Automotive News reports that if GM is forced to declare bankruptcy, the federal government could be forced to take on the burden of paying for the pensions of tens of thousands of retired autoworkers:
A General Motors bankruptcy could become a nightmare for the federal government’s Pension
Rick Wagoner may be leaving his position as CEO of General Motors but he’s not going away empty handed. Though he cannot receive a severance package under the terms of the auto industry bailout, he is due to receive some $20 million in retirement benefits after 32
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 More…
As the auto industry decries the White House decision to reconsider California’s push for stricter emission standards, some environmental groups are quick to point out that several automakers have already pledged to meet the proposed guidelines.
Business strategies submitted to Congress, as part of a December bailout debate, by More…
When Senate Republicans last week blocked Democrats’ efforts to bail out General Motors and Chrysler, which say they’re near bankruptcy, the White House was quick to swoop in to announce that it would lend the help that Congress didn’t.
Aside from the comedy surrounding that development (the Bush administration’s original More…
After Senate Republicans dashed the Big Three automakers’ hopes for a congressional bailout last week, General Motors decided it was time to begin seriously exploring a Plan B. Company executives turned to the biggest name in corporate bankruptcy.
Harvey Miller, who has worked on mega-cases like Lehman Bros., Enron and More…
When the chief executives of the Big Three automakers first came to Washington to ask Congress for a $25 billion-bailout, they arrived in town on private jets.
When 16 active and retired members of the United Auto Workers headed to Washington on Sunday night to press the need for government More…
In 1979, with Chrysler at the brink of failure, Lee Iacocca famously cut his salary to $1 per year in recognition of the federal help that eventually saved the company.
Fast forward nearly 30 years, and several lawmakers have put the Iacocca challenge to the CEOs of Detroit’s Big Three, More…
More than 50 years ago, when the head of General Motors said that what’s good for General Motors is good for America, few would have disagreed. But Tuesday, the company’s CEO couldn’t convince a panel of 21 senators that the idea still rings true.
Along with the heads of Ford More…
As the Wall Street bailout program morphs from one helping banks to one benefiting insurers and (perhaps) automakers, the Bush administration is having a hard time explaining what rules are dictating the process — and where it’ll draw lines of eligibility.
It’s an unlikely spot for a conservative White More…
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