Credit Writedowns » General Motors

Jim Chanos: “We are really rewarding failed business decisions repeatedly”

Edward Harrison — Tue, 21 Sep 2010 20:00:05 +0000

Jim Chanos, the famous shortseller, was on CNBC talking about the auto bailouts. Chanos thinks the story the administration is telling us about the success of the bailouts is misleading. Note the figures that Chanos cites on the return on the government’s bailout investment in the automakers. The government is playing fast and loose here

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Links: 2010-04-21 GM repays bailout, FDIC sells assets

Edward Harrison — Wed, 21 Apr 2010 12:30:00 +0000

Finance and Economy GM repays $8.1-billion in loans to Canada, U.S. – The Globe and Mail FDIC Closes on Two Note Offerings Backed by Loans and Real Estate from Corus Bank and Franklin Bank, S.S.B Shocking Fraud from Financial Scum : Good Math, Bad Math – Science Blogs More than Half of U.S. Households Affected

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Guaranty is bankrupt: BBVA gets its FDIC-seized assets 21 Aug 2009

GMAC in line for another $3.5 billion in bailout money

Edward Harrison — Wed, 30 Dec 2009 02:56:52 +0000

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

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Citi to repay $20 billion in bailout money 14 Dec 2009
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GM and Chrysler to get more bailout money 21 Apr 2009

GM to liquidate Saab

Edward Harrison — Fri, 18 Dec 2009 21:43:51 +0000

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

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Swedish government gives Saab the cold shoulder 19 Feb 2009
GM finding no takers on Saab? 9 Jan 2009
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GM’s sale of Saab collapses

Edward Harrison — Tue, 24 Nov 2009 17:59:48 +0000

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

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GM finding no takers on Saab? 9 Jan 2009
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Sweden: competitive auto bailouts begin with Saab and Volvo 11 Dec 2008

GM’s phony taxpayer repayment

Edward Harrison — Mon, 23 Nov 2009 14:06:37 +0000

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

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US Bancorp CEO makes his case on TARP repayment 18 Jun 2009

Why GM is repaying bailout money while it is still loss-making

Edward Harrison — Mon, 16 Nov 2009 16:07:13 +0000

There are a lot of threads to tie together in today’s reporting of news in the auto sector. General Motors has reported a third-quarter loss of $1.15 billion. But all indications are that car sales continue to outpace expectations in the United States. Meanwhile, there are conflicting stories that GM both plans to pay back

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GM looks to use US and Canadian tax money to bailout Opel 15 Nov 2009
GM and Chrysler to get more bailout money 21 Apr 2009

GM looks to use US and Canadian tax money to bailout Opel

Edward Harrison — Mon, 16 Nov 2009 03:13:27 +0000

An article in the National Post suggests General Motors may look to divert some of its bailout money to Europe in the wake of a chill in German government support for subsidies. Talk of using taxpayer money to benefit workers in other countries is sure to raise ire, especially in the United States where the

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GM and Chrysler to get more bailout money 21 Apr 2009
Almost all biggest subprime lenders have received bailout money 6 May 2009
Economic nationalism and GM’s decision to keep Opel and Vauxhall 5 Nov 2009

Links: 2009-11-13

Edward Harrison — Fri, 13 Nov 2009 17:51:37 +0000

Finance and Economy Wall Street Makes It Hard to Earn Legal Living: Alice Schroeder – Bloomberg.com FT Alphaville – FDIC saves securitisation BBC NEWS – Russian economy growing strongly Henry Kaufman: The Real Threat to Fed Independence – WSJ.com Origins of the Federal Reserve – Murray N. Rothbard – Mises Institute (controversial but interesting) Richard

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Links: 2009-05-29 29 May 2009
Links: 2009-06-01 1 Jun 2009
Links: 2009-06-03 3 Jun 2009

Germany gives GM a stiff arm on state aid

Edward Harrison — Thu, 12 Nov 2009 00:01:43 +0000

You could see this one coming given the humiliating circumstances under which the German Chancellor learned that GM was pulling out of the Magna deal. The BBC is now reporting that Germany will give General Motors no aid to restructure it’s business. That’s 4.5 Billion Euros they now need to come up with. Economy Minister

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The Germans get tough with the state banks 4 May 2009
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Economic nationalism and GM’s decision to keep Opel and Vauxhall

Edward Harrison — Thu, 05 Nov 2009 16:11:42 +0000

I have been reading press accounts of the GM decision to back out of the Opel/Vauxhall sale to the Magna/Sberbank consortium from various countries. There are a lot of different perspectives on this event in the U.S., Belgium, Spain, Germany, Russia, the U.K and elsewhere, because a lot of players are involved. The conclusion I

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Germans reject Chinese offer for Opel 10 Jul 2009
GM considers keeping Opel, raising capital 24 Aug 2009
GM board decides to keep European Opel unit 3 Nov 2009

GM board decides to keep European Opel unit

Edward Harrison — Wed, 04 Nov 2009 00:25:32 +0000

The sale to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank is off. With bankruptcy now behind it, General Motors now feels confident it can proceed with Opel under the GM umbrella. From the GM press release: Given an improving business environment for GM over the past few months, and the

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Citi close to selling German unit 11 Jul 2008
Germans reject Chinese offer for Opel 10 Jul 2009
GM considers keeping Opel, raising capital 24 Aug 2009

China launches retaliatory investigation into U.S auto subsidies

Edward Harrison — Thu, 29 Oct 2009 14:52:44 +0000

China has sent yet another public signal that it is unhappy with the U.S. and its trade policy by prepping an investigation into alleged illegal auto subsidies by the U.S. government. The timing of this announcement puts a spotlight on the bailout of GMAC, the auto financial company which effectively has been nationalized the firm.

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GMAC has been nationalized

Edward Harrison — Thu, 29 Oct 2009 12:22:37 +0000

And you thought the bailouts were over and market discipline might be restored. Not a chance – the bailouts will continue, come hell or high water. The latest demonstration of this is GMAC, where the government will now be majority owner. GMAC has officially been nationalized. Now the government is running auto financing in addition

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Freddie and Fannie are getting nationalized 5 Sep 2008
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CRE: GMAC-related Capmark Financial near bankruptcy

Edward Harrison — Sat, 24 Oct 2009 20:44:04 +0000

A sign that the commercial real estate (CRE) market continues to cause headaches comes this weekend in the form of news of Capmark Financial’s imminent demise. Capmark is one of America’s largest commercial property lenders with about $10 billion in assets. The New York Times’ Dealbook reports: The Capmark Financial Group, the big commercial real

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Bankruptcy expert says ‘not at all’ possible for quick Chrysler bankruptcy 30 Apr 2009
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News from around the web: 2009-10-22

Edward Harrison — Thu, 22 Oct 2009 20:25:34 +0000

FT.com – SEB back in black as Baltics stabilise Return to profits. Again, all is seemingly well in banking FT.com – China must keep its eyes fixed on the exit "While we have avoided the worst recession since the Great Depression, we are probably heading for another asset bubble and more financial turbulence." Compromise Bill

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News from around the web: 2009-08-26 26 Aug 2009
News from around the web: 2009-10-10 10 Oct 2009
News from around the web: 2009-08-06 6 Aug 2009

News from around the web: 2009-10-10

Edward Harrison — Sat, 10 Oct 2009 04:00:00 +0000

General Motors’ car sales surge in China | Business | guardian.co.uk "GM sold a record number of cars in China last month, with sales up 55% so far this year." Latvian PM rules out devaluation "The worst of Latvia’s recession is now over, the country’s Prime Minister Valdis Dombrovskis has told the BBC. He ruled

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News from around the web: 2009-08-26 26 Aug 2009
News from around the web: 2009-09-05 5 Sep 2009
News from around the web: 2009-09-13 13 Sep 2009

News from around the web: 2009-09-11

Edward Harrison — Fri, 11 Sep 2009 13:25:28 +0000

Follow the money – BBC News "Find out how the money was spent and what it means for the taxpayers who have funded it" To the victors, the spoils: a post-Lehman scorecard | Reuters A year after their high-speed takeovers, Britain’s Barclays is confident it is on course to fulfill long-held ambitions now it has

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News from around the web: 2009-08-08 8 Aug 2009
News from around the web: 2009-08-26 26 Aug 2009
News from around the web: 2009-08-03 3 Aug 2009

Night time Links: 2009-08-28

Edward Harrison — Sat, 29 Aug 2009 03:00:00 +0000

FDIC: Failed Bank Information – Bank Closing Information for Affinity Bank, Ventura, CA As of July 10, 2009, Affinity Bank had total assets of $1 billion and total deposits of approximately $922 million. In addition to assuming all of the deposits of the failed bank, Pacific Western Bank agreed to purchase essentially all of the

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Night time reading: 2009-08-05 5 Aug 2009
Links: 2009-03-17 17 Mar 2009
Links: 2009-04-25 25 Apr 2009

News from around the web: 2009-08-26

Edward Harrison — Wed, 26 Aug 2009 04:01:00 +0000

Atlantic Wire: Pundit Survey: The Landscape of Bernanke Opinion Which Bernanke are we getting for the next four years–the financial hero, or the oblivious professor who will allow another crisis to bloom? And why were we told so far in advance of the January deadline? Those are two big questions being debated in the wake

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News from around the web: 2009-07-24 24 Jul 2009
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GM considers keeping Opel, raising capital

Edward Harrison — Mon, 24 Aug 2009 21:20:55 +0000

Now that it has emerged from bankruptcy and received free money from the Federal Government, General Motors is seriously thinking about keeping Opel by raising capital. The German government has been urging GM to make a decision about the bids it received for GM Europe from Magna, the Germans’ preferred bidder. But, the company has

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Germans reject Chinese offer for Opel 10 Jul 2009
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German Press: Fiat to sign a deal with Opel, not Chrysler 23 Apr 2009

Germans reject Chinese offer for Opel

Edward Harrison — Fri, 10 Jul 2009 11:43:51 +0000

Roland Koch, the leader of the German state of Hesse, has dismissed the possibility of Chinese auto manufacturer BAIC acquiring German carmaker Opel. Below is my translation of today’s Spiegel article explaining this. Clear rejection of the Chinese: Hesse Prime Minister Koch has rejected the takeover offer for Opel by the car manufacturer BAIC. If

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Opel and Fiat spells bankruptcy for Chrysler and GM 23 Apr 2009
German Press: Fiat to sign a deal with Opel, not Chrysler 23 Apr 2009
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GM gets the green light on its section 363 bankruptcy

Edward Harrison — Mon, 06 Jul 2009 07:22:34 +0000

Judge Robert Gerber has given General Motors approval to sell its assets under section 363 of the bankruptcy code. Last month I indicated that this 363 sale was more questionable than Chrysler’s and could meet more resistance in court. That has not happened and the GM bankruptcy looks likely to proceed according to the Obama

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Is the GM section 363 bankruptcy plan really a stealth re-organization plan? 10 Jun 2009
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Third quarter auto production to be significant boost to U.S. GDP

Edward Harrison — Tue, 30 Jun 2009 18:48:43 +0000

Apparently, the U.S. auto industry is working off a significant backlog of inventory because I have been hearing that pretty much everyone in North America is planning to ramp up production for the third quarter. This is prima facie evidence of the huge inventory-based production changes which I have said will make Q3 and Q4

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Auto sales plunge in September 1 Oct 2008
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Obama takes middle road on stimulus and taxes that leads nowhere

Edward Harrison — Fri, 26 Jun 2009 15:50:34 +0000

I am re-posting this February article because it is clear that many of the policy dilemmas Barack Obama is now facing on the economy were wholly predictable. In this post and another from January, I argued that it was better to have zero stimulus than the half-measure proposed by Obama's economic team. By not adding enough stimulus, Obama has discredited it as a policy tool and made it seem that stimulus is ineffective, something Alan Greenspan argues in an FT op-ed.

Moreover, it was equally obvious in January that California, at a minimum, was going to collapse economically, and cut back on spending, further reducing any positive effects of stimulus. Yet, somehow, California's request for aid has been rejected, increasing the likelihood of a worst-case economic scenario in that state. Incongruously, big banks have received hundreds of billions of dollars in aid. Why the differential treatment?

If you are looking for change from the status quo, I imagine you might be disappointed at where things are headed. Perhaps the Obama Administration is looking to effect gradual change, but I am of the view that many policy decisions have a way of ossifying and becoming permanent - you get one shot and that is it. Paul Krugman opines that there is not enough audacity in this new administration.

If you want change, you will need to demand it as Robert Reich has suggested. Without a push, Barack Obama's economic policy team may not deliver the change you want.

Below is the original article. Enjoy

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Is the GM section 363 bankruptcy plan really a stealth re-organization plan?

Edward Harrison — Wed, 10 Jun 2009 15:10:49 +0000

We have just learned that Fiat has successfully completed its deal with Chrysler. This means that the bankrupt ‘Old Chrysler’ will now have far fewer cash and assets available for creditors and that it will be liquidated with large or total losses likely for creditors. Dissident creditors tried to get their case heard by the

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A discussion about Chrysler’s bankruptcy plan on Charlie Rose 2 May 2009
Bankruptcy expert says ‘not at all’ possible for quick Chrysler bankruptcy 30 Apr 2009
GM headed for bankruptcy 27 May 2009

Initial and continuing jobless claims decline

Edward Harrison — Thu, 04 Jun 2009 19:43:00 +0000

The number of persons filing an initial claim for unemployment insurance in the week just ended May 30 declined to 621,000 from 625,000 the prior week. In addition, the number of persons still receiving unemployment insurance dropped to 6.735 million. Both of these figures are seasonally-adjusted. With initial claims still over 600,000 and continuing jobless

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Both initial claims and continuing claims now pointing to recovery 21 May 2009
U.S. initial jobless claims fall 21,000 to 554,000 18 Dec 2008
Jobless Claims down, continuing claims way up 11 Sep 2008

Links: 2009-06-03

Edward Harrison — Wed, 03 Jun 2009 11:48:43 +0000

FT.com – Australia GDP rises 0.4% in first quarter “Australia has defied international trends to record a 0.4 per cent rise in gross domestic product for the first quarter compared to the same period last year, with economic growth salvaged by strong exports, robust retail sales and the government’s fiscal stimulus measures.” FT.com – Labour

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Links: 2009-05-29 29 May 2009
Links: 2009-06-01 1 Jun 2009
Links: 2009-01-02 2 Jan 2009

Links: 2009-06-01

Edward Harrison — Mon, 01 Jun 2009 13:18:52 +0000

Welcome to June. Here are today’s links. Susan Boyle, U.K. Talent Show Loser, Rushed to Clinic, Sun Says A break from the finance news for a little celebrity culture trivia: “Susan Boyle, who was runner-up in a U.K. television talent show on May 30, was rushed to a health clinic because of exhaustion, the Sun

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Links: 2009-04-04 4 Apr 2009
Links: 2009-03-18 18 Mar 2009
Links: 2009-05-29 29 May 2009

Links: 2009-05-29

Edward Harrison — Fri, 29 May 2009 13:09:54 +0000

Anglo Irish gets aid from Dublin 4 billion euros is a lot of dosh. The Irish banking crisis is obviously not over. Eurozone inflation at record low – BBC News “Prices in the eurozone stopped rising in May – with the annual inflation rate at 0.0% – igniting concern that prices will fall in the

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Links: 2009-01-08 8 Jan 2009
Links: 2009-03-05 5 Mar 2009
Links: 2009-03-14 14 Mar 2009