Posted tagged ‘General Motors’

GM CEO Rick Wagoner to Resign at White House Request

March 29, 2009

Big news about General Government Motors!

General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.

The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.

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GM lost $31 billion in 2008 ($9 billion in Q4 alone) and more analysts lately have been questioning the viability of the company. This sounds like a job for…..

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SuperObama! Faster than mainstream media’s ability to focus! More powerful than a global economic downturn!. Able to turn a bankrupt company into a profitable enterprise in a single┬áday!

Or not. Details to be announced tomorrow. Stay tuned, kids.

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GMAC Applies For Bank-Holding Status

November 21, 2008

DOW JONES NEWSWIRES

GMAC Financial Services confirmed it has applied to become a bank as it seeks money from the Treasury Department’s $700 billion injection effort and other avenues of cheaper capital in an effort to stabilize its teetering state.

The cash-strapped financier, 49%-owned by General Motors Corp. (GM), also announced offers to exchange $38 billion in notes from GMAC and its Residential Capital home-lending business for new securities with the same maturity dates and interest rates. The move would cost GMAC up to $2.5 billion in cash, it said.

As a bank-holding company, GMAC said it would obtain “increased flexibility and stability to fulfill its core mission of providing automotive and mortgage financing to consumers and businesses.” New avenues of potential funding include the Fed’s discount window, where banks can get inexpensive, short-term emergency loans.

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I guess it’s true – there’s more than one way to skin a cat fleece the sheep.