The U.S. government lost $9.26 billion in its financial rescue of the auto industry, and closed out its last investment earlier this month six years after initiating the plan.
General Motors has elevated Mary Barra as its new CEO to replace Dan Akerson, making her the first female to head a global automotive manufacturer.
WASHINGTON – In an early morning televised announcement, President Bush announced a plan to offer the struggling automakers $17.4 billion in short-term financing, $13.4 immediately available and another $4 billion likely available in February. But the plan comes with strict conditions.
The Associated Press reported late Thursday night that bipartisan negotiations in Senate on a Republican version of the House-passed automotive industry bailout plan fell apart after the United Auto Workers balked at demands for dramatic wage cuts.
GM, Ford, and Chrysler will testify Dec. 5 before the House Financial Services Committee in an effort to secure a $25 billion emergency bridge loan. It is imperative that this emergency funding be approved. Failure to do so will have negative repercussions to the fleet management industry. Here's why.
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