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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
A Trillion Dollars for the Banks: How About a Second Opinion? ...by 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 ...
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 ...
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 ...
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 ...
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 ...
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, ...
"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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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, ...
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 ...
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 ...
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 ...
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 ...
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 bailout@michaelmoore.com with information about the economic meltdown. All ...
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June 5th, 2013
Here's How We Built a Movie Theater for the People – and Why the MPAA Says It's #1 in the World
This past week, the Motion Picture Association of America (MPAA), the main federation of Hollywood's six major studios, posted on their web site a list of what they believe ...
March 23rd, 2013
This evening is going be a big moment in turning our country around on the issue of gun violence. That's why I desperately want you ...
March 21st, 2013
I am hosting a nationwide series of house parties this Saturday night where tens of thousands of people will gather together in living rooms to ...
March 15th, 2013
The response to my Newtown letter this week has been overwhelming. It is so very clear to everyone that the majority of Americans have had ...
March 13th, 2013
America, You Must Not Look Away (How to Finish Off the NRA)
The year was 1955. Emmett Till was a young African American boy from Chicago visiting relatives in Mississippi. One day Emmett was seen "flirting" with ...
February 26th, 2013
My Final Word on Buzzfeed and Emad Burnat's Detention at LAX
Thanks to everyone for bearing with me as I spend so much time on what happened to Emad Burnat. It's important to me because he's ...
February 26th, 2013
Michael Moore Responds to Buzzfeed Story on '5 Broken Cameras' Co-Director Emad Burnat
On Tuesday, February 19th, Emad Burnat, the Palestianian co-director of the Oscar-nominated documentary '5 Broken Cameras,' was detained with his wife and son at Los ...
September 11th, 2010
If the 'Mosque' Isn't Built, This Is No Longer America
OpenMike 9/11/10 Michael Moore's daily blog I am opposed to the building of the "mosque" two blocks from Ground Zero. I want it built on ...
December 14th, 2010
Why I'm Posting Bail Money for Julian Assange
Yesterday, in the Westminster Magistrates Court in London, the lawyers for WikiLeaks co-founder Julian Assange presented to the judge a document from me stating that ...
May 12th, 2011
Some Final Thoughts on the Death of Osama bin Laden
"The Nazis killed tens of MILLIONS. They got a trial. Why? Because we're not like them. We're Americans. We roll different." – Michael Moore in ...
November 22nd, 2011
Where Does Occupy Wall Street Go From Here?
This past weekend I participated in a four-hour meeting of Occupy Wall Street activists whose job it is to come up with the vision and ...
September 22nd, 2011
A STATEMENT FROM MICHAEL MOORE ON THE EXECUTION OF TROY DAVIS
I encourage everyone I know to never travel to Georgia, never buy anything made in Georgia, to never do business in Georgia. I will ask ...
December 16th, 2010
Dear Swedish Government: Hi there -- or as you all say, Hallå! You know, all of us here in the U.S. love your country. Your ...
November 2nd, 2010
This letter contains (almost) no criticisms of how the Democrats have brought this day of reckoning upon themselves. That -- and where to go from ...
'The East'
Why have you started a comedy festival in northern Michigan in the middle of winter?
Because if you were here in the dead of winter in the middle of nowhere (which is actually somewhere to us), you'd need a few laughs too ... Continue Reading
Michael Moore on MSNBC with Michael Eric Dyson, 3/22/13
Michael Moore on Democracy Now!, 6/28/12
Michael Moore on the Rachel Maddow Show, 5/11/12
Michael Moore on MSNBC, Super Tuesday, 3/6/12
Visit msnbc.com for breaking news, world news, and news about the economy
Michael Moore on the Rachel Maddow Show, 2/27/12
