The Bush administration dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate yesterday failed to approve emergency loans. The administration’s willingness to give short-term help to General Motors Corp. and Chrysler LLC eased the concern of at least some investors that the companies will [...]

Mr. Chairman, members of the Committee, I appreciate this opportunity to address the current economic and financial crisis, the impact it is having on the automotive industry, and the need for immediate action. During the 15 months I’ve been part of Chrysler, and since we’ve emerged as the first privately held American auto company in [...]

Cerberus Capital Management LP, wading into the politics of a U.S. auto-industry bailout, would give up any profit on a future sale of Chrysler LLC should the company receive federal financial aid. Chrysler also expects the U.S. government to take a stake in the company in any rescue, CEO Bob Nardelli said yesterday. Federal backing [...]

A few days ago the leaders of the three Detroit automakers sat down with Democratic leaders to discuss their dire situation.  It seems that they’ve done what they intended to do.  The leaders sent a letter to the treasury asking it to use part of the 700 billion bailout for financial institutions to help out [...]

We all know that the big three in detroit have been asking congress to back some loans for them.  Now we find out that the bill congress is discussing includes much more for the automakers than previously thought. “We are still hearing back from (automakers). But $25 billion was in our energy bill last year,” [...]

It seems that GM is getting tired of the constant barrage of unsubstantiated accusations made on it. They started a website, GMFactsAndFiction.com, to deal with all the rumors that surround GM. The site tackles the current issues first. From the notion that GM is asking for a bailout, to the Volt being vaporware, to the [...]