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Articles tagged with: “General Motors”

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April 28th, 2009

UAW Said to Get 55% Chrysler Ownership, Board Seats

By John Lippert and Mike Ramsey April 28 (Bloomberg) -- The United Auto Workers union's retiree health-care fund will own 55 percent of Chrysler LLC in exchange for cutting in half the automaker's $10.6 billion cash obligation to the trust, people familiar with the matter said. Under the terms of ... continue reading

April 28th, 2009

UAW could put VEBA on shaky ground

Union agrees to take half from Detroit 3 By Greg Gardner / Detroit Free Press With ranks of active UAW workers shrinking and the pool of retirees growing, the union's decision to accept half of what General Motors and Chrysler owe to the retiree health care trust is putting the ... continue reading

April 28th, 2009

General Motors debt deal to give government majority stake

Bankruptcy seen as likely if bondholders block plan By Stephen Foley / IndependentThe US government will emerge as the majority shareholder in General Motors, the nation's largest carmaker, under a "take it or leave it" financial restructuring plan sprung on its bondholders yesterday. Holders of $27bn (£18bn) of GM debt ... continue reading

April 21st, 2009

Chrysler lenders offer to swap $2.5B for equity

By Tom Krisher and Dan Strumpf DETROIT (AP) — Banks and hedge funds that hold $6.9 billion in Chrysler LLC debt have proposed forgiving $2.5 billion of it in exchange for about a 40 percent stake a Chrysler-Fiat alliance, according to two people briefed on the proposal. One of the ... continue reading

April 15th, 2009

Retiree pensions are at risk

Fed insurer fears auto failures By David Shepardson / Detroit News Washington -- General Motors Corp. and Chrysler LLC retirees and employees could lose $23 billion in pension benefits if the companies terminate their retirement plans in bankruptcy, the government's pension insurance agency warned Tuesday. Neither GM nor Chrysler plans ... continue reading

April 10th, 2009

Afghanistan, Pakistan Ambassadors Criticize Obama Strategy

By Spencer Ackerman / Washington Independent A rare joint talk by the Pakistani and Afghan ambassadors to the United States Thursday afternoon exposed some differences their countries have with the Obama administration's new strategy to confront extremism in South Asia, as well as with each other. Said Jawad, the Afghan ... continue reading

April 6th, 2009

A Trillion Dollars for the Banks: How About a Second Opinion? Dean Baker

Truthout Treasury Secretary Timothy Geithner wants to have the government lend up to a trillion dollars to hedge funds, private equity, funds and the banks themselves to clear their books of toxic assets. The plan implies a substantial subsidy to the banks. It is likely to result in the disposal ... continue reading

April 5th, 2009

Moore, Nugent, Wilson sound off on Detroit

By Mike Householder DETROIT (AP) — Michael Moore says parts of it look like "the landscape of another planet." Ted Nugent refers to its "embarrassing filth." Mary Wilson speaks of its beauty and prosperity — from another time, long ago. What is this woeful place? It's Detroit, a city they ... continue reading

April 4th, 2009

Michael Moore Rejoices Over Rick Wagoner's Pink Slip

By Anita Lienert / Edmunds Inside Line DETROIT — Michael Moore, the documentary filmmaker who chronicled the General Motors plant closings in Flint, Michigan, in the 1989 movie Roger & Me, says he is stunned and "speechless" by the unprecedented dismissal of GM Chairman Rick Wagoner at the hands of ... continue reading

April 4th, 2009

Report: Banks balk at efforts to cut Chrysler debt

NEW YORK (AP) — Chrysler LLC's lenders are resisting efforts to convert most of the automaker's debt to equity, a conversion key to Chrysler's plan to restructure without filing for bankruptcy protection, according to a published report. Banks including JPMorgan Chase & Co., Goldman Sachs, Citigroup Inc. and Morgan Stanley ... continue reading

April 1st, 2009

Michael Moore hails GM chief's 'stunning' ouster

DETROIT (AFP) — Oscar-winning filmmaker and longtime political activist Michael Moore Wednesday hailed the historic decision by President Barack Obama to dismiss General Motors chief Rick Wagoner."I simply can't believe it. This stunning, unprecedented action has left me speechless for the past two days," Moore said in a letter entitled ... continue reading

April 1st, 2009

Ousting bailed-out U.S. bank CEOs an option: Geithner

WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Wednesday he would consider forcing out chief executives of banks that receive government bailouts if they were not managing their businesses properly. In an interview with CBS, Geithner said economic recovery depends on a financial system that effectively provides credit, ... continue reading

April 1st, 2009

"We the People" to "King of the World": "YOU'RE FIRED!" ...a letter from Michael Moore

Friends, Nothing like it has ever happened. The President of the United States, the elected representative of the people, has just told the head of General Motors -- a company that's spent more years at #1 on the Fortune 500 list than anyone else -- "You're fired!" I simply can't ... continue reading

March 31st, 2009

Wagoner's exit puts BofA CEO Lewis in hotseat

By Elinor Comlay NEW YORK (Reuters) - Bank of America Corp Chief Executive Kenneth Lewis may be the next corporate boss to feel the heat after the administration forced General Motors Corp Chief Executive Rick Wagoner to resign in return for further government assistance. The second-largest U.S. bank has received ... continue reading

March 29th, 2009

G.M. Chief Is Said to Be Resigning in Deal With U.S.

By Bill Vlasic and Sheryl Gay Stolberg / New York Times DETROIT — The chairman and chief executive of General Motors, Rick Wagoner, is resigning, just hours before President Obama was expected to unveil his rescue plans for G.M. and the ailing American auto industry, a person close to the ... continue reading

March 29th, 2009

GM CEO resigns at Obama's behest

By Mike Allen / Politico The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said. On Monday, President Obama is to unveil his plans for the auto industry, including a response to a request for additional ... continue reading

March 13th, 2009

Let the insured get what they need

By Megha Satyanarayana / Detroit Free Press Being insured doesn't always mean you'll get the help you want. At 22, Adrian Campbell-Montgomery said, she learned she had cervical cancer. Seemingly covered under her family's General Motors employee insurance, she was rushed into surgery. Blue Cross Blue Shield of Michigan denied ... continue reading

March 3rd, 2009

February auto sales seen hovering at 27-year lows

By Poornima Gupta DETROIT (Reuters) - Auto sales likely hovered around 27-year lows in February as consumers mostly stayed away from buying big-ticket items, spooked by job losses, the deep recession and tight credit. Major automakers are scheduled to announce February sales results on Tuesday. Large dealers, auto executives and ... continue reading

February 24th, 2009

U.S. Is Pressed to Add Billions to Bailouts

by Edmund L. Andrews, Andrew Ross Sorkin and Mary Williams Walsh / New York Times The government faced mounting pressure on Monday to put billions more in some of the nation's biggest banks, two of the biggest automakers and the biggest insurance company, despite the billions it has already committed ... continue reading

February 20th, 2009

Dodd Says Short-Term Bank Takeovers May Be Necessary

By Alison Vekshin Feb. 20 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said banks may have to be nationalized for "a short time" to help lenders such as Citigroup Inc. and Bank of America Corp. survive the worst economic slump in 75 years. "I don't welcome that at all, ... continue reading

February 17th, 2009

Michael Moore Wants Wall Street Scuttlebutt

New York Times Workers of Wall Street: You may feel unappreciated, or even reviled, these days, but take heart — there’s a big-name movie director who wants to talk to you. Michael Moore, the man behind “Bowling for Columbine,” and “Fahrenheit 9/11,” has put out the call for people in ... continue reading

February 16th, 2009

Obama Is Said to Drop Plan for 'Car Czar' to Fix Detroit

By Bill Vlasic / New York Times DETROIT — President Obama has dropped the idea of appointing a single, powerful "car czar" to oversee the revamping of General Motors and Chrysler and will instead keep the politically delicate task in the hands of his most senior economic advisers, a top ... continue reading

February 16th, 2009

Dead End in Detroit

By Bill Vlasic and Nick Bunkley / New York Times DETROIT — For all the ups and downs, and more downs, that white-collar workers here have lived through, they have always managed to put on a brave face, assuring one another that the American auto industry will come back stronger ... continue reading

February 16th, 2009

G.M. Pushes Auto Union for Concessions in Restructuring

By Bill Vlasic and Nick Bunkley / New York Times DETROIT — With its access to a government lifeline in the balance, General Motors was locked in intense negotiations on Monday with the United Automobile Workers over ways to cut its bills for retiree health care. Both G.M. and its ... continue reading

February 13th, 2009

Michael Moore Needs Your Help to Expose Wall Street Swindle

By ZP Heller / Alternet Michael Moore is about to uncover "the biggest swindle in American history," and he needs your help. In an e-mail yesterday, Moore asked for anyone connected to Wall Street or the financial industry to contact him at with information about the economic meltdown. All ... continue reading

First Page 3 of 8 Last

If you have a moment today, I hope you can read the obituary for my father Francis (Frank) Moore, who died this past Saturday at the age of 92: Francis...

Apr 22nd
6:33 PM
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My father, Francis (Frank) Moore, passed away this morning a few months shy if his 93rd birthday. He was a great dad I am blessed to have had him in my life. I...

Apr 20th
2:58 AM
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Time to put the cuffs on Chris Christie -- not for the bridge scandal, but for this: Chris Christie's $300m pension proposal broke state anti-corruption...

Apr 18th
7:31 PM
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George W. Bush Debuts New Paintings Of Dogs, Friends, Ghost Of Iraqi Child That Follows Him... President Bush has a new hobby -- painting! --...

Apr 17th
7:28 PM
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Big new story from David Sirota and Pando on top Christie adviser and appearance of corruption at New Jersey's pension fund: REVEALED: Gov....

Apr 17th
12:41 PM
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FBI Uncovers Al-Qaeda Plot To Just Sit Back And Enjoy Collapse Of United States WASHINGTON—The FBI announced today that it has uncovered a...

Apr 15th
3:28 PM
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Revealed: Rahm Emanuel's top donor bought stock in Marriott just before it was awarded huge contract As schools are closed and pensions cut,...

Apr 9th
2:00 PM
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I'll be at First Time Fest today in New York City at the screening of my first film, Roger & Me. Loews Village 7 at 12:30 pm. Come see it on the big...

Apr 5th
9:48 AM
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Revealed: Rahm Emanuel cuts public pensions, diverts money to benefit campaign donors If you've read the financial news out of Chicago the last...

Apr 4th
2:19 PM
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Please take a moment today to think of Casey Austin Sheehan, son of Cindy and Patrick, who was murdered by U.S. foreign policy in Sadr City, Baghdad ten years...

Apr 4th
2:00 PM
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ICYMI - I've joined this "thunderclap" to support the Connecticut legislators who voted yes on last year's Act Concerning Gun Violence...

Apr 3rd
7:38 PM
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I've joined this "thunderclap" to support the Connecticut legislators who voted yes on last year's Act Concerning Gun Violence Prevention...

Apr 2nd
8:27 PM
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I am opposed to the death penalty, but to every rule there is usually an exception, and in this case I hope the criminals at General Motors will be arrested...

Apr 1st
3:55 PM
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How Long Some in the US Will Survive Under New Health Law Donna Smith Those who must access care to live and can afford it are not...

Mar 31st
10:13 PM
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Last night, The Good Wife on the East Coast started 40 minutes late due to the overrun of the NCAA basketball game. If you had your DVR set for the show, you...

Mar 24th
5:41 PM
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Watching films today, looking for the ones I'm going to pick for my film festival this summer. I (and a whole bunch of others!) have this thing we put on...

Mar 23rd
4:48 PM
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When the U.S. Health Care System Keeps Killing, Who Cares Enough to Fight? Donna Smith We have largely forgotten that people are at...

Mar 21st
5:56 PM
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Tell the White House not to give up on Dr. Vivek Murthy's nomination as Surgeon General despite the ferocious opposition from the NRA: Don't give...

Mar 21st
5:38 PM
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This criminal would never see a jail cell, nor would his cronies. In fact, they'd later be rewarded with re-election: Presidential Address on War with...

Mar 19th
9:40 PM
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The crime of the century -- our invasion & slaughter in Iraq -- started 11 years ago tonite in this 7pm (ET) hour, March 19th, 2003: CNN Coverage of...

Mar 19th
9:08 PM
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Washington’s Back-to-the-Future Military Policies in Africa Nick Turse Nick Turse is an award-winning journalist, historian,...

Mar 17th
4:59 PM
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"I think democracy is the most revolutionary thing in the world." -- Tony Benn, 1925-2014 Tony Benn in 'Sicko'

Mar 14th
10:07 AM
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RIP Tony Benn, one of the UK's greatest leaders: Tony Benn, veteran Labour politician, dies aged 88 Former cabinet minister died at...

Mar 14th
9:53 AM
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Please read this important story from K. Ford K.: Am I the Face of the New American Middle Class? I began to feel I had slipped so low...

Mar 13th
2:24 PM
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Yesterday Dianne Feinstein revealed that the CIA has been spying on the Senate Intelligence Committee. This is all about the report the committee has produced...

Mar 12th
6:48 PM
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Health Care for All Colorado has brought Mercy Killers, a show written and performed by Michael Milligan about our murderous for-profit healthcare system, to...

Mar 10th
1:08 PM
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Health Care Dramas that Sting and Why We Have to Watch Donna Smith The realities Milligan has written into the show cut deep into...

Mar 10th
1:02 PM
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Did you know the Lehrer Newshour on PBS has been produced for 20 years by a company owned by conservative cable billionaire John Malone? Me neither. After...

Mar 7th
8:39 PM
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Mr. Obama, if int’l law is so damn crucial . . . | The Russian intervention deserves criticism. But let’s be clear. The...

Mar 6th
1:21 PM
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