- Toyota and Hino Heavy-Duty Fuel-Cell Electric Truck Verification Tests Start in the Spring of 2022
- CARB Alters and Adds Stationary Source Emissions Measurements to Improve Local Air Pollution and Health
- Trump Covid Casualties – State Sales Tax Collections Dive
- NHTSA Nixes GM Petition for Exclusion of Millions of Big Trucks and SUVs from Takata Airbag Recalls
- Grim Survey – a Nation of Broke and Broken Shopkeepers?
- Porsche Q3 in Black at €437 Million Because of VW
- Vijay Sankaran Rejects Information Officer Job at Ford
- GM’s Factory ZERO – First U.S. Plant to Install 5G
- GM Doubles Down on EVs in Bid to Win Global Race
- JLR to Use Irish Smart City Hub for Self-Driving Tests?
- Truck Wars – 2021 Jeep Wrangler Rubicon 470hp V8
- GMC 2021 Canyon AT4 Off-Road Performance Edition
- Plug&Charge Pay on Mustang Mach-E, Porsche Taycan
- Driver Phone Distraction During 41% of Daytime Trips
- Europe’s F-Series – All-Electric Ford E-Transit Revealed
News from PR Newswire
Tag Archives: u.s. treasury
During 2009 when the Bush Administration’s Great Recession was in full force and worsening, the U.S. government via taxpayers 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. Treasury has been selling the stock since late last year. A quick back of the envelope calculation at current market rates shows that taxpayers will ultimately lose ~$10 billion. Continue reading
If several complicated agreements and transactions go as planned, U.S. taxpayers will recover $12.1 billion or more than two-thirds of the bailout they subsidized. Ally has currently paid the U.S. Treasury $6.2 billion. Continue reading
GM said in a statement that is not currently aware of any specific plans regarding an offering by any selling shareholders. When selling shareholders make an offering during the next three years, the terms would be established at the time of offering and described in a prospectus supplement filed with the SEC. GM will not receive any of the proceeds of sales of common stock or warrants by the selling shareholders in the shelf registration statement. Continue reading
Ally Financial today announced that it has reached an agreement to sell its Mexican insurance business, ABA Seguros, to the ACE Group, one of the world’s largest multi-line property and casualty insurers. ABA Seguros is the fourth largest insurer in the Mexican auto insurance market, and the transaction has a purchase price of $865 million in cash.
The latest move to fix the balance sheet of the former finance arm of General Motors comes a week after the announcement that Ally will make a payment of approximately $134 million, or $1.125 per share, to the U.S. Treasury next month. U.S. taxpayers have invested $17.2 billion in keeping Ally in business as a bank holding company after improvident home mortgages made it bankrupt under the Bush market crash. Continue reading
Treasury To Sell More AIG Stock. Taxpayers Still Owed $24 Billion and Hold 53% from Controversial Bailout of Reckless Company
Today, the U.S. Department of the Treasury announced that it expects to receive an additional $750 million from its public offering of American International Group (AIG) common stock. The Wall Street underwriters have exercised their so-called over-allotment option to purchase another 24.6 million additional shares of AIG common stock at the public offering price of $30.50 per share. Continue reading
U.S. Treasury to Sell $5 Billion of AIG Stock. Taxpayers Still Owed $39 Billion from Controversial Bailout of Company
Today’s announcement is part of Treasury’s ongoing efforts to wind down the Troubled Asset Relief Program (TARP). More than 81% ($338 billion) of the $415 billion funds disbursed for TARP have already been recovered to date through repayments and other income – before including any expected proceeds from today’s announcement.
Ideologues will never admit it, but TARP is looking like an effective government intervention in the failed capital markets. Little has been done to make sure that it does not happen again in the view of critics. Continue reading
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
The so-called Super Committee is already gridlocked over how to decrease the budget deficit, and that very likely means nothing will be done about the deficit until after the 2012 elections as both parties in a dysfunctional Washington maneuver for election advantages. Continue reading
Debt Causes U.S. Treasury to Suspend Reinvestment in Exchange Fund. Last Stopgap Measure Taken before Default
The fund is a crucial financial tool because it includes purchasing or selling foreign currencies to stabilize international financial markets and thereby prevent damage to U.S. exports and the national economy.
Automakers had no immediate comment, but the uncertainty surrounding the effects of a default on U.S. debt – potentially turning the “almighty dollar” into a third world currency – has left executives cautious about predicting sales for the remainder of the year. U.S. sales declined in June for the second straight month. Continue reading
Ally’s is one of the leading suppliers in the U.S. of wholesale dealer loans, and is the leading retail provider of vehicle finance. Ally’s taxpayer-financed bailout remains a vital aspect to the thus far successful reorganizations of General Motors and Chrysler. U.S. (and Canadian taxpayers) have large interests in those recovering automakers, as well. Continue reading
General Motors Company (NYSE: GM) has sold of its preferred shares of Ally Financial Inc. for a total of $1.0 billion. Ally, formerly known as GMAC, is GM’s and Chryslers largest provider of automotive financing. Continue reading