General Motors yesterday got the first of $4 billion in emergency loans from the U.S. Treasury. However, it’s rival, or fellow struggling Detroit automaker depending on how you want to look at it, Chrysler is still waiting. While GM was stern about its needs to get the loan by the end of 2008; Chrysler said [...]
General Motors’ CEO Rick Wagoner was the only executive from the Big 3 that went under a lot of heat during the talks between Detroit and Washington D.C. Many from Congress felt that Wagoner should step down as a condition for getting government loan. With the $17.4 billion in loans approved for Detroit earlier this morning, Wagoner [...]
Update: GM has released a statement denying the report made by the Wall Street Journal that it is holding merger talks with Chryler. “There are no talks going on,” GM spokesman Tony Cervone told Automotive News. “Our position has not changed at all since November when we said we are concentrating on our liquidity situation.” [...]
Former Chrysler CEO Lee Iacocca is showing his support not only for the Big 3 but the CEO’s of all three automakers. Iacocca said he does not agree with the Congress setting conditions that ask the management to step down as a condition for getting federal loans. “You don’t change coaches in the middle of [...]
It’s probably best for GM that Bob Lutz didn’t attend the congressional hearings last week since Lutz is one of the most outspoken executives Detroit has ever seen. But as GM’s CEO Rick Wagoner’s job may be on the line for the company to get government loans, Lutz is now speaking out. Lutz says Wagoner [...]
Now that Congress and even President-elect Barack Obama have voiced their opinions on Detroit’s Big 3 executives the question on everyone’s mind is: Who will replace GM’s Rick Wagoner? While GM COO Fritz Henderson may seem like a logical choice, his chances are slim since his supporters may be washed out along with Wagoner. Either [...]
Senate Banking Committee Chairman Chris Dodd was pretty straightforward on CBS’s “Face the Nation” when he said Wagoner should step down as CEO of GM for the automaker to get government loans. Even President-elect Barack Obama, without naming anyone in specific, said that the current auto industry execs should be ousted if they don’t understand [...]
After two days of going back and forth with the House and Senate, Detroit’s Big 3 can breathe a sigh of relief. Democratic leaders and the White House has reportedly reached a deal to provide billions in aid to the hurting U.S. auto industry. A senior congressional aide told Reuters yesterday that the package, which Democratic leaders will [...]
Getting yelled at by Congress, giving up the luxury of flying in their own private jets, driving from Detroit to D.C. in company owned hybrids, giving up post-retirement health care and accepting a $1-a-year salary – those are just some of the things the Big 3 CEO’s are going through. Has anyone stopped to think [...]
The Big 3 are back on Capitol Hill today and are making their final plea for help asking the government to save them from bankruptcy and the economy from million of job losses. This is the fourth time that GM’s Rick Wagoner, Ford’s Alan Mulally, Chrysler’s Robert Nardelli and UAW’s President Ron Gettleginer have appeared [...]
