nakedcapitalism.com - 12/12/2008
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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 York Times : With Congress failing to agree on ...
online.wsj.com - 12/11/2008
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online.wsj.com —
DON BOUDREAUX The spectacle of corporate magnates from
Detroit pleading to be on Uncle Sam's dole is...
a sordid one. So why aren't more Americans appalled? One reason is widespread misunderstanding -- much of it sowed by these auto makers -- about the ...
(more)
Bankruptcy Doesn't Equal Death
heritage.org - 12/9/2008
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heritage.org —
Some observers argue that the $70/hour figure includes
the cost of benefits paid to current retirees as...
well as wages and benefits paid to current workers and that the actual hourly earnings of current UAW members are much lower. This is a mistaken ...
(more)
UAW Workers Actually Cost the Big Three Automakers $70 ...
money.cnn.com - 12/16/2008
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money.cnn.com —
NEW YORK (CNNMoney.com) -- Detroit's Big Three aren't
the only automotive companies that want to see the...
government step in with some much-needed financial help. Overseas automakers, most notably Toyota Motor, all endorse some form of federal aid to ...
(more)
Why Asian automakers want a federal bailout of U.S. ...
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Suppliers in the "What next"
Angry Bear —
rdan Naked Capitalism Yves points to this NYT article. The quote is a very short part of a longer discussion. General Motors and Chrysler, for example, owe their suppliers a total of roughly $10 billion for parts that have been delivered. G.M. has held off paying them for weeks, and Chrysler is paying in small increments. But the cash shortages at G.M. and Chrysler are getting more severe, according to their top executives and other officials.... Many of their suppliers are teetering on the verge of bankruptcy themselves, and do not have ...
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Not a Good Sign: Cerberus Reopens Talks to Merge Chrysler With GM
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Auto Dealers Fate (update)
valueplays.blogspot.com 5/14/2009 — (UPDATE: At end of post is the list of Chrysler dealerships closing. AutoNation has 7) This has been a long time coming. Both Chrysler and GM (GM) are expected to notify up to 2000 dealers combined that they are closing either today or tomorrow. The moves are expected to cost about 150,000 jobs ...
Daimler, Cerberus spar over Chrysler
| U.S.
reuters.com 11/26/2008 — FRANKFURT/DETROIT (Reuters) - Private equity firm Cerberus is demanding more than $7 billion from Daimler AG over losses that followed its 2007 acquisition of Chrysler LLC in a bitter dispute that could overshadow a plea for U.S. government aid for ...
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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