Filed under: Government/Legal , Chrysler , GM , Earnings/Financials 2008 was one crazy, almost surreal year. It was the year when the economy took a nosedive, and the U.S. auto industry nearly ceased to exist.
Excerpt from:
Report: Memo says Bush administration almost pushed GM and Chrysler into earlier bankruptcy
Filed under: Etc. , Government/Legal , Chrysler , GM , Earnings/Financials Steven Rattner , who headed up the Obama Administration’s Auto Task Force during the quick-rinse bankruptcies of Chrysler and General Motors , is more pleased with the success of the auto bailouts than he ever thought he would be. “Overhaul,” Rattner’s controversial memoir of his time heading up Team Auto and navigating the murky Beltway waters is now out in paperback with a new epilogue that showers high praise on Sergio Marchionne and the efforts Chrysler has made, as well as recounting getting misty watching the new General Motors start trading on the floor of the New York Stock Exchange. Throughout “Overhaul,” it’s clear that Chrysler almost didn’t make it, which makes the latest news of a $212 million quarterly profit in Auburn Hills all the more incredible to Rattner
Original post:
Report: Former car czar Rattner impressed by quick Detroit 3 turnaround
Filed under: Etc. , Government/Legal , Chrysler , Celebrities , Fiat Former Chrysler CEO Bob Nardelli has performed a curt about face on his comments about the Obama Administration’s handling of the auto bailout. The Detroit News reports that Nardelli said that he believes the administration made the correct decision for Chrysler in an email to the publication. Nardelli didn’t go so far as to deny his earlier statements, but said that he understood why the government chose the path it took in the situation.
Originally posted here:
Report: Former Chrysler CEO Nardelli backpedals on bailout comments
Filed under: Etc. , Chrysler , Fiat The Detroit News reports that former Chrysler CEO Bob Nardelli believes that the Obama Administration didn’t need to hand the automaker to Fiat in order for the company to continue on. Instead, Nardelli says that a private equity firm could have easily taken the reins and steered the company back toward success. As you may recall, Nardelli left Chrysler in 2009 after the private equity firm Cerberus was forced to loosen its grip on the company
Go here to see the original:
Report: Nardelli "laments all the time" that Cerberus lost Chrysler
Filed under: Government/Legal , Marketing/Advertising , Videos , Chrysler , Ford , GM Ford has pulled its controversial “Drive One: Press Conference” ad starring owner Chris* , who offered negative commentary of the government-sponsored bankruptcies of crosstown rivals Chrysler and General Motors when asked why he chose to buy a Ford. You’ll recall that Ford and its CEO, Alan Mulally, was – and continues to be – publicly supportive of the auto bailouts. While it seems a bit incongruous to both be supportive of the bailouts and to use them as a marketing point to help sell cars, you’d think Ford would be able to do as it pleases with its advertising – especially considering it didn’t succumb to bankruptcy and take a government bailout (though it did accept many millions of dollars in low-interest loans and tax breaks). Still, says The Detroit News , it was pressure from inside the White House that finally got Ford to yank the bailout-critical ad
Read the original here:
Report: Ford yanks bailout ad amidst controversy [UPDATE]
Filed under: Government/Legal , Marketing/Advertising , Videos , Chrysler , Ford , GM , Earnings/Financials Back in 2009, at the absolute lowest point in the history of the American automobile industry, Chrysler and General Motors declared bankruptcy. The United States government set up a cabinet-level group called The Presidential Task Force On The Auto Industry was formed to allow the government to handle the courtroom proceedings that would end up allowing the two automotive giants the opportunity to get back on their feet. Though Ford did not declare bankruptcy or accept any governmental oversight, the Blue Oval did, in a show of solidarity, stand beside its Detroit-born brothers in Senate hearings and offered verbal support to both GM and Chrysler. It seems that goodwill only went so far, however and now that its two American siblings are churning out healthier balance sheets, the gloves are officially off.
Read the original post:
Video: AdSpotting: New Ford commercial slams auto bailout [w/poll]