Chrysler LLC’s chief says the automaker has received an initial $4 billion loan from the U.S. Treasury Department. Chief Executive Bob Nardelli said Friday night in a release that the Auburn Hills, Mich.-based company’s talks with the federal government about the bridge loan have been completed. Nardelli says the initial loan will allow Chrysler to [...]

It appears as though both GM and GMAC are getting access to the TARP fund created by congress: General Motors shares are up after its GMAC finance affiliate was given approval for bank holding status, thus achieving eligibility for government loans.  GMAC is a critical part of General Motors, as it finances three-fourths of the [...]

President Bush announced a rescue plan for General Motors and Chrysler LLC Friday morning that will make $13.4 billion in federal loans available almost immediately.A senior administration official briefing reporters said he expects that GMand Chrysler LLC will be signing the loan papers to access the cash later Friday morning. The money will come from [...]

President Bush today announced that Detroit would gain access to some of the TARP fund.  He is allocating $9.4 billion to GM and $4 billion to Chrysler.  The White House expects officials from GM and Chrysler to sign the papers this morning so they can gain access to the cash later today. The loan terms [...]

Last week the senate denied the automakers a $14 billion emergency loan (it was actually coming out of the $25 billion loan that is already promised to them, but not being released) saying that the UAW is to blame because the UAW woudn’t make more concessions.  The stock market and the value of the dollar [...]

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 [...]