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Obama Defends Auto Bailout
President Barack Obama defended his bailout of General Motors Co. and Chrysler Group LLC, citing their speedy exit from bankruptcy and saying the consequences of doing nothing would have been catastrophic.
Read More »A Brand New Day for Chrylser
Chrysler Group LLC employees officially met the new boss earlier this week–and he’s not anything like the old boss – which is probably a very good thing, indeed. Chrysler is now run by Fiat, and the first item on the new agenda is profitability—something the old bosses didn’t seem to be all that concerned about. […]
Read More »Big 3 says, "Show Me the $$!" Do Americans Approve?
A lot of people have been asking the same question: Why should the American people be responsible for bailing out the Big 3? They’ve made all the classic mistakes. First, they failed to change their strategy and haven’t acted quickly enough to the changing marketplace and world economy. Second, they built too many dealerships. And […]
Read More »Look How They Do It In France!
The French are known for many things, such as the advent of the beret. But look how they are handling their auto industry bailout. French President Nicolas Sarkozy is ready to offer new financing assistance to the country’s troubled auto industry, which include PSA/Peugeot-Citroen, and Renault, not to mention their suppliers and dealers and everyone […]
Read More »The Big Three: Celebrate! Celebrate! Dance to the Music!
It worked (to some extent). The Big Three could be getting their billions in no time. Woo-hoo! Though it’s not the original over-inflated amount, Democrats in the US Congress have announced they will introduce a bill making up to 15 billion dollars available in immediate aid for the US automobile industry. Part of the bill includes […]
Read More »Oh Canada!
Ok, if it’s not bad enough that the Big Three have been traveling to Washington (thankfully in fuel efficient vehicles this time and not private jets), to ask for a bailout. Now, the execs are now taking their money-begging road show to Canada. Yes, Ford, GM and Chrysler are seeking a $6.8 Billion Government Loan […]
Read More »No Blank Check!
Like a stern parent with an over-indulgent child who never seems to listen, President-elect Obama is already laying down the law with the U.S. auto industry. Addressing a press conference in Chicago, Obama stated that in order to keep the economy afloat he is firmly committed to make sure the U.S. auto industry doesn’t simply […]
Read More »Ford Sells 20% Of Its Stake In Mazda
In an effort to raise cash and prop up its faltering balance sheets, Ford Motor Company has sold 20% of its stake in Mazda, netting the blue oval boys $540 Million. This follows on the heals of GM selling of 3% of their stake in Suzuki (netting the General $230 Million). According to statements from […]
Read More »Michael Moore Speaks Out About The Auto Industry on CNN
Controversial filmmaker Michael Moore spoke out last night about the auto industry on CNN’s Larry King Live. “I’m of mixed mind with this bail out,” Moore said, who doesn’t want to see hundreds of thousands of autoworkers suffer at the hands of these auto makers, but at the same time,“I don’t think that these companies, […]
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