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In an opening statement before questioning GM CEO Fritz Henderson and Chrysler President Jim Press, Sen. Haynes said, "The deal is done." It was a painfully succinct summary of why thousands of auto dealers upset about losing their affiliations with GM and Chrysler are unlikely to find relief in Washington.
Top executives of bankrupt General Motors and Chrysler defended slashing their dealer networks, telling Congress on Wednesday that eliminating more than 2,300 dealerships was crucial to saving the companies.
Today on Capitol Hill, the Senate Commerce Committee will question GM CEO Fritz Henderson and Chrysler President Jim Press about their moves to close roughly 2000 dealerships. For all the importance that comes with a Congressional hearing, don't expect much to change after this one.
Less than a year ago we weren’t sure if we’d be saved or sucked in. Here’s your update.
As General Motors prepares to celebrate its 100th anniversary and faces possible bankruptcy, here are some key events in the giant automaker's history:
Considering the Dow soared by triple digits after GM declared bankruptcy, traders want to know if this is the bottom for the US economy?
General Motors filed for Chapter 11 bankruptcy protection Monday and all eyes are on the U.S. government's 60 percent equity stake in the auto maker. What does this bode for the stock market? Art Cashin, UBS Financial Services director of floor operations, offered CNBC his insights.
John Wolkonowicz, senior analyst at IHS Global Insight, and Alex Taylor, senior editor at Fortune Magazine, discussed the General Motors’ bankruptcy and the future of the automobile industry.
With Chrysler and General Motors in bankruptcy and under the ‘de facto’ if not ‘de jure’ management of the U.S. Government, the hue and cry emanating from the pundits and politicians and television journalists and on and on wails, “What is left of the American auto industry?”
Somewhere Walter P. Chrysler and Alfred Sloan are shaking their heads. The men who left an indelible impression on the American auto industry must be watching what will happen today and wonder, "do these guys really have a shot at making it?"
Plus, Cramer makes the call on retail, autos, gold and more.
After five months and $19.4 Billion in federal aid, three restructuring plans, and the removal of one CEO, General Motors is locked, loaded, and ready to file for Chapter 11 Bankruptcy protection on Monday.
It's never a wise thing to predict a smooth bankruptcy. Especially when you you are dealing with a company as large, as complex, and as loaded down with debt as General Motors.
The Dow and S&P 500 fell on Wednesday as rising yields on U.S. government Treasuries sparked worries about increased borrowing costs.
Remember the first time you went into a dealership to buy a new car because you truly felt you could afford a new car loan? Remember the sticker shock when you ran the numbers and said to yourself, "I didn't really think it would that much." Now you know how many people feel when they see it might take $50 Billion to fix GM.
This is the day current and retired UAW members at General Motors have been fearing. In stark terms union members are finding out just how much their benefits, their jobs, and what they've come to expect will be changing as GM restructures either in or out of bankruptcy.
This week GM and Chrysler will transform the auto industry by skidding into and through bankruptcy. If they can avoid a major car wreck, perhaps Uncle Sam's "controlled bankruptcy" plan will work.
They looked like hot stocks; so how are the Fast Money traders playing Applied Materials, Home Depot and other losers, now that they've been burned!
Four months into President Obama's administration and three months after he created the Auto Task Force to find a solution for an imploding auto industry, people are mad at the President.
Within two weeks expect to see GM in bankruptcy. And when the company files, whether it's late next week or Monday June 1st, the road map for a quick creation of a newer, leaner GM will be laid out for the Federal Government to follow. It's the Chrysler bankruptcy which has gone about as smoothly as the auto task force was hoping.