GM Headed for Bankruptcy Again: Forbes Op-Ed

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Recently we reported that the auto bailout cost had increased to $25 billion, mostly due to General Motors‘ plummeting stock price. Things could, however, get worse for GM before they get any better – if they get any better. Continue Reading...

Auto Bailout Cost Increased to $25 Billion

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The auto bailout has been debated time and time again, on whether it was worth American taxpayers’ money, despite saving a million jobs. A recent poll found that the majority of Americans still opposed the auto bailout, and a recent report that the cost has now been increased to $25 billion doesn’t help its cause. Continue Reading...

Majority of Americans Still Oppose Auto Bailout, Poll Finds

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Election season is upon us and that means one thing, more mudslinging than a figure-eight demolition derby. The auto industry bailout will certainly near the top of the many contentious issues Republican candidates vying for their party nomination will latch into. That desperate move by the government between 2008 and 2009 is still sparking hot debates and dividing opinion,… Continue Reading...

Fiat Pays U.S. Gov’t $560M For Final Stake in Chrysler

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Italian automaker Fiat purchased the U.S government’s remaining holdings in Chrysler today. Fiat paid $560 million to the Treasury Department for the government’s 98,000 shares. Fiat has run Chrysler since the American automaker emerged from bankruptcy protection in June 2009. The U.S government provided a total of $12.5 billion to Chrysler with the funds coming… Continue Reading...

GM Still Looking To Recoup Taxpayer Investment From Government

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General Motors CEO Dan Akerson is looking forward to the day when he can relax on his yacht, sipping Mai Tais on the deck…and knowing full well that the federal government has finally sold its stake in GM, and has completely divulged itself from the company as it did with Chrysler. But it’s still a… Continue Reading...

White House Taking Credit For Auto Industry Recovery

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A statement released today by the White House seemed to take credit for the resurgence of the American auto industry, with President Obama’s bailout plan credited as the driving force behind it. “When President Obama took office, the American automobile industry was on the brink of collapse,” said the National Economic Council, in a prepared statement. “Two years… Continue Reading...

Chrysler Announces Details of Government Loan Payback

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Two years after a government bailout and rescue by Italian automaker Fiat and Chrysler has announced detailed plans to repay its government loans. A new $3 billion term loan, combined with $3.2 billion in bonds and a $1.3 billion hand out from Fiat will be used to pay off the $7.5 billion it borrowed from… Continue Reading...

Chrysler To Re-Finance Debt, Pay Loans

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Chrysler is preparing to pay back $6.6 billion on government loans, but the company will do so not from its own cash but by re-financing existing debt. Current terms of the government loans have Chrysler paying 12 percent interest per year. While Chrysler would not be out of debt, they would theoretically free themselves from… Continue Reading...

Fiat Looking To Increase Stake In Chrysler Ahead Of Possible IPO

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Fiat is looking to up their stake in Chrysler from 20 percent to over 50 percent, according to reports in the Detroit News. Fiat was awarded a 20 percent stake in the company as part of Chrysler’s bankruptcy proceedings in 2009, and can increase its ownership as it passes a series of milestones. Marchionne also… Continue Reading...

Chevrolet Volt Costs $40,000 To Build: Former Car Czar

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Steven Rattner, the man appointed by President Obama to oversee the auto industry bailout, claims that internal GM documents that were analyzed in the early days of the bailout pegged the cost of producing a Chevrolet Volt at $40,000 per car. “At least in the early years, each Volt would cost around $40,000 to manufacture… Continue Reading...