Word: gm
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...Currently, the Administration's attention is on The Motor City where unemployment has hit 22%. Steve Rattner, a former media industry investment banker who has somehow become the Treasury's point man for the car business, says that GM (GM) and Chrysler will need more money than had been previously forecast. His comments are those of a man driving into the future while looking into the rearview mirror. Once U.S. light vehicle sales dropped over 30% the first two months of the year it was clear that the American auto companies would lose billions of dollars more than they forecast...
...GM and Chrysler say that they need $22 billion. Rattner calls it differently. He told Bloomberg, "It could be considerably higher, I won't deny that", when asked whether U.S. aid sought by the car companies could increase. "Like all management teams they tend to take a reasonably, slightly perhaps, optimistic, view of their business. So it could be more, I can't rule that...
...middle of the year, their losses in the first two quarters should not be terribly different than they were in the fourth quarter. Depending on which of the P&L lines financial analysts look at, it means that Detroit is going through as much as $9 billion a month. GM (GM) and Chrysler could spend the $22 billion that they are requesting in as little as 90 days. It has been said that a country should never get into a land war in Asia. This is an unfortunate but easy analogy for the government's current predicament with the American...
...package. During TIME's test drive, the Camaro showed that it blends the responsive feel and precise handling found in European road cars with raw American power, easily mastering the twisting, rural two-lane roads across southern Michigan. "It's a good example of what GM can do and what maybe they should have been doing for a long time now. And while the timing is not great for that type of vehicle, if they are able to make it through the next few months then they could present it as all that is right about Detroit and its cars...
...next couple of months will require more financial engineering than mechanical, and that process moved along this week, too. The U.S. Treasury Department's decision to release $5 billion in federal loans to automotive suppliers suggests that the Obama Administration is likely to approve billions in loans for GM and Chrysler. The Administration's automotive task force appears to have ruled out forcing GM and Chrysler into bankruptcy. That's one reason GM has pushed back the date of the company's annual meeting unit to August from June. Once it gets final approval of $21.6 billion in new federal...