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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Links: 2010-04-17 Failure Friday and Goldman Fraud 17 Apr 2010
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Links: 2010-04-19 Goldman and more Goldman 19 Apr 2010

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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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
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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
Swedish government gives Saab the cold shoulder 19 Feb 2009
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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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

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 considers keeping Opel, raising capital 24 Aug 2009
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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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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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