GM fires CEO of 1 year Fritz Henderson..

Update: Video added of Thad McCotter R-MI who I think is great, on Cavuto tonight

4:55 pm EST: Well. If you’re an investor and that conference didnt scare you nothing will. Whitacre had what looked like a legal pad and papers, he spoke for 90 seconds, said he will take the role while they seek a new CEO, he took no questions and left.

LeBeau is noting that CNBC had an interview scheduled with Fritz tomorrow from the LA Auto Show. Also that Whitacre has mentioned several times, ‘I am not a car guy’, since being brought on as Chair. Yep. And now he is President CEO and Chair, oh goody! Talk about bizarre timing, we knew Fritz wanted to sell Opel and the Board did not, but WTH happened to make them fire Fritz tonight?

Ain’t being run by the union and the government grand?

4:15 pm EST: Breaking on CNBC now, Presser on “Significant Decisions” by the Board in 10 mins..

Update: Phil LeBeau at CNBC has scoopage:

…It is unclear whether he is stepping down on his own, or whether he was asked to resign. It’s also unclear who will take his role as CEO, but GM Chairman Ed Whitacre will serve as interim CEO, according to the Associated Press.GM said it will hold a news conference at 4:30 pm on “significant decisions” by the board. CNBC.com will carry it live. General Motors had no comment.

Ed Whitacre the man who used to run ATT that they dragged out of retirement to be Chairman. Oy!

Henderson took over for former CEO Rick Wagoner when the White House removed him from the position in March….

Think about how scary that is, “when the WH removed him form the position”. Under what possible authority did they do that? And the sooper genius economists and academics were fine with it, so now no capital will invest in American jobs. Maria Baritromo just interviewed Larry Fink and he said he expects 2% GDP in 2010, a million jobs lost in state govt and populism and unemployment anger at the mid term elections. Man oh man.

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December 1, 2009. Tags: , , , , , , , , , , , . Big 3, Economy, Finance, Jazz, Motown, Music, Obama Administration, Politics, Popular Culture, TARP, Wall St. Comments off.

Treasury prepares to give GMAC another 5 billion in bailouts…

Unbelievable. Who are they kidding? Who can get a loan for a new car? 14 million looking for a job. Clunkers sucked up the future sales. They are done. Roll up the sidewalks man, Detroit is closed. Yeah those auto czars did a real bang up job. Pfft. And the union & public pension bailouts are coming, believe it. This is why we HAVE to END TARP. Team TOTUS will just use it as a revolving line of credit to bailout preferred interests otherwise.

WSJ:

…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 the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008, these people said. The latest infusion would come in the form of preferred stock. The government’s 34% stake in the company could increase if existing shares eventually are converted into common equity.

The willingness by Treasury officials to deepen taxpayer exposure to GMAC reflects the troubled company’s importance to the revival of the auto industry. Founded in 1919, GMAC has $181 billion in assets and is a major financing provider on car purchases from General Motors Co. and Chrysler LLC. The new capital would help firm up GMAC’s balance sheet and solidify its auto-loan business….

*Wham courtesy of wakemeupb4ug0g0

October 27, 2009. Tags: , , , , , , . Cabinet, Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

Twofer Tuesday: Twilight Zone style for Nancy Pelosi who tells Charlie Rose ‘a VAT tax is on the table’

Golden Earring courtesy of lin1968

It’s official, Nancy Pelosi is in the Twilight Zone. She told PBS last night a VAT tax is on the table (The Hill):

Pelosi, appearing on PBS’s “The Charlie Rose Show” asserted that “it’s fair to look at” the VAT as part of an overhaul of the nation’s tax code. “I would say, Put everything on the table and subject it to the scrutiny that it deserves,” Pelosi told Rose when asked if the VAT has any appeal to her.

The VAT is a tax on manufacturers at each stage of production on the amount of value an additional producer adds to a product.

Pelosi argued that the VAT would level the playing field between U.S. and foreign manufacturers, the latter of which do not have pension and healthcare costs included in the price of their goods because their governments provide those services, financed by similar taxes.

“They get a tax off of that and they use that money to pay the healthcare for their own workers,” Pelosi said, using the example of auto manufacturers. “So their cars coming into our country don’t have a healthcare component cost.

Gee, wonder why Nancy is raising AUTO MANUFACTURERS, the PENSION LIABILITIES and a VAT TAX now? Could it be b/c GM has ALREADY BURNED THROUGH THE 50B in taxpayer dollars and the UAW cannot meet their pension obligations? Could be rabbit could be…

“Somewhere along the way, a value-added tax plays into this. Of course, we want to take down the healthcare cost, that’s one part of it,” the Speaker added. “But in the scheme of things, I think it’s fair look at a value- added tax as well.”

Pelosi said that any new taxes would come after the Congress finishes the healthcare debate consuming most lawmakers’ time, and that it may come as part of a larger overhaul to the tax code.

Everyone got that? As soon as they are done ramming healthcare through they will lay a VAT tax on our axxes. Everyone is registered to vote for 2010 right?

Twilight Zone mashup courtesy of FatherMcKenize:

“The segments of intro divide the different seasons. All episodes are in order in which they first aired (instead of production order), I believe, except Occurrence at Owl Creek Bridge which is purposely put last, just because I thought it was more climactic at the end (I’m used to seeing it at the end of the Zicree guide also!)”

October 6, 2009. Tags: , , , , , , , , , , , . Entertainment, Fantasy, Horror, Music, Mystery, Popular Culture, Sci Fi, Supernatural, Suspense. Comments off.

Update 2: Chrysler sale on hold for appeals court ruling: Video Update: GM, Chrysler Execs and more importantly Dealers themselves on the same panel, on the Hill now..

Update 2: Via Gabriel Malor at AceHQ, there is an appeal on the request for a stay of the sale, of standing, and of a removal to a court of general jurisdiction, the full scoop here…

…The sale hearing was supposed to happen tomorrow, but it’s now on hold while the Second Circuit Court of Appeals takes a stab at the stay motion. The oral argument at the appeals court will now be on Friday. What happens next will largely depend on how the court rules. Earlier, the bankruptcy judge stated that his breakneak pace is because Chrysler is losing $100 million a day while it waits on the sale….

Video Update courtesy of the lady herself:

must see if you can CSPAN should have it

also on FOXBusiness live now..

Jim Press Chrysler President is a lying liar obfuscator of facts, evader and wielder of vague generalities and the dealers on the panel with him have made that abundantly clear..Press claims he has a log showing chrysler contacted every single dealer, the dealer on the end of the table says he  has been contacted exactly once June 2 after Sen Hutchison called Chrysler for him…

I say they are lying , obfuscating  facts, evading and wielding of vague generalities, these execs b/c they wont give ANY detailed explanation of metrics used to shut these dealers down, they just keep saying the auto task force was not involved at all, I call BS….ohh Fritz is getting nailed down on how much Car Czar team knew and when.

AHA now it comes Fritz was told on March 31st that they were too slow and Not Aggressive enough, uh huh, see they WERE involved, oh ches….aHA Rattner and Bloom…they cant say how much money it will save to close these dealers down….that was Sen Mike Johanns R-NE asking great questions!

Sen Hutchinson says a NEW dealer will have to be setup in Waco TX b/c all three of them were closed down…

Now Fritz says there was no cost benefit analysis done?? WTF? WTF? No cost benefit analysis of location by location, Chrysler too! wth?!

Press says only non performing dealers are closed, dealer says one guy in WVA who gets to stay open only sold 19 cars last year and has his ‘dealership’ on his front lawn, while he has been closed…

this is the last best chance these dealers have..

Sen Kay Bailey Hutchinson has their back and made Press look like the liar obfuscator he is in her sweet TX way

Amy Klobuchar is taking Press to task now for her MN dealers…

This one Chrsyler dealer his grandfather opened his dealership in 1918, kept it open thru wwii depression etc and is profitable…

unreal!!

check it out, will get clips up as theya re available…

June 3, 2009. Tags: , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics. Comments off.

UPDATE: Saturn goes under- Penske drops bid, GM says it will not seek alternate buyer; The New GM – CNBC.com

Wow! 1992 (the album!) !? Damn am I old!

Update: 9/30 -Commenter Thomas Stewart notes GM called the end of Saturn today as Penske withdrew its bid.

CNBC:

General Motors will close Saturn and wind down its dealership network after a deal to sell the faltering brand to Penske Automotive Group collapsed, the automaker said Wednesday.The breakdown of a deal that had been widely expected to close this week will force some 350 Saturn dealerships to close and could cut thousands of auto retail jobs that would have been preserved under a plan by auto magnate Roger Penske.

Shares of Penske Automotive ..were down almost 10 percent Wednesday in aftermarket trade. The breakdown of the deal was announced after the New York Stock Exchange closed.

GM’s failure to complete the deal also adds uncertainty to the automaker’s production plans as it struggles to regain its footing following a $50-billion taxpayer funded restructuring.

“This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality,” GM Chief Executive Fritz Henderson said in a statement…

(more…)

June 1, 2009. Tags: , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, Popular Culture, Uncategorized, Unemployment Statistics, Wall St. 2 comments.

One for the Road for GM: Inside Look – GM to File Chapter 11 on Monday – Bloomberg

YouTube – Inside Look – GM to File Chapter 11 on Monday – Bloomberg.

May 28, 2009. Tags: , , , , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, TARP, Uncategorized, Unemployment Statistics, Wall St. Comments off.

Update 2: GM Bondholders accept counteroffer….Breaking: GM to close 14 plants Monday…

Update 2:  CNBC has the details:

..The bondholders will start with 10 percent equity, 7.5 percent more at both $15 billion and $30 billion market cap. GM  will emerge from this deal with $25 billion in secured debt. The offer came Thursday morning from GM and the Treasury Department. However, the move may not stop a possible bankruptcy for GM.

But in exchange for the improved payout, creditors would agree not to oppose a move to sell GM’s profitable assets to a new company funded by the U.S. government in a fast-track bankruptcy process.

The exchange offer will be open to bondholders until 5 p.m Saturday EDT, GM said…

Breaking now, GM Bondholders accept ‘sweetened’ offer, but bankruptcy still a go? developing on CNBC- GM shares resume trading

developing story on CNBC chyron…coming from AP, ugh…..

SOO glad we are spending that 60-70 Billion to save GM …so we can watch all these layoffs anyway….good Gawd almighty….and the pensions will be the next shoe to drop…you and I will carry that unfunded liability as well no doubt…i hearFed Reserve Fisher says  its like 11 trillion theentire unfunded public pensions coast to coast…pfffft!!!

May 28, 2009. Tags: , , , , . Economy, Finance, Politics, Uncategorized, Unemployment Statistics, Wall St. Comments off.

Government Motors: Chrysler- Does TOTUS stand on the side of the car dealerships or the mean executives closing them…

I mean just asking..since he made clear whose side he was on last time ’round..

A very unhappy Chrysler Dealership owner on L.I. was on CNBC this morning. Despite being in the top 2% of dealers in volume he was notified he is being shutdown, the guy up the block gets to stay open and they didn’t give this guy the chance to offer to merge/buy/sell with the dealer up the block. He called it unAmerican.

This is that dealer from CNBC:

ISLAND JEEP INCORPORATED DBA ISLAND JEEP-EAGLE 26272 J
1 EAST MONTAUK HIGHWAY
LINDENHURST, NY 11757-5833
JAMES T ANDERER

See TOTUS broke Constitutionally protected contract law to side with the workers not the speculators, except these workers..this is why the government needs to stay out of it. There are a lot of franchise laws in states and minority franchises may be perceived in some cases to get preferential treatment as Congress Critters meet with the over 100 Car Dealer lobbyists who are not going away.

The dealers have promised to sue in court to fight this. Where is TOTUS to call them unpatriotic?

Here is the PDF list of the Chrysler Dealerships being closed, we are waiting for a  list from GM..

They are in alphabetical order by dealer name not location so it will take a bit before we find out if there were geographical preferences given…the whole Southern state, Right to Work v Union state thing..we shall see….at first glance an awful lot of Florida dealers being closed…lot in NJ too…

WSJ:

..Chrysler LLC is seeking to drop 789 dealers from its retail network, according to documents filed Thursday with the U.S. Bankruptcy Court in Manhattan. The company has requested a June 3 court hearing to approve the planned streamlining, though some dealers said they would oppose being shut down. The dealer restructuring is being driven by Italian auto maker Fiat SpA, which plans to take an initial 20% stake in Chrysler when it emerges from bankruptcy protection.

Chrysler needs to pare its dealer network so that the company “can begin implementing efficiencies, marketing strategies, production plans and model changes” that will make it more profitable, the auto maker’s director of dealer operations, Peter M. Grady, said in a statement filed with the court.

..Chrysler studied the sales, locations, market shares, finances and facilities of each of its dealers to identify the strongest of its roughly 3,200 outlets, he said.

Some Chrysler dealers questioned the methodology used by the company and Fiat in their deliberations, and have vowed to battle the planned cuts. Leo Jerome, owner of Story Chrysler Jeep in Lansing, Mich., which is targeted for closure, said he has about $2 million in inventory and Chrysler informed him that the company won’t repurchase any of the cars or parts.

The auto maker said all of its dealer contracts allow the company to terminate its relationship for any reason with 30 days’ written notice.

Here is AZ:

BROTHER’S MOTORS INC DBA DIAMOND DODGE-CHRY-PLYM 68771 CDT
350 N SWITZER CANYON DR
FLAGSTAFF, AZ 86001
DARRYL R SACKS

DARNER MOTOR SALES INC DBA DARNER CHRYSLER JEEP 35058 CJ
837 WEST MAIN STREET
MESA, AZ 85201-7194
JOEL O DARNER II

JONES FORD-MERCURY, LLLP DBA JONES DODGE CHRYSLER JEEP 42779 DTCJ
781 W WICKENBURG WAY
WICKENBURG, AZ 85390
THOMAS G JONES

PERFORMANCE DODGE LLC DBA PERFORMANCE CHRY-JEEP-DODGE 44364 DTCJ
4240 W GLENDALE AVE
PHOENIX, AZ 85051-8190
WILLIAM R COULTER

May 14, 2009. Tags: , , , , , , . Economy, Obama Administration, Politics. 1 comment.

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