Tag Archives: auto bailouts

More Taxpayer Subsidies for Rich Automakers Proposed

It is another raid on the U.S. Treasury sponsored by U.S. Senators Debbie Stabenow (D-MI), Gary Peters (D-MI), along with Lamar Alexander (R-TN), all from auto making states. Continue reading

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Treasury No Longer Owns GM Common Stock

Treasury in a statement said it recouped a total of $39 billion from the original GM investment. Taxpayers in 2009 gave GM $49.5 billion in loans ($50 billion including loans for the Supplier and Warranty Programs) in exchange for $2.1 billion in preferred stock and a 60.8% equity stake in the reorganized company. Continue reading

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Macomb County Pol Touts Auto Recovery

Macomb County Executive Mark A. Hackel, 51, said the automotive sector is heading in new directions in Macomb County and pointed to recent “wins” involving the Detroit Three, who are among the county’s top employers. The Democrat, who lives off of taxpayers in 27 communities located just north of bankrupt Detroit, noted that automakers and suppliers have made $2 billion in investments during the past three years, and Macomb is home to more than 40,000 automotive industry jobs. Continue reading

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Treasury Recoups another $1.2 Billion from GM

The U.S. Treasury during October continued its sale of GM common stock receiving net proceeds of ~$1.2 billion without saying how much it received per share. Continue reading

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Treasury Selling More GM Common Stock

The U.S. Department of the Treasury today announced that it would sell another 30 million shares of General Motors Company common stock in a public offering in conjunction with GM’s return to the S&P 500 index. Continue reading

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GM and PSA Peugeot Citroën to Develop New Gas Engines

PSA Peugeot Citroën and General Motors are expanding the scope of their alliance announced earlier this year to include a new line of small gasoline engines developed from PSA’s small gasoline engine program known as the EB engine. Continue reading

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GM Buys Overseas Finance Business from Ally for $4.2 Billion

GM said that with addition of Ally’s international operations, GM Financial will be able to provide credit for customers and dealers in markets that make up about 80% of GM’s global sales. In essence, GM is recreating GMAC. Continue reading

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Ford Motor and General Motors Declare Stock Dividends

The Boards of Directors of Ford Motor (NYSE: F) and General Motors Company (NYSE: GM) have declared quarterly stock dividends, as the U.S. auto industry continues its slow financial recovery because of increasing auto sales. Continue reading

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