The Wall Street Journal reports: GMAC Financial Services Inc. and the Treasury Department are in advanced talks to prop up the lender with its third helping of taxpayer money, people familiar with the matter said. The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into …
At a speech at a General Motors Assembly plant in Lordstown, Ohio, President Obama restated his regret for government interference in the auto industry claiming the decision was out of necessity rather than choice. In what many called a campaign-like speech, the President asserted: As I’ve said before, I didn’t …
The Obama Administration’s claims that General Motors — the federally-owned auto manufacturer — is independent from political entanglements is once again being tested, this time with an international twist. The issue is what to do with Opel, GM’s German-based European subsidiary (as well as the smaller, British-based Vauxhal). Last week, …
As part of his on-going effort to reduce carbon emissions – or perhaps in an effort to charm a conservative-leaning audience that’s skeptical of his health care plans – President Obama, Wednesday, honored Jimmie Johnson, the 2008 NASCAR Sprint Cup Champion, and extolled the virtues of this “uniquely American sport.” …
Celebrating the fact that his administration has blown through $1 billion in deficit spending on the “Cash for Clunkers” program in just one week, President Barack Obama said Friday: “I’m happy to report that it has succeeded well beyond our expectations and all expectations.” And just what exactly has the …
On a blogger conference call this morning, Senator Lamar Alexander (R-TN) discussed a bill he introduced last week that would distribute the Federal government’s recently acquired GM and Chrysler stock to taxpaying Americans. “Instead of the Treasury owning 60 percent of shares in the new GM and 8 percent of …
WHY TARP NEEDS OVERSIGHT The announcement that the government would provide $30 billion dollars more in TARP funds to General Motors in exchange for a 60 percent ownership interest in the company is unprecedented and almost unbelievable. Who ever imagined the taxpayers would wake up Monday morning and find out …
