General Motors could be on the verge of receiving another $30 billion in federal loans – or twice the amount it received when it was bailed out by the administration of President George W. Bush last year.
The massive new taxpayer infusion would be part of a planned bankruptcy that GM would enter into with the [...]
You Knew This Was Coming
Rick Wagoner, under whose “leadership” GM lost tens of billions of dollars and tens of thousands of jobs, will drive away with a $20 million retirement package, ABC News is reporting.
Get it, “drive away?” You know, because he runs an auto company.
Or at least he did until Big Brother took him out.
From ABC:
Although the Treasury [...]
Stocks Seeing How Far The Rabbit Hole Goes
They should have known better. Or had a V-8. Or taken the blue pill …
Either way, yesterday’s modest stock market gains have been completely erased today after automaker GM admitted that it has “substantial doubt” about its ability to survive.
This, of course, comes less than four months after taxpayers poured $13.4 billion into a “rescue” [...]
GM, Chrysler Want $22 Billion More
When former President George W. Bush ill-advisedly forked over $17.4 billion to General Motors and Chrysler two months ago, the two struggling automotive giants were given until yesterday to come up with a plan for achieving sustained profitability.
So what’s their plan?
To ask for another $22 billion in federal loans.
General Motors – which received $13.4 billion [...]
Ford Says “No Thanks” To Bailout
Staring down a $14.6 billion loss for 2008, Ford Motor Co. is still refusing to join fellow U.S. automotive giants Chrysler and GM in the waiting line for taxpayer-funded bailouts.
And as hard up as the company is for cash, saying “no thanks” to Uncle Sam could be one of the smartest business moves in the [...]
No Bailout For Big Three (Yet)
In a rare and no doubt temporary example of Washington politicians actually showing some balls for a change, a $14 billion bailout deal for America’s three major automotive manufacturers fell apart late last night.
“It’s over with,” a dejected Senate Majority leader Harry Reid told reporters after the talks broke down.
Predictably, it was union demands which [...]
The Big Three’s New Ad (Hilarious)
Nothing we’ve seen sums up the debate over bailing out America’s “Big Three” automakers any better than this ad.
We were thinking perhaps a tombstone with “American Ingenuity” inscribed on it, or maybe an ad where that lonely GM Robot actually does commit suicide, but this is way better.
The truth is hard – our car companies [...]
The Big Three Got Owned
Yesterday was a bad day to go to Washington with your hat in your hand begging for a multi-billion dollar bailout … particularly if your preferred method of transportation was a luxurious private jet.
We call it “low-hanging fruit” in the business, a political jab that delivers in sheer, emotive symbolism what it might lack in [...]
General Malaise
It gives us no great pleasure to hear that American companies are in danger of going under, but at what point do we stop dancing around the obvious with respect to our nation’s economy?
When are we going to look past the doom-and-gloom headlines and “we’ve got to do something” political pronouncements and start examining the [...]
