general motors

The Obama administration on Tuesday outlined a new set of proposed rules for automobile fuel efficiency and emissions. The new rules follow an  announcement in May that the administration had reached a deal with automakers and state governments to create a unified national standard.
“This action will give our auto companies some long-overdue clarity, stability and [...]

As the Senate this week debates legislation placing the tobacco industry under the oversight of the Food and Drug Administration, Sen. Lamar Alexander (R-Tenn.) is proposing an amendment that would give every taxpayer an equal share in the 60 percent of General Motors just acquired by the federal government.
“It’s a pretty simple proposal,” Alexander told [...]

Robert Reich, economist and former Clinton administration labor secretary, doesn’t think much of General Motors expected bankruptcy filing today, as the nation’s largest automaker prepares for a de facto government rescue and takeover. If the United States really wanted to help GM, Reich wrote in an op/ed for the Financial Times, it would try a [...]

The real risk to the future of General Motors (other than the unpopular vehicles) is that a bankruptcy and reorganization process would not be quick, in what’s called a 363 sale, but would go through a standard Chapter 11 reorganization, which could take several years. A long and drawn out reorganization would probably have an [...]

Specifically, Chapter 11. General Motors’ creditors have rejected the latest offer extended to them to facilitate an out-of-court restructuring — a swap of some $27 billion in GM debt for a 10 percent equity stake in the new, reorganized company. Creditors are complaining that union stakeholders were offered a much better deal than they were [...]

The Washington Post reports that the Detroit automaker is on its way to joining Chrysler in bankruptcy proceedings:
The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens of billions of dollars more in public financing as the [...]

This can’t be helpful for General Motors’ efforts to build confidence among American consumers.
General Motors Corp is recalling nearly 1.5 million Buick, Chevrolet, Oldsmobile and Pontiac mid-sized cars due to a potential leak of engine oil that could cause an engine fire.
The recall applies to the 1997-2003 Buick Regal; 1998-2003 Chevrolet Lumina, Monte Carlo and [...]

President Obama just announced that the General Services Administration will purchase 17,600 new fuel-efficient government vehicles by June 1, using funds from the stimulus package. All purchases will be made from Ford, General Motors and Chrysler in an attempt to revive the American auto industry.
Yet the environmental goals of the program are quite modest. Although [...]

President Obama today made official what had been leaked over the weekend: That the viability plans submitted last month by Chrysler and General Motors don’t go far enough to satisfy the administration, which is asking the ailing automakers for further restructuring as a condition of receiving more bailout funding.
We cannot, we must not, and we [...]

From the treasure trove of conservative apocalyptic predictions that actually sound pretty good comes this piece today in the neocon magazine, Commentary. The article describes the ideologically driven conditions being placed on General Motors as a result of the government bailout, arguing that “GM will be used to pay off various Democratic interests and constituencies.” [...]