iOS app Android app

Gm Bailout

GM Fined $35 Million For Delaying Ignition Switch Recall

AP | JOAN LOWY and TOM KRISHER | Posted 05.16.2014 | Business

WASHINGTON (AP) — Federal safety regulators slapped General Motors with a record $35 million fine Friday for taking more than a decade to disclose a...

The Government Lost A Ton Of Money Bailing Out GM

Reuters | Posted 06.30.2014 | Business

(Adds Treasury Department comment, paragraph 6) By Eric Beech WASHINGTON (Reuters) - The U.S. government lost $11.2 bil...

So Much for the Great GM Bailout

Ben Hallman | Posted 06.02.2014 | Business
Ben Hallman

But what kind of company did the government save? One that waited a decade to recall millions of cars with a lethal defect that would shut down engines without warning. One that chose not to replace the defective part, an ignition switch, when it was first detected. It would have cost less than $1 a car to do so.The automaker, of course, isn't the only big company facing criticism for its actions before or after a government bailout. JPMorgan Chase, Bank of America and Wells Fargo have been accused in multiple federal lawsuits of lying about mortgage investments they knew were lousy in order to boost profits. Foreclosure abuses associated with the mortgage servicing arms of these companies have led to tens of billions of dollars of legal settlements.

Outgoing CEO: GM Bailout Was A Win For Taxpayers

AP | By TOM KRISHER | Posted 02.15.2014 | Business

WASHINGTON (AP) — Retiring General Motors CEO Dan Akerson says the government bailout of his company was a net gain for taxpayers — even though th...

Saving GM Was a Great Investment

David Kiley | Posted 02.10.2014 | Detroit
David Kiley

Now, that the U.S. Treasury has exited its partial ownership of General Motors, the bill to the tax-payer is reported to be $10.5 billion. Libertarians and many a Tea party Republican decry the bill. But are we forgetting the $24 billion the Republican led government shutdown cost the economy?

U.S. Government Sells Off The Rest Of Its GM Stock

AP | TOM KRISHER | Posted 12.10.2013 | Business

DETROIT (AP) — The U.S. government ended up losing $10.5 billion on the General Motors bailout, but it says the alternative would have been far wors...

GM To Become Less Government-Owned

AP | TOM KRISHER | Posted 08.05.2013 | Business

DETROIT — The U.S. government plans to sell another 30 million shares of General Motors stock in a public offering on Thursday as it speeds up e...

Government Moves Closer To Ending Sad Chapter In GM's History

AP | By TOM KRISHER | Posted 06.10.2013 | Business

DETROIT (AP) — The government has sold another piece of its stake in General Motors Co. The Treasury Department said in its March rep...

Bailed-Out Automaker Denies Damning Accusations

Reuters | Posted 04.28.2013 | Business

* Disputes reports saying automaker requested pay increase * Says requested $9 mln pay package, not $11.1 mln * GM says ...

Major Lawsuit Could Undo Some Of Bailout

Reuters | Posted 03.05.2013 | Business

By Tom Hals Jan 3 (Reuters) - A U.S. bankruptcy judge could soon rule on whether the 2009 government-led restructuring of General Moto...

The Cost To Taxpayers Of Saving An American Icon: $12 Billion

The Huffington Post | Mark Gongloff | Posted 12.20.2012 | Business

Science has determined that people need to know 7.5 things per day, on average, about the world of business. You can't argue with science. Lucky for y...

GM Becomes Less Government-Owned

AP | TOM KRISHER and MARTIN CRUTSINGER | Posted 02.18.2013 | Business

DETROIT — The U.S. government's short stint in the auto business is coming to an end. The Treasury Department said Wednesday that it will sell ...

All Bankruptcies Are Not Created Equal

Jacob Adlerstein | Posted 12.19.2012 | Business
Jacob Adlerstein

Regardless of your view on who got it right, it is unquestionable that the candidates would have steered GM and Chrysler down dramatically different paths.

U.S. Auto Bailout Will Cost BILLIONS More Than Previously Thought

Reuters | Posted 10.13.2012 | Business

WASHINGTON, Aug 13 (Reuters) - The U.S. Treasury Department has said the auto industry bailout will cost taxpayers $3.4 billion more than previously...

GM Chief Says Romney Had 'Short-Sighted' View On Auto Bailout

The Huffington Post | Dave Jamieson | Posted 05.14.2012 | Politics

Speaking Monday on "CBS This Morning," General Motors CEO Dan Akerson said that presumptive GOP presidential nominee Mitt Romney's stance against the ...

Auto Industry Turn-Around Is a Two-Party Success

Ken Blackwell | Posted 04.24.2012 | Politics
Ken Blackwell

This auto industry recovery is an example of both parties working together to help save a national treasure in our auto industry and preserve jobs in industries that depend on auto manufacturing.

Seven And A Half Things To Know: The Totally Successful Bailout Mitt Romney Hates

The Huffington Post | Mark Gongloff | Posted 02.16.2012 | Business

It takes two to make a thing go right. It takes two to make it outta sight. But it takes seven and a half things to know what you need to know today. ...

GM Is On The Up And Up

AP | By TOM KRISHER and DAVID McHUGH | Posted 01.10.2012 | Detroit

DETROIT -- General Motors Co. is on track to retake the title of world's top-selling automaker, riding strong sales in the U.S. and China to beat Volk...

Despite Newfound Profits, GM Faces Trouble With Shareholders

AOL Autos | David Kiley | Posted 08.07.2011 | Business

The new General Motors today is holding its first shareholders meeting since emerging from bankruptcy in 2009 and issuing shares to the public last No...

Marcus Baram

The Wake-Up Call: Car Accident Victims Left Behind In Huge Bailouts Of GM, Chrysler

HuffingtonPost.com | Marcus Baram | Posted 07.27.2011 | Business

• Thousands of car accident victims were left behind by the massive government bailouts of GM and Chrysler. The $50 billion rescue of GM and the res...

U.S. Cut Wall Street's Windfall On GM IPO -- But Taxpayers Haven't Broken Even Yet

bloomberg.com | Rebecca Christie and Ian Katz | Posted 05.25.2011 | Business

Nov. 26 (Bloomberg) -- Want to underwrite one of the largest initial public offerings in history? Chop your usual fee by three-fourths and commit to l...

Government Workers Are the New Illegal Aliens

Tina Dupuy | Posted 05.25.2011 | Business
Tina Dupuy

Government workers are the new group treated like parasites on the system; their jobs are illegitimate and disposable. Better to stick with the empty and symbolic than tackle the difficult.

Obama: GM IPO Proves Government Made The Right 'Tough Decisions' On Rescue

AP | Posted 05.25.2011 | Business

WASHINGTON — President Barack Obama on Thursday celebrated the return of a reborn General Motors to the U.S. stock market, saying it shows some ...

GM's IPO Just Got More Expensive

AP | TOM KRISHER | Posted 05.25.2011 | Business

DETROIT — Investor demand for General Motors stock has been so strong that the company will expand its initial public offering by 31 percent, to...

James Surowiecki: The Great Recession Has 'Crippled' Unions

The New Yorker | James Surowiecki | Posted 05.25.2011 | Business

In the heart of the Great Depression, millions of American workers did something they'd never done before: they joined a union. Emboldened by the pass...