Michigan Governor Rick Snyder is expected to announce on Thursday an emergency state takeover of Detroit, putting a lawyer in charge of the destitute city's finances.
Kevyn Orr, the attorney who managed Chrysler's 2009 bankruptcy, is reportedly Michigan Gov. Rick Snyder's top pick to be Detroit's financial emergency manager.
Michigan Governor Rick Snyder formally declared a fiscal emergency in Detroit. Doc Thompson, Detroit Talk Radio Host; Andrew McCarthy, former Federal Prosecutor; and Ari Melber, Nation Magazine, weigh in.
Nearly four years after taking over Chrysler, Sergio Marchionne is ready to take the Detroit automaker to the next level.
Detroit Mayor Dave Bing, delivers speech on Wednesday to avoid losing much of his authority to a state takeover of the city's financial affairs.
If January is any indication, 2013 could be another big year for auto sales in the U.S.
There is a new twist in the London Whale trading scandal that cost JPMorgan Chase $6.2 billion in trading losses last year. Some of the firm's own traders bet against the very derivatives positions placed by its chief investment office, said three people familiar with the matter.
At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered - including a Maserati 2014 Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and dignitaries rubbed shoulders; and many of the well-heeled attendees ponied up for a $300-a-ticket black-tie charity ball.
From outside Michigan Republican circles, it appeared that the Republican drive to weaken unions came out of the blue - proposed, passed and signed in a mere six days.
NBC's Ron Mott reports Gov. Rick Synder has signed two bills into law that many see as a major setback for big labor.
Rep. Peter Roskam, (R-IL), discusses the latest negotiations on a "fiscal cliff" deal between the White House and Congress. Also, a look at the national implications of Michigan's new right-to-work law, with Robert Costa, National Review editor; and drilling down on the "fiscal cliff'," with Jared Bernstein, Center on Budget and Policy Priorities, and Kate Obenshain, "Divider-in-Chief" author.
NBC's Ron Mott has the latest details on Michigan's new labor law, and discussing its impact on labor unions and workers, with Terry Bowman, Union Conservatives Inc., president. Also, an update on "fiscal cliff" offers between the President and House Speaker John Boehner, with CNBC's John Harwood.
NBC's Ron Mott reports the latest details on the clash between police and protesters in front of Michigan's State House following the passage of right-to-work legislation.
CNBC's Eamon Javers reports on President Obama's "fiscal cliff" visit to Michigan today, and Jase Bolger, Michigan's Speaker of the House, (R), explains why he believes Democrats need to focus on getting the economy on track.
China's largest maker of auto parts won a politically sensitive auction for A123 Systems, a bankrupt maker of batteries for electric cars that was funded partly with U.S. government money, the investment banker for A123 said on Saturday.
Should the Federal Government bail out the entire city of Detroit? Doc Thompson, host of Talk Radio 1270 WXYT, provides perspective.
CNBC's Rick Santelli reports November's preliminary University of Michigan's Consumer Sentiment number is 84.9 versus 82.6 in October.
SEOUL, Nov 6- General Motors Co said it would not build its next-generation Chevrolet Cruze small car in South Korea, raising the possibility that it might shift the assembly to Europe to help boost efficiency at its money-losing unit there. Rocha said the new model would be built in five regions, including Europe, the United States and China, according to Choi.
DETROIT, Nov 5- General Motors Co secured an $11 billion revolving credit facility, more than doubling its financial cushion and further strengthening the balance sheet of the largest U.S. automaker. Thirty-five banks from 14 countries, led by JPMorgan Chase& Co and Citigroup Inc, participated in the deal.
DETROIT, Nov 5- General Motors Co secured an $11 billion revolving credit facility, more than doubling its financial cushion and further strengthening the balance sheet of the largest U.S. automaker. The additional liquidity comes as GM works to stanch losses at its Opel brand in Europe.