bailout

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Feds OK Massive $20B Citigroup Bailout

Taxpayers will also back $300 billion in shaky debt

(Newser) - The US will bail out Citigroup with $20 billion in fresh capital and a guarantee to mop up $306 billion in toxic assets, the Wall Street Journal reports. The deal, announced late last night, marks a turning point in the financial crisis: In addition to injecting nearly $300 billion into...

Detroit Should Look at the History of Steel
Detroit Should Look at the History of Steel
Analysis
Nov 23, 2008 2:09 PM CST

Detroit Should Look at the History of Steel

Bankruptcy saved that industry, but auto isn't exactly the same

(Newser) - When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New ...

'Public Sick of Partisanship': Lieberman
'Public Sick of Partisanship':
Lieberman
talk show roundup
Nov 23, 2008 12:00 PM CST

'Public Sick of Partisanship': Lieberman

Joe says Obama never called back; politicos talk bailouts on TV

(Newser) - Joe Lieberman told Meet the Press today that he regrets "some things I said in the heat of the campaign that I wish I'd said more clearly," and hopes Barack Obama will put, er, "country first" by leading in a bipartisan fashion. Lieberman said he called...

GM Board Would Consider Bankruptcy
GM Board
Would Consider Bankruptcy
Nov 22, 2008 8:11 AM CST

GM Board Would Consider Bankruptcy

Directors differ with CEO Wagoner as automaker struggles

(Newser) - Some General Motors’ directors are willing to consider bankruptcy protection as an option for the failing automaker, the Wall Street Journal reports, marking an unusual disagreement with CEO Rick Wagoner. Wagoner told Congress repeatedly this week, in seeking an immediate financial bailout, that reorganizing through a Ch. 11 bankruptcy is...

GM Shrinks Fleet of Corporate Jets
GM Shrinks
Fleet of Corporate Jets
Nov 21, 2008 1:38 PM CST

GM Shrinks Fleet of Corporate Jets

Automaker, pilloried on Capitol Hill, is retiring two of five planes

(Newser) - After facing turbulence on Capitol Hill over its corporate jets, General Motors is cutting two aircraft from the ranks, the Detroit News reports. “This is strictly the result of drastic cutbacks in travel around the globe,” said a spokesman. The automaker, which began this year with seven jets,...

Obama Team Weighs Streamlined Auto Bankruptcy

A 'prepackaged' plan likely would include government financing, take less time

(Newser) - Barack Obama’s transition team is looking at a streamlined, “prepackaged” bankruptcy for the Big Three automakers, Bloomberg reports. In a “prepack,” the companies already would have financing lined up when they go to court, and would have to reach agreements with banks, workers, and suppliers. The...

Economy's Tanking Too Fast to Wait for Obama: Krugman

The downtime before inaguration could make things grimmer yet

(Newser) - The state of the economy right now reminds Paul Krugman a lot of the start of the Great Depression, including a lame-duck administration that seems to have no credibility, hence no influence on the markets, the columnist writes in the New York Times. Drastic damage was done to the country...

UAW Eyes Give-Backs to Help Big 3 Bailout

Union ready to make concessions to secure industry loan

(Newser) - The United Auto Workers appears to be easing off its “no more cuts” stance. The union is negotiating a swath of concessions it hopes will convince Congress to loan money to the Big Three, starting with the elimination of its controversial jobs bank, the Detroit Free Press reports. The...

Bailout Wait 'Nerve-Wracking'
 Bailout Wait 'Nerve-Wracking' 
Nov 21, 2008 1:50 AM CST

Bailout Wait 'Nerve-Wracking'

Hearings 'more hostile than expected,' says Wagoner

(Newser) - Two grueling days of congressional hearings on a bailout for the auto industry were "hostile" and the wait for an answer is "nerve-wracking," General Motors CEO Rick Wagoner told the Detroit News yesterday. GM is ready now to show Congress detailed restructuring plans to convince lawmakers to...

Hey, Mitt, Your Naked Opportunism Is Showing
Hey, Mitt, Your Naked Opportunism Is Showing
OPINION
Nov 20, 2008 3:43 PM CST

Hey, Mitt, Your Naked Opportunism Is Showing

Flip-flop on Detroit shows McCain was right not to pick Romney as running mate

(Newser) - Mitt Romney is speaking sideways when he talks about Detroit these days, Joan Vennochi writes in the Boston Globe. The man who promised he would “not rest until Michigan is back” in the Republican primary is now urging bankruptcy for Detroit automakers. “If the auto industry could reinvent...

Congress to Big 3: Ball's in Your Court

(Newser) - After failing to strike a deal today on a possible bailout for the Big Three automakers, Congressional leaders offered the firms one more chance to push for the $25 billion lifeline they've requested, the Detroit News reports. Lawmakers will wait until December and require concrete plans for the money before...

Big Three Worse Than Somali Pirates
 Big Three Worse 
 Than Somali Pirates 
OPINION
Nov 20, 2008 1:37 PM CST

Big Three Worse Than Somali Pirates

Extortion done right in Detroit

(Newser) - Detroit’s pleas for a bailout sound an awful lot like blackmail to Bloomberg’s Mark Gilbert. Let GM fail, CEO Rick Wagoner told Congress, and the “level of economic devastation would far exceed” what Detroit is asking for. In other words, give us what we want, or the...

Google CEO: Energy Bailout Is a Must, Too

Adviser thinks Obama should open power grids, fund innovation

(Newser) - Google CEO Eric Schmidt thinks the government needs to fund a massive reinvention of America’s energy infrastructure, opening up the grid to startups and funding innovation, Information Week reports. It’s crucial “that small startups with funny names get founded and funded in the new regime,” said...

Senate GOP Crafts Own Auto Bailout Package

Plan would repurpose $25B fuel-efficiency carrot already passed

(Newser) - Senate Republicans are crafting legislation that would repurpose an already-approved $25 billion Energy Department initiative to bail out struggling automakers, the Detroit News reports. The plan is at odds with Democratic efforts, which would use money from the $700 billion Wall Street bailout to help Detroit. The Energy money was...

Wagoner: Why the US Should Bail Detroit Out
Wagoner: Why the US Should Bail Detroit Out
OPINION
Nov 19, 2008 10:40 AM CST

Wagoner: Why the US Should Bail Detroit Out

Detroit making better cars—and has broad roots in US economy

(Newser) - An aggressive agenda of cost-cutting combined with research and development of new technologies has reshaped the US auto industry in recent years, General Motors CEO Rick Wagoner writes in the Wall Street Journal. And with the industry’s deep, broad roots in the US economy, government aid will help it...

What a Detroit Bankruptcy + Bailout Should Look Like

And what the bailout might look like

(Newser) - Barack Obama isn’t in the Oval Office yet, but he’s already passed his first presidential test “with flying colors,” in Steven Pearlstein’s book. With Democrats ready to roll over for the not-so-big three, and Republicans stonewalling, Obama broke the stalemate with just the right bankruptcy-then-bailout....

Romney: Let Detroit Go Bust
 Romney: Let Detroit Go Bust 
OPINION
Nov 19, 2008 7:26 AM CST

Romney: Let Detroit Go Bust

Bankruptcy, not bailout, will save the American motor industry

(Newser) - If you want to maintain an automotive industry in the US, writes Mitt Romney, giving the Big Three a bailout is the last thing you should do. In an op-ed for the New York Times, the former Massachusetts governor (and Michigan native) says that GM, Chrysler, and Ford need a...

Chinese Automakers Seek US-Style Bailout

Country's carmakers look to Beijing as slowdown puts the brakes on sales

(Newser) - China's automakers are looking to emulate a new Detroit invention—a bailout, the New York Times reports. After years of rapid expansion, the industry has been hit by a sudden slowdown as confidence crashes both home and abroad. Executives are now quietly pressing Beijing for a US-style rescue package to...

Detroit's Big 3 Plead Their Case in Washington

(Newser) - The CEOs of the Big Three automakers told the Senate today that a $25 billion bailout of the industry is necessary to prevent "catastrophic" effects on the economy, the New York Times reports. “If the domestic industry were allowed to fail,” said GM's Rick Wagoner, it would...

Debunking 6 Myths About Detroit Carmakers
Debunking 6 Myths About Detroit Carmakers
ANALYSIS
Nov 18, 2008 2:45 PM CST

Debunking 6 Myths About Detroit Carmakers

Clamor over bailout obscures some truths about Big Three

(Newser) - Misconceptions and half-truths abound in the discussion over giving Detroit’s big three carmakers a chunk of federal bailout cash. Mark Phelan, in the Free Press, clears up six myths:
  1. Nobody buys GM, Ford or Chrysler anymore.
  • Fact: The three combined sold 8.5 million vehicles domestically last year—GM
...

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