Some frustrated U.S. taxpayers cheered President Barack Obama's tough steps to shore up the reeling auto industry on Monday but critics called his decision to fire General Motors' chief a heavy-handed power grab.
Canada said on Monday plans set out by the Canadian units of General Motors Corp and Chrysler don't go far enough to make them viable, but it offered C$4 billion ($3.2 billion) in bridge loans to tide the automakers over while they restructure.
President Barack Obama said on Monday said the U.S. cannot let its auto industry vanish, but didn’t rule out pain ahead for creditors, unions and other group affiliated with General Motors Corp, and Chrysler.
The following are President Obama's prepared comments on the Auto Industry and the outlook for General Motors Corp and Chrysler LLC as provided by the White House.
President Barack Obama seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp's chief executive, pushing Chrysler LLC toward a merger and threatening bankruptcy for both.
The Obama Administration says it will work with General Motors Inc to see the automaker eventually get a fresh start, promising more aggressive attempts to improve the business and leaving the door open for bankruptcy.
Stocks fell sharply on Monday as the Obama administration raised the specter of bankruptcy for U.S. automakers General Motors and Chrysler and Spain had to rescue regional savings bank CCM.
The U.S. task force overseeing the restructuring of the auto industry on Monday said the plans submitted by General Motors Corp and Chrysler failed to show how they could be viable.
U.S. stock index futures pointed to a sharply lower open on Monday as the Obama administration threatened bankruptcy for two major U.S. automakers and Spain had to rescue regional savings bank CCM.
General Motors Corp Chief Executive Rick Wagoner will resign from the company, a government official and another person briefed on the matter said on Sunday, a day before the government is expected to announce if it will extend more aid to GM.
The Obama administration seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp's CEO, pushing Chrysler LLC toward a merger and threatening bankruptcy for both.
General Motors Corp, whose chief executive was forced out by the Obama administration on Sunday, and Chrysler LLC will each be given capital and time to accelerate their attempts to restructure and survive, according to a government aid plan set for release on Monday.
President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.
President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.
General Motors Corp remains in talks with the United Auto Workers union on how to restructure the $20 billion it owes to a retiree health care fund and has not reached a deal, a spokeswoman for the automaker said on Friday.
General Motors Corp has offered to convert half of a $20 billion funding obligation to a union-aligned retiree healthcare trust into preferred stock, business television station CNBC reported on Friday.
General Motors Corp has offered to convert half of a $20 billion funding obligation to a union-aligned retiree healthcare trust into preferred stock, business television station CNBC reported on Friday.
Auto interiors and battery maker Johnson Controls Inc said it would close an additional 10 plants and cut more jobs than planned as it expects no near-term recovery in global auto production.
President Barack Obama said on Thursday the administration would unveil its next steps to help the troubled U.S. auto industry in the coming days, provided the companies push ahead with a sweeping restructuring.
Ford Motor Co Chief Executive Alan Mulally's total compensation fell 37 percent to $13.6 million last year and he received no bonus -- but he won't have to fly commercial.
Ford Motor Co Chief Executive Alan Mulally's total compensation fell 37.4 percent to $13.6 million in 2008 from the prior year as the automaker fought a downturn in auto sales, the company said on Tuesday.
Bondholders holding some $27 billion of General Motors Corp debt on Sunday sent a letter raising urgent concerns about GM's stalled debt restructuring talks to the White House task force overseeing federal funding for the automaker's turnaround effort.
