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Today, Cerberus is backing out of those arrangements, ceding some control of its Detroit institutions in return for rich infusions of government aid. The first infusion came on December 19th when President Bush announced that Chrysler, along with GM, would receive $13.4 billion of emergency loans from the Troubled Asset Relief Program (TARP) after Congress had refused to pass a separate bailout bill. On Christmas Eve Cerberus got another last-minute gift when the Federal Reserve Board voted to permit GMAC to change its status to a bank holding company. (GM still owns 49% of GMAC). (See pictures...
...blue for Chrysler, Cerberus' other problem child. Though the billions in TARP aid President Bush authorized for Chrysler and GM will buy Chrysler some time, there are difficult issues ahead. Unless labor costs can be brought down to parity with the foreign transplants, and without the restructuring of Chrysler's debt, the company cannot be restored to long-term health and the government loan will be unlikely to be fully repaid. (Read about GM's, Ford's and Chrysler's bailout plans...
...Bonnie Angelo, author of First Families: The Impact of the White House on Their Lives. They would sneak around behind the lamplighter on Lafayette Square extinguishing the lamps he lit. They'd slide down the grand staircase on kitchen trays. "When Archie was sick, his brother Quentin - with the aid of a White House staffer - brought their pony Algonquin up to his room in the elevator to make him feel better," says Angelo. These pranks were tolerated, she notes, because the President enjoyed them more than anyone. "The only thing he stopped the boys doing was shooting spitballs...
...entire tortured debate in Washington over whether to bail out the ailing U.S. auto industry has shown, that distinction is as tired and broken as the Big Three's business models. In fact, the political game of chicken that ended Friday with President Bush announcing a temporary $17 billion aid package for GM and Chrysler to stave off the immediate threat of bankruptcy has shown the rest of the country what the South has known for years: led by foreign carmakers like Toyota and Mercedes-Benz, Dixie is now Detroit's rival in auto production...
...foreign automakers based in the South, who account for almost a third of all cars built in the U.S., have now become the benchmark against which the Big Three are measured. As the various aid packages were being negotiated, first on Capitol Hill and then this week on the other side of Pennsylvania Avenue, one constant condition Republicans insisted upon was Detroit getting its wages and benefits down to the levels of the so-called transplant workers in states like Alabama, Tennessee, Georgia and Mississippi. (See pictures of the remains of Detroit...