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So why did we rescue this institution with a massive bailout? Elizabeth Warren, who chairs the Congressional Oversight panel of the TARP program, doesn’t understand any more than taxpayers do. This is another example of the malinvestment and zombie finance which bailouts have fostered.
Here’s a question for you: if GMAC was a U.S. auto financing [...]

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The car went to speeds over 90 MPH. This can’t be good. Watch Toyota shares fall.

Update: This next video, released later, demonstrates that this was no Richard heine balloon Boy hoax. This man was scared for his life.

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If you’re wondering where these ridiculous, hare-brained comments are coming from, then watch this video and listen to Rick Santelli speak about predatory lending. The only one who acquits herself in this segment is Janet Tavakoli.  Bill Isaac, a former FDIC head – the guy talking about regulation as if commercial banks are already subject [...]

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Toyota owners, you might try this next time and see if it works.

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This comes from the up until New Year’s aptly-titled “News from 1930” website.  It’s now really News from 1931 as it chronicles news during the Great Depression from exactly 79 years ago to the day.
US car and truck exhibitors at the annual New York Show include:
GM – Buick (20 models, sees long hold-off in buying [...]

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From Bloomberg:
GMAC Inc., the home and auto lender, is discussing with the Obama administration an additional aid package of about $3 billion to $4 billion, according to a person familiar with the matter.
The size of the assistance remains under negotiation, the person said on condition of anonymity because the talks are private. A deal may [...]

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From the Guardian:
General Motors announces closure of 62-year-old Swedish carmaker after collapse of negotiations with Spyker
One of the most famous names in European motoring, Saab, is set to be consigned to automotive history following a decision today by its owner, General Motors, to shut down the business after a last-ditch attempt at a sale failed.
GM [...]

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I wonder if the recent missteps with Opel and Saab had anything to do with this.  CNN Money reports:
In a surprise move, General Motors chief executive Fritz Henderson resigned Tuesday, giving the battered government-owned automaker its third boss in less than a year.
The move was announced by GM Chairman Ed Whitacre following what he described [...]

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From Reuters:
A deal by General Motors Co GM.UL to sell its Saab brand collapsed on Tuesday when the buyer pulled out in a move that threatens the Swedish luxury brand with closure.
GM had been aiming to close a deal by the end of next month to sell Saab to a partnership led by the Swedish [...]

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This comes via Deal Book at the New York Times.
The company’s chief executive, Fritz Henderson, called the repayment plan “a personal commitment.” The Obama administration, wardens of the 60 percent taxpayer stake in the company, declared itself “encouraged” by the news. Many commentators followed suit. But in the premature rush to herald the beginning of [...]