General Motors & Treasury Department

General Motors Company , commonly known as GM, formerly incorporated (until 2009) as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's largest automaker, by vehicle unit sales, in 2011. Treasury Department Federal Credit Union (TDFCU) is a credit union headquartered in Washington, D.C., chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. 5.0/5

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"WASHINGTON (AP) — The U.S. Treasury Department has continued to approve "excessive" pay raises for top executives at General Motors and its former consumer finance arm, both of which received taxpayer-funded bailouts during the financial crisis, a new government report says. The government watchdog that oversees the $475 billion bailout said Treasury approved cash salaries exceeding $500,000 last year for 16 of the 47 top executives at General Motors Corp. and Ally Financial Inc. Treasury allowed total pay packages, including company stock, of at least $1 million for every top executive at the two companies, according to the report released Wednesday by the special Inspector General for the Troubled Asset Relief Program. It said the government approved $3 million in pay raises for nine GM executives."
The Treasury Department plans to sell 95 million shares of the former financing arm of General Motors in an initial public offering
Government Report Says US Lost $11.2B On GM Bailout New York (AP) – A new report says taxpayers lost $11.2 billion on the government’s bailout of General Motors. The estimate comes from a quarterly report Wednesday to Congress by a government watchdog that oversees the bailout, and is up from a previous estimate of $10.5 billion. The Detroit automaker needed the $49.5 billion bailout to survive its bankruptcy restructuring in 2009. The company went public again in November 2010, and the government sold its last shares of GM in December. The report says the Treasury Department wrote off an $826 million administrative claim against General Motors Co. in March, ending its involvement with the company. In an interview last year, Special Inspector General Christy Romero said there was “no question” the department and the taxpayers would lose money on GM. In July, the agency said the government lost $2.9 billion on the bailout of Chrysler, which cost $12.5 billion. Only one auto-related company is still ...
BMW owns: Mini and Rolls Royce. Fiat owns: Alfa Romeo, Chrysler, Dodge, Ferrari, Jeep, Lancia, Maserati, Ram and SRT. Ford Motor Company owns: Lincoln and a small stake in Mazda. General Motors owns: Buick, Cadillac, Chevrolet, and GMC. GM owns a controlling interest in Opel and Vauxhall in Europe and Holden in Australia. (The U.S. Treasury Department is in the process of selling off the remaining GM stock holidngs.) Honda owns: Acura. Hyundai owns: Kia. Tata Motors (India) owns: Jaguar and Land Rover. Mazda mostly independently owned (Ford has small stake) Mitsubishi is independently owned. Daimler AG owns: Mercedes-Benz and Smart. Nissan owns: Infiniti. (Nissan, in turn, is owned by Renault.) Saab is owned by National Electric Vehicle Sweden (NEVS). Subaru: Owned by Fuji Heavy Industries with Toyota a minority partner. Tesla: Toyota is a minority partner. Partnership with Daimler AG. Toyota Motor Company owns: Lexus, Scion, Daihatsu and Hino Motors, with a stake in Fuji Industries (Subaru's parent compa ...
The Treasury Department announced it is closing out its position in General Motors at a net loss of approximately $10.5 billion. This "bailout" was a mere wealth transfer that helped the unions at the expense of all taxpayers.
Feds Sell Off Last Stake in General Motors: The Treasury Department has sold off the last...
What Just Happened at GM? The day after the U.S. Treasury Department sold the last of its interest in General Motors, the company announced that Mary Barra will succeed Daniel Akerson as CEO. Akerson's retirement was a surprise. Barra's ascension, less so. -Business Week
Well, we do not any longer own General Motors Company. Today, The United States Treasury Department sold its last 31 million shares of the car making company and lost $ 10 billion dollars in the transaction. Initially, the US government used $ 50 billion dollars tax payers money to bail out General Motors, and $ 2 billion dollars on Chrysler. Chrysler Company is now own by Italian car maker Fiat. The question is : what was the emergency to loose $ 10 billion dollars today.? Couldn't The Treasury Department wait to sell off its stocks at a later date when the GM stocks increases its values so as to limit taxpayers loss.? American tax payers also still own American International Group (AIG). I supported the 2009 bailout; however, I didn't support the loss that was inflicted upon the taxpayers today.
rajgaurav: US plans to exit General Motors stake by year-end - The US Treasury Department said it...
Auto News for Nov. 22 When Consumer Reports asked owners if they would buy their current car again, the much talked about Tesla came out on top. Almost 100 percent of owners said they would buy another. The magazine said it is the highest owner-satisfaction score it has seen in years. Drivers also like their Porsche Boxster, Audi A6, Mazda6, and Subaru Forester models. The Green Car of the Year is the Honda Accord. The award was bestowed at the L.A. auto show by the Green Car Journal because it offers good gas mileage, and two hybrid models. Uncle Sam will be out of General Motors by the end of the year, according to the Treasury Department. The news sent GM shares higher on Wall Street Thursday, yet in the end, the government may end up $10-million shy of what it paid for its stake in GM. VW has made no secret of its desire to be the world’s largest automaker. To that end, it will invest $114-billion in its plants and for new models over the next four plus years. Every once in a while something catches ...
The Treasury Department says it sold $1.2B worth of stock in General Motors during October.
Were Conservative Car Dealers Targeted For GM Closures? Guest host Deneen Borelli invited Rep. Mike Kelly (R-PA) onto the show to discuss whether certain GM dealership owners were targeted to close based on their political affiliations. Kelly Jim Renacci (OH-16) distributed a letter last week requesting Treasury Secretary Jack Lew to release documents detailing the process and methodology the Automotive Task Force used to shut down General Motors dealerships in 2009 during the automotive industry crisis. Rep. Kelly decided to run for Congress when it was announced that Obama's Automotive Task Force slated Wayland Chevrolet in Butler, Pennsylvania for closure. The dealership was started by Kelly's father in 1953. Now that it has been confirmed that the Treasury Department unfairly profiled conservatives around that time, the Congressmen are wondering if that could have been a factor in the selection of certain dealerships for closure. The IRS scandal "raises serious questions about past decisions made by t ...
Taxpayers now own a little less of General Motors. The U.S. Treasury sold $489.9 million in GM shares in the month of February, the Treasury Department has reported to Congress. Despite the nearl
Signs of the recession.. The Treasury Department last year "ONLY" granted $3 million in compensation to senior officers at General Motors...
Roughly 50,000 General Motors union workers will receive bonuses of between $5,500 and $7,000 to close out 2012, say sources familiar with internal discussions between United Auto Worker officials. In 2009, General Motors scored a $49.5 billion bailout from the U.S. government. Last week, the Treasury Department announced it will sell General Motors 200 million shares before 2013, reducing the government’s stake in GM from 26.5% to 19%. Over the next 15 months, the Treasury will sell its remaining GM holdings. But given that GM’s stock would need to be roughly double its current trading price for the government to break even, taxpayers are expected to lose between $10 and $12 billion on the GM bailout, BUT- In 2012, the United Auto Workers spent $11.8 million to help elect Democrats and President Barack Obama.
Auto News for Dec. 20 If all goes according to plan, the government will no longer have a stake in General Motors in 12 to 15 months. GM will buy 200-million government shares at $5.5 billion and the Treasury Department will sell the remaining 300-million shares over time. Many are hoping that will end what analysts believe is the sales impediment known as “Government Motors.” On the news, GM shares rose 6.6 percent to close at their highest level in 10 months at $27.50. To break even on the GM bailout, Uncle Sam would have to sell the remaining shares for $50 each. The Detroit Free Press reports that with the agreement, GM can now purchase or rent corporate airplanes but the automaker said it has no plans to do so. When production starts on the next generation Camaro, it will be manufactured in Lansing, Michigan and not at the present site in Oshawa, Ontario. Canadian union leaders estimated that 1,000 jobs could be lost. The switch will bring production of all rear wheel drive GM products under one ...
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Aside from the fiscal cliff talks, investors got an update on the nascent housing market recovery. The news wasn't good -- the Census Bureau said housing starts fell 3% in November to an annual rate of 861,000. Early Wednesday, UBS (UBS) said it will pay $1.5 billion to settle claims in the U.S., U.K. and Switzerland over rigging Libor benchmark interest rates. The Department of Justice announced that two former UBS traders face criminal charges. The settlement was widely expected, and shares of UBS were slightly lower after earlier gains. Also, the Treasury Department announced it will exit all of its investment in General Motors (GM, Fortune 500) within the next 12-15 months as part of its efforts to wind down its investments in the Troubled Asset Relief Program (TARP). Shares of GM were up nearly 7%.
When the Treasury Department sold its last remaining shares in insurance giant AIG recently, it announced that it had earned a profit on the controversial bailout that began in 2008. That will not be the case for General Motors.
Newly uncovered internal documents between the Treasury Department and the federal agency in charge of private-sector pension benefits reveal that the Obama Administration was directly involved in the elimination of pension benefits for 20,000 retired salaried workers of General Motors supplier Delphi Corp., a claim it previously denied. After the Treasury Department stonewalled three congressional committees seeking answers to the growing scandal, all three have now threatened Treasury Secretary Timothy Geithner with subpoenas. “The administration should stop stonewalling and start turning over all of the information requested by Congress at once,” said Boehner. “If the White House is going to boast about its auto bailout, it has an obligation to explain its involvement.” A nonprofit organization representing the Delphi salaried employees, the Delphi Salaried Retiree Association, says it will continue to fight “to restore the full pensions we earned and are entitled to, including any supplement ...
Are people really so dumb when it comes to Obama's auto industry claims??? By: David Harsanyi 9/17/2012 01:09 PM The Wall Street Journal reports today that General Motors executives have asked the Treasury Department to sell its stake in the giant automaker. The administration has refused. Oddly enough, today we also learned that the Obama administration is launching a complaint at the World Trade Organization over China’s allegedly unfair subsidizing of its auto industry. The United States will charge the Chinese government with subsidizing auto and auto parts producers from 2009 and 2011 to the tune of $1 billion. (Protectionism, it seems, always becomes a vital component of economic policy when a candidate is campaigning in Ohio.)
President Barack Obama's campaign spokeswoman Jen Psaki was aware Treasury Department officials crafted the press releases and public messaging for General Motors during the 2009 auto industry bailout
The Rest of the Story.. Decades ago, there was a radio commentator named Paul Harvey. Among his weekly broadcasts was a segment titled The Rest of the Story. At the Democrats National Convention a few weeks ago, every key speaker spoke passionately about how Obama 'saved' the auto industry. It seems that while they were long on rhetoric, they were short, even absent on facts. So as Paul Harvey might say, here is the rest of the story. According to its recent financial statements, General Motors is again flirting with bankruptcy despite massive purchases by the Federal Government; its stock is at an all-time low. The Treasury Department now says that the government expects to lose more than $25 billion on its $85 billion bailout. The claim that GM has paid back its loans in full is wrong also. According to the Treasury Department, GM still owes $30 billion of the $50 billion that it borrowed and the lending corporation of GM still owes $15 billion of the $17 billion that it borrowed. Despite the claim that ...
(Update: This morning Fox News reported that the Treasury Department claims the taxpayers will lose $25 Billion of the $85 Billion used to bail out General Motors. On the other hand, Honda is makin...
the U.S. Treasury Department, led by Timothy Geithner, was the driving force behind terminating the pensions of 20,000 salaried retirees at the Delphi auto parts manufacturing company. The move, made in 2009 while the Obama administration implemented its auto bailout plan, appears to have been made solely because those retirees were not members of labor unions. The internal government emails contradict sworn testimony, in federal court and before Congress, given by several Obama administration figures. They also indicate that the administration misled lawmakers and the courts about the sequence of events surrounding the termination of those non-union pensions, and that administration figures violated federal law. Delphi, a General Motors Company, is one of the world’s largest automotive parts manufacturers. Twenty thousand of its workers lost nearly their entire pensions when the government bailed out GM. At the same time, Delphi employees who were members of the United Auto Workers union saw their pens ...
Who would've thought 15 years ago, that the BIG 3 were NOT Chrysler, Ford, and GM, but instead Subaru, Honda, and Toyota. "On the campaign trail, Barack Obama's signature definition of 'success' is the government bailout of General Motors. 'I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,' he told an audience in Pueblo, CO [recently]. 'Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.' That pronouncement should send a shiver up the spine of every American, due to an inconvenient reality: according to Forbes Magazine, GM is likely headed for bankruptcy all over again. ... As Investors Business Daily reveals, the Treasury Department continues 'to revise upward the staggering losses inflicted on U.S. taxpayers.' ... [L]osses for GM were expected to reach $25 billion, which is $3.3 billion more than predicted earlier. ... In a move reminiscent of that which precipita ...
General Motors' stock has been nose-diving. It has fallen 39 percent since its initial public offering in November 2010. And on Friday, the Treasury Department announced that expected losses to taxpayers from the bailout would increase more than $3.3 billion to $25.1 billion -- up from $21.7 billion last quarter. What a shame Obama can not see how he has affected the outcome of a free market.
General Motors' stock price continues to fall, pushing up the government's estimated bailout loss. The U.S. Treasury Department says the loss has grown from 21.7 billion to 25 billion. GM shares have
The following are 45 signs that China is colonizing America - It was recently announced that China’s Dalian Wanda Group has bought U.S. Movie theater chain AMC Entertainment for a whopping2.6 billion dollars. This deal represents China’s biggest corporate takeover of a U.S. Firm ever. Earlier this month, the Federal Reserve announced that it has given approval for banks owned by the Chinese government to buy stakes in U.S.-owned banks. A few days ago Reuters reported that China is now able to completely bypass Wall Street and purchase U.S. Debt directly from the U.S. Treasury Department. A recent investigation by the U.S. Senate Committee on Armed Services found more than one million counterfeit Chinese parts in the Department of Defense supply chain. How in the world could we be so stupid? After being bailed out by U.S. Taxpayers, General Motors is currently involved in 11 joint ventures with companies owned by the Chinese government. The price for entering into many of these “joint ventures” was ...
Obama’s auto bailouts aren’t the unalloyed success he describes. “President Obama’s auto Task Force pressed General Motors and Chrysler to close scores of dealerships without adequately considering the jobs that would be lost or having a firm idea of the cost savings that would be achieved, an audit of the process has concluded,” The New York Times reported in 2010, based on an audit. “The report … estimated that tens of thousands of jobs were lost as a result.” The Washington Examiner’s Conn Carroll also observes that Obama bailed out union pensions, while neglecting non-union workers, and decided not to follow the law by paying certain creditors — and still didn’t save money. “All told Obama’s violations of bankruptcy law made the bailout of GM and Chrysler $26.5 billion more expensive than it had to be,” Carroll explained recently. “And according to Obama’s own Treasury Department, taxpayers stand to lose $23 billion if GM stock were sold today.” Obama’s view of the ...
Treasury Department is sitting on plan to unload its remaining 26-percent stake in General Motors and declare victory?
Wall Street: Overall pay will remain frozen again this year for chief executives of American International Group Inc., General Motors Co., and Ally Financial Inc., three firms that haven't repaid all their government bailouts, the Treasury Department said on Friday. Treasury gained power in 2009 to approve executive compensation at firms that received exceptional federal assistance, following public outrage at big bonuses paid at AIG after the financial crisis bailouts. CEOs at AIG, GM and Ally didn't request pay increases this year, people familiar with the matter said.
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