U.S. Treasury Department prefers a breakup and sale of the lender Ally Financial
The U.S. Treasury said that it prefers a breakup and sale of the lender Ally Financial Inc. The U.S. Treasury has given $17.2 billion to the company. This strategy includes selling back... Read more
U.S. Treasury planning to sell its remaining stake in General Motors
The U.S. Treasury plans to sell its remaining stake in General Motors Co. shares "as soon as practicable," according to prepared remarks revealed on the Web site of the Committee on... Read more
U.S. Treasury hesitates to sell its stake in GM due to low price of the shares
Saying that the price is too low, the U.S. Treasury Department is hesitating to sell a portion of its 33% stake in General Motors Co. to the carmaker, according to an insider who declined... Read more
U.S. Treasury sold all of its trust preferred securities in Ally Financial
The U.S. Treasury recently said that, in an oversubscribed offering, it sold all $2.667 billion of its trust preferred securities in Ally Financial Inc., an auto and home lender. The deal... Read more
Chrysler dealerships sue US Treasury Department for violating 5th amendment
A lawsuit was recently filed against the U.S. Treasury Department by 64 dealerships that were terminated during Chrysler's 2009 bankruptcy reorganization. The suit, which seeks at least... Read more
Jack Fitzgerald forms ASSET coalition to end federal estate tax
In hopes to end the federal estate tax, Fitzgerald Auto Mall has teamed up with the owners of Silver Spring, Maryland-based Darcars Automotive Group, and 18 dealerships in Maryland,... Read more
U.S. Treasury criticized over Chrysler Financial settlement
Pierre Boutin, Nissan Motor Co.'s Western Europe managing director, recently said in an interview that the company's European sales expansion may hit a snag in the first quarter of 2011,... Read more
GM CEO Dan Akerson asks US Treasury to ease pay restrictions of execs
In order to prevent the loss of talented people from General Motors Co., CEO Dan Akerson is asking for "some relaxation" in the limitations on executive pay enforced by the U.S.... Read more
The Treasury receives $11.7 billion from GM IPO
The acting head of the Troubled Asset Relief Program, in a statement, said that as the Treasury Department recovers the funds it used to stabilize the industry, its assistance to... Read more
GM wants to raise as much as $15.8 billion in IPO
After having just increased the asking price by 14%, General Motors Co. now aims to raise up to $15.8 billion in its initial public offering, according to a statement from the company.... Read more
GM may sell preferred shares alongside its initial public offering
A source revealed that according to a draft of General Motors Co.'s regulatory filing, it may sell preferred shares alongside its initial public offering of common stock and won't sell... Read more
GM’s planned public stock sale to cut U.S. stake
Sources revealed that the public stock sale that General Motors Co. is planning is likely to end with the US government getting a minority stake while at the same time, raising new funds... Read more
GMAC raised $7.1 billion selling retail auto loans as securities
Indicating that GMAC Financial Services has improved its access to capital in the past six months, it was reported this week that it is raising almost $1 billion selling retail auto loans... Read more
The U.S. pay czar will reduce the number of top GM executives
The base salaries of top executives of the five US companies bailed out by the US government will be known this week. US pay czar Kenneth Feinberg said that the number of top General... Read more
Lazard hired by US Treasury Department for GM IPO
Lazard Ltd. has been appointed by the US Treasury Department to give advice on an initial public offering of General Motors Co., according to a source familiar with the issue. Last July,... Read more
GM to release its first earnings statement since emerging from bankruptcy
All eyes will be on General Motors Co. on Nov. 16 as it releases its first earnings statement since it emerged from bankruptcy on July 10. GM spent exactly 39 days in federal bankruptcy... Read more
GM has no plans to request more government aid
Since the amount of financing provided to General Motors Co. was sufficient, it has no plans to request more government aid, CEO Fritz Henderson told the Washington Post last Wednesday.... Read more
FoMoCo may lose some investors due to GM IPO, says Bill Ford
Some investors may reduce their holdings in his company to purchase shares in General Motors Co.'s initial public offering, according to Ford Motor Co. Executive Chairman Bill Ford who... Read more
Report: GM to begin repaying $6.7 billion in government loans early
According to Automotive News, General Motors will announce today that it plans to start repaying its $6.7 billion loan to the U.S. Treasury by year-end due to the modest operating... Read more
GM repaid its $4.7 billion federal loan this week with other U.S. funds
A Republican senator describes General Motors Co.'s act of repaying its $4.7 billion federal loan to be nothing other than a "money shuffle." An auditor's report was cited by Sen. Charles... Read more
GM must decide soon on a lead bank to sell shares publicly
As early as this week, General Motors Co. and the US Treasury are expected to already have chosen a lead bank for the carmaker's initial public offering, according to insider sources. The... Read more
GM giving top executives share equivalents worth an estimated total of $24.5 million
According to General Motors Co.'s US regulatory filings, 12 top executives will receive share equivalents worth an estimated total of $24.5 million that could be exercised once the... Read more
GM will pay back $8 billion in debt to the U.S. and Canada before June
General Motors Co. is expected to pay back about $8 billion in debt to the United States and Canada earlier than expected. CEO Ed Whitacre said that GM is also seen to go public in a way... Read more
Michael Carpenter is the new GMAC chief as Alvaro de Molina resigns
Since Alvaro de Molina has held the position of CEO of GMAC Financial Services less than two years, it's quite unexpected to see him resign from the job this early. The resignation comes... Read more
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