Tag Archives: auto bailouts

More Taxpayer Subsidies for Rich Automakers Proposed

It is another raid on the U.S. Treasury sponsored by U.S. Senators Debbie Stabenow (D-MI), Gary Peters (D-MI), along with Lamar Alexander (R-TN), all from auto making states. Continue reading

Posted in AutoInformed Editorial, fuel economy or emissions, news analysis | Tagged , , , , , , | Leave a comment

Treasury No Longer Owns GM Common Stock

Treasury in a statement said it recouped a total of $39 billion from the original GM investment. Taxpayers in 2009 gave GM $49.5 billion in loans ($50 billion including loans for the Supplier and Warranty Programs) in exchange for $2.1 billion in preferred stock and a 60.8% equity stake in the reorganized company. Continue reading

Posted in economy, financial results | Tagged , , , , | Leave a comment

Macomb County Pol Touts Auto Recovery

Macomb County Executive Mark A. Hackel, 51, said the automotive sector is heading in new directions in Macomb County and pointed to recent “wins” involving the Detroit Three, who are among the county’s top employers. The Democrat, who lives off of taxpayers in 27 communities located just north of bankrupt Detroit, noted that automakers and suppliers have made $2 billion in investments during the past three years, and Macomb is home to more than 40,000 automotive industry jobs. Continue reading

Posted in auto news | Tagged , , , | 1 Comment

Treasury Recoups another $1.2 Billion from GM

The U.S. Treasury during October continued its sale of GM common stock receiving net proceeds of ~$1.2 billion without saying how much it received per share. Continue reading

Posted in financial results | Tagged , , , , | Leave a comment

Treasury Selling More GM Common Stock

The U.S. Department of the Treasury today announced that it would sell another 30 million shares of General Motors Company common stock in a public offering in conjunction with GM’s return to the S&P 500 index. Continue reading

Posted in auto news, economy, financial results, news | Tagged , , , , , , | Leave a comment

GM and PSA Peugeot Citroën to Develop New Gas Engines

PSA Peugeot Citroën and General Motors are expanding the scope of their alliance announced earlier this year to include a new line of small gasoline engines developed from PSA’s small gasoline engine program known as the EB engine. Continue reading

Posted in auto news, new vehicle, news analysis | Tagged , , , , , , | Leave a comment

GM Buys Overseas Finance Business from Ally for $4.2 Billion

GM said that with addition of Ally’s international operations, GM Financial will be able to provide credit for customers and dealers in markets that make up about 80% of GM’s global sales. In essence, GM is recreating GMAC. Continue reading

Posted in auto news, economy, news analysis | Tagged , , , , , , , , | Leave a comment

Ford Motor and General Motors Declare Stock Dividends

The Boards of Directors of Ford Motor (NYSE: F) and General Motors Company (NYSE: GM) have declared quarterly stock dividends, as the U.S. auto industry continues its slow financial recovery because of increasing auto sales. Continue reading

Posted in auto news, economy, financial results, news analysis, results | Tagged , , , , , , , , , , | Leave a comment

Chrysler Group Q1 Profit $740 million on 33% Sales Increase

“I have really no bad news to tell you,” said Sergio Marchionne, Chairman and Chief Executive Officer of Chrysler Group. “We continue to focus on new product launches, and 2012 is the weakest year for new products. The big one is 2013.” Continue reading

Posted in auto news, financial results, results | Tagged , , , , , , , | Leave a comment

Taxpayers to Turn Profit from Controversial TARP Bailouts

TARP, arguably the most contentious of the Federal government’s attempts to stop the U.S. and global economies from sliding into another Great Depression or worse, prevented the collapse of the financial system by bailing out profligate and reckless Wall Street firms. To date not one person has been successfully prosecuted for the rampant financial fraud that caused the housing and stock markets to collapse. Continue reading

Posted in auto news, economy, news, news analysis, results | Tagged , , , , , , , , , , | Leave a comment

Taxpayers Make Money on Treasury Bailout of Mortgages

While this is good news in a slowly recovering economy, taxpayers are still on the hook for billions upon billions advanced to Freddie Mac and Fannie Mae – up to $100 billion each in capital – to prop up their $5 trillion in outstanding mortgage debt, of which an unknown amount will never be repaid. Continue reading

Posted in auto news, economy, financial results, news, news analysis, results | Tagged , , , , , , | Leave a comment

American Airlines to Freeze not Kill Pensions in Union Victory

The so-called pension freeze covers unionized flight attendants and other ground workers, but does not cover American Airline pilots because their pension plan includes a lump-sum payment upon retirement. It would have been possible for some of them to flee the once proud airline, meaning American would have an expensive aviation museum consisting of planes largely on the ground. Continue reading

Posted in auto news | Tagged , , , , , , , , , , , , , | Leave a comment

GM Posts Record $9.1 Billion Profit in 2011 – $7.6B on Common

GM’s latest results will no doubt add more fodder as the elite political ruling class continues a contentious debate about the proper roll of government in the weak U.S. economy in general, with the $80 billion auto bailout one of the focal points. One wag suggested that Democrats should run on “Bin Laden is Dead, GM is Alive.” Continue reading

Posted in auto news, financial results, results | Tagged , , , , , , , , , | Leave a comment

Ex President George Bush Endorses Federal Auto Bailouts

Former President George W. Bush received large ovations as he addressed the National Automobile Dealers Association Convention yesterday in Las Vegas. Bush’s message on the controversial government bailouts of the U.S. auto industry was simple “I’d do it again,” he told standing-room-only crowd of mostly affluent auto dealers. Continue reading

Posted in auto news, news, people | Tagged , , , , , , , , , , , , | Leave a comment

Ford Family and Other Shareholders to Receive Dividends

Ford still remains heavily in debt – at $12.7 billion. However, Ford decreased automotive debt by $1.3 billion in the third quarter of this year, including payment of the remaining $1.8 billion balance of secured Term Loan debt, which was offset partially by an increase in controversial taxpayer-subsidized low-cost loans from the Department of Energy to support advanced technology under the guise of retooling existing plants. Continue reading

Posted in auto news, economy, financial results, news, news analysis, results | Tagged , , , , , , , , , , | Leave a comment