar

    “…an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official for it or for all or substantially all its assets.” Sound like the Car Czar to anyone? Yes. Us too. Know what else it sounds like? The 2003 ISDA credit derivatives definition sufficient to trigger CDS default provisions. Does the mere appointment of […]

    / Dec 11, 2008 at 2:09 PM
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    Almost A Bailout

    Remember how the White House had like totally tied up that bailout deal yessiree-bob? And Democrats had it all worked out and were running that endlessly annoying “breaking news” ticker on CNBC even before the White House chimed in with that victorious (if droll) press conference? Ok, well, not so much. In fact, not at […]

    / Dec 11, 2008 at 12:18 PM
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    Those Puppy Dog Eyes

    Hey, uh, GM. So, this credit thing, the bailout thingy, and this running out of money thing? Well, so… I’m not sure quite how to bring this up with you, but… we’re going to need payment from you up front from now on. What? Don’t look at me like that. We really can’t afford to […]

    / Dec 11, 2008 at 10:31 AM
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    Freezing The Wages Of Sin

    I think the takeaway here is, really, that we shouldn’t worry that Jon Jon’s Cabaret (for those discerning Big Auto employees who might like to take in the view now and again) has halved the cost of a table dance (from $20 to $10) because all their margin is in food and drink, yes? It […]

    / Dec 10, 2008 at 5:18 PM
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    CNBC Claims That The White House Claims That A Big Auto Bailout Deal Has Been Reached

    Ok, so Joe Kaplan is yammering in the White House Press Room via CNBC, I guess that makes it true. His yammering includes: Firms must meet an “economic definition of financial viability” (can’t wait to read that). They have to prove it by March 31 (can’t wait to see how this is evaluated). If they […]

    / Dec 10, 2008 at 11:05 AM
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    Ode To The Drain

    Your favorite bailout and ours looks to be on the eve of a vote. True, roadblocks (if you will forgive the term) remain, like the Democratic complaint that firms should stop suing states with individual emission laws (seems a bit brash to force this to us, but we are due process hawks, unless Spitzer is […]

    / Dec 10, 2008 at 10:30 AM
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    The Advantage Of Inaction

    Unsurprisingly, The Beard wants nothing to do with lending to big auto. Who does? (No one we hope). Still, its surprising to see someone with some backbone out there. To wit: While the Fed has used emergency-lending authority over the past year to aid financial firms, short-term debt markets and mutual funds, those decisions were […]

    / Dec 9, 2008 at 11:04 AM
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    Wait For It… Wait For It…

    When it comes to superlatives, context matters. That is why you don’t get bent out of shape being impressed with the member of the Yale graduating class “most likely to run a small island dictatorship” or the law school student “most likely to win the Nobel prize,” or, perhaps, “the best martial artist Detroit has […]

    / Dec 8, 2008 at 12:43 PM
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    Bankruptcy Is Not An Option (Except When It Is)

    The Chrysler hire of Jones Day for Armageddon counsel is looking less and less like a bluff. (Not that we thought it was to begin with, but not that we didn’t either). With Congress looking unlikely to just rubber stamp a bailout, and the rather pointed questioning, in particular of Chrysler, by the Critters, “If […]

    / Dec 5, 2008 at 3:45 PM
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    Live Blogging The Pitiful Cries Of The Big Three

    10:42: At the moment, the execs are late. That’s what Congress gets for making them drive. Sen. Robert Bennett: Hey, I’ve got a brilliant idea. Why don’t we just have all the debt holders convert all their debt to equity. That would solve the problem of the large debt burdens these automakers have to service, […]

    / Dec 4, 2008 at 10:38 AM
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    Fictions And Colored Facts From The Big Three

    1. “I took a train here.” (Jim Press apparently totally misses the point here. Why didn’t you drive? Right. Exactly). 2. “It’s not a bailout, its a loan.” (Not if you never pay it back it isn’t. And if all you need is a loan, issue more debt. Oh, wait, no one will lend to […]

    / Dec 3, 2008 at 1:27 PM

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