online.wsj.com - 12/12/2008
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Associated Press Workers leave a Chrysler truck plant in Warren, Mich., Thursday.
online.wsj.com - 12/18/2008
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online.wsj.com —
General Motors Corp. and Chrysler LLC have reopened
merger talks, as Chrysler owner Cerberus Capital Management LP...
has signaled its willingness to give away part of its ownership in the auto maker, say people familiar with the discussions. With cash ...
(more)
GM and Chrysler Reopen Talks on a Merger
washingtonpost.com - 12/12/2008
nakedcapitalism.com - 12/18/2008
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nakedcapitalism.com —
There had been rumors that Treasury would unveil
a rescue plan for the Big Three on Wednesday....
The day came and went with no announcement. Tonight we learn, via the Wall Street Journal, that Cerberus has revived merger talks for Chrysler with GM. ...
(more)
Not a Good Sign: Cerberus Reopens Talks to Merge ...
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$50 Billion Ponzi?
Calculated Risk —
A couple of stories to discuss ... SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme According to regulatory filings, the Madoff firm had more than $17 billion in assets under management as of the beginning of 2008. It appears that virtually all assets of the advisory business are missing. And from the WSJ: GM Retains Bankruptcy Counsel; Tentative Pact Reached on Bailout General Motors Corp. has hired lawyers and bankers to consider whether to file for bankruptcy protection, said several people familiar with ...
Auto bailout talks collapse in US Senate
FT Alphaville —
A frantic, last-ditch attempt to forge an emergency-relief package for the Big Three auto makers collapsed in the US Senate, amid a sharp partisan dispute over the wages paid to workers at the troubled manufacturing giants, the WSJ reported . The collapse is a blow to Detroit’s Big Three - Ford, GM and Chrylser two of which have said they wouldn’t be able to last the year without federal aid. Meanwhile, GM prepared for the worst by hiring some of the US’s biggest names in restructuring to consider whether to file for bankruptcy protection, the WSJ said, citing sources. GM ...
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GM Had Talks With Chrysler
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Let's Hope the Auto Bailout Has Failed for Good
thestalwart.com 12/12/2008 — The fact that US auto companies weren't willing to reach parity with the wages of their japanese competitors was outrageous. For this stalwart at least its a relief that this bailout did not pass, and the markets' negative reaction is really short ...
Grim Auto News On Every Front
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Daimler Faults Cerberus in Talks Over Chrysler
dealbook.blogs.nytimes.com 11/26/2008 — In an usually aggressive move, Daimler, the German automaker, lashed out at the private equity firm Cerberus Capital Management on Wednesday, saying that negotiations over Daimler’s remaining stake in Chrysler were being hampered by what it ...
Say No to the Auto Bailout
cato.org 11/14/2008 — This article appeared on CNN.com on November 13, 2008. General Motors, Ford, Chrysler and the United Auto Workers union are pouring millions of dollars into a lobbying campaign for a taxpayer bailout. The money devoted to influence peddling in ...
Argument #1 for SOC: Bailing out Cerberus and the US Auto Industry
informationarbitrage.com 12/7/2008 — While I am early in forming the details of how the Stabilization Oversight Council (SOC) would operate, its principles are clear:
The best ideas from the best thinkers, operating in an independent, de-politicized structure, with
The discipline to ...
America’s Two Auto Industries
ritholtz.com 11/10/2008 — Fantastic article in the WSJ today about the pending bailout plan to GM, Ford and Chrysler.
America has two auto industries. The one represented by GM, Ford and Chrysler is Midwestern, unionized, burdened with massive obligations to retirees, and ...
Many Auto Suppliers Already on the Brink
nakedcapitalism.com 12/12/2008 — GM and Chrysler have been stretching payables, which means that many auto parts suppliers are in dire cash flow straits. And if auto parts makers fail, it doesn't hurt just the Detroit car makers, but the foreign transplants as well. From the New ...
Transparently Ridiculous —
The Big Money 12/9/2008
Chrysler LLC says it’s almost broke and needs federal aid to survive. Perhaps that’s true. Yet taxpayers should be asking: How do we know?
read more
Congress, Will You Drive My Car? —
The Big Money 12/10/2008
Detroit can breathe a little easier today. The long-predicted bailout of the automotive industry now heads to the House of Representatives for a vote, possibly as early as today, The Washington Post and New York Times report this morning, after ...
Face value: Mr Detroit —
The Economist: Full print edition 12/11/2008
The survival of Rick Wagoner of General Motors hangs in the balance, like that of the industry he embodies IN THE end neither Congress nor the outgoing Bush administration had the stomach to allow two of Detroit’s Big Three carmakers to ...
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