Ron Bloom was the man in charge of America’s automobile bailout back in 2008. Earlier this week, Mr. Bloom said that he will be stepping down and leaving his position in the White House. “We’ve faced many tough choices and dealt with numerous challenges over the past two and a half years—from restructuring the American [...]
Earlier this afternoon, Chrysler announced that it has repaid its outstanding $7.6 billion U.S. and Canadian government loans. President Barack Obama has released his statement regarding Chrysler’s repayment and here is what he said: Chrysler’s repayment of its outstanding loans to the U.S. Treasury and American taxpayers marks a significant milestone for the turnaround of Chrysler and [...]
While the White House today congratulated General Motors on its announcement of investing $2 billion in 17 plants in eight states creating new jobs, it said that the outcome is evidence that the government’s ‘tough love”‘worked. Click here for GM’s announcement on investing $2 billion in U.S. assembly and component plants. In a White House blog [...]
Task force Chairman Ron Bloom told reporters during an industry conference in Michigan today that the U.S. government has no interest in using its stake in General Motors Company to make a social policy such as offering more fuel-efficient cars or limiting auto emissions. He said that the management of General Motors and Chrysler will be [...]
After successfully getting General Motors Company and Chrysler Group LLC out of bankruptcy protection, the Obama administration said that it is now ending the government-financed warranty program for the two automakers. Ron Bloom, the head of the auto task force, told a House Judiciary subcommittee about the decision in testimony yesterday, reports Automotive News. “With the [...]
Ron Bloom, a senior adviser to the Obama administration’s auto task force, said that the group had no plans to pump more money into General Motors and Chrysler and that the public had a “reasonable probability” of getting their money back. Bloom faced numerous questions by the Senate Banking, Housing and Urban Affairs Committee about the [...]
Chief auto adviser to the U.S. Treasury Department, Steve Rattner, said Friday that GM and Chrysler may need “considerably more” aid than the $21.6 billion the two automakers have requested. Chrysler is seeking another $5 billion while GM is asking for another $16.6 billion. Rattner also gave the strongest hint that the Obama administration will [...]
Steven Rattner, the U.S. Treasury’s main advisor when it comes to the automotive industry, said today that Obama’s auto task force is avoiding bankruptcy as an option for GM and Chrysler. The news comes just days after the auto task force hired bankruptcy lawyer Matthew Feldman to advise it on its options. “Bankruptcy is not our [...]
According to a press release by New York law firm Willkie Farr & Gallagher LLP, President Obama’s auto task force has hired bankruptcy lawyer Matthew Feldman to advise it on its options. The firm said that Feldman will be responsible for advising the U.S. Treasury Secretary Timothy Geithner and the National Economic Council Lawrence Summers on “reorganization [...]
While some of you are wondering where our visitor zermatt is (zermatt being a very analytical individual who we feel is a great addition to our community), we’re guessing he’s unwinding after a very tiring visit to Detroit on Monday where President Obama’s auto task force visited General Motors and Chrysler. Either way, the auto [...]
