The Truth About Cars » Bailout http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Mon, 02 May 2016 15:30:20 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.4 FCA, Peugeot Could Be Most Impacted by Flagging Greek Economy http://www.thetruthaboutcars.com/2015/07/fca-peugeot-impacted-flagging-greek-economy/ http://www.thetruthaboutcars.com/2015/07/fca-peugeot-impacted-flagging-greek-economy/#comments Tue, 07 Jul 2015 19:00:56 +0000 http://www.thetruthaboutcars.com/?p=1109161 Automakers PSA (Peugeot and Citröen) and Fiat Chrysler Automobiles are most at risk if Greece’s economy fails and the country backs out of the Euro, according to a report by Automotive News. Analysts say the two automakers have the largest share of southern European markets — including Italy, Spain and Portugal — where the economic impact of […]

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Automakers PSA (Peugeot and Citröen) and Fiat Chrysler Automobiles are most at risk if Greece’s economy fails and the country backs out of the Euro, according to a report by Automotive News. Analysts say the two automakers have the largest share of southern European markets — including Italy, Spain and Portugal — where the economic impact of […]

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Did Obama Administration Help Delphi Evade U.S. Taxes? http://www.thetruthaboutcars.com/2014/08/obama-administration-help-delphi-evade-u-s-taxes/ http://www.thetruthaboutcars.com/2014/08/obama-administration-help-delphi-evade-u-s-taxes/#comments Wed, 06 Aug 2014 23:01:57 +0000 http://www.thetruthaboutcars.com/?p=883441 From Bloomberg’s Zachary Mider comes a new allegation regarding the restructuring of (formerly) American parts maker Delphi: the Treasury Department under Obama helped the company re-incorporate in England as part of a tax avoidance strategy. If that’s true, it’s an embarrassing revelation for a President who recently condemned American companies that incorporate abroad as “corporate […]

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From Bloomberg’s Zachary Mider comes a new allegation regarding the restructuring of (formerly) American parts maker Delphi: the Treasury Department under Obama helped the company re-incorporate in England as part of a tax avoidance strategy. If that’s true, it’s an embarrassing revelation for a President who recently condemned American companies that incorporate abroad as “corporate […]

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Was The Government’s Divestment of GM Stock Insider Trading? http://www.thetruthaboutcars.com/2014/05/was-the-governments-divestment-of-gm-stock-insider-trading/ http://www.thetruthaboutcars.com/2014/05/was-the-governments-divestment-of-gm-stock-insider-trading/#comments Fri, 23 May 2014 14:43:01 +0000 http://www.thetruthaboutcars.com/?p=829450 Back in 2004, perfectionist homemaker and well known TV personality Martha Stewart was charged with insider trading. As presented, the facts in the case were simple. Martha owned stock in a medical research company called ImClone and, like a lot of people who invest in tech firms, she was hoping for a big payout when […]

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Back in 2004, perfectionist homemaker and well known TV personality Martha Stewart was charged with insider trading. As presented, the facts in the case were simple. Martha owned stock in a medical research company called ImClone and, like a lot of people who invest in tech firms, she was hoping for a big payout when […]

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GAO Report: GM Has Improved Since 2008 But Still Faces Challenges http://www.thetruthaboutcars.com/2013/10/gao-report-gm-has-improved-since-2008-but-still-faces-challenges/ http://www.thetruthaboutcars.com/2013/10/gao-report-gm-has-improved-since-2008-but-still-faces-challenges/#comments Wed, 30 Oct 2013 14:31:53 +0000 http://www.thetruthaboutcars.com/?p=638145 The Government Accountability Office issued a report on the U.S. Treasury’s investment in General Motors (and Ally Financial, the former GMAC credit arm of GM) which says that the automaker has improved since 2008 but that there still are concerns about competitiveness and market share as well as pension and labor costs. “Although GM’s financial […]

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The Government Accountability Office issued a report on the U.S. Treasury’s investment in General Motors (and Ally Financial, the former GMAC credit arm of GM) which says that the automaker has improved since 2008 but that there still are concerns about competitiveness and market share as well as pension and labor costs. “Although GM’s financial […]

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Government Reports $9.7 Billion Loss On GM Shares http://www.thetruthaboutcars.com/2013/10/government-reports-9-7-billion-loss-on-gm-shares/ http://www.thetruthaboutcars.com/2013/10/government-reports-9-7-billion-loss-on-gm-shares/#comments Tue, 29 Oct 2013 17:04:30 +0000 http://www.thetruthaboutcars.com/?p=637081 With the vast majority of the government’s General Motors shares sold, the U.S. government is reporting a $9.7 billion loss, according to a Congressional report cited by the Detroit News. With the government’s stake now down to about 7 percent, the report states that “Because the common stock sales have all taken place below Treasury’s […]

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With the vast majority of the government’s General Motors shares sold, the U.S. government is reporting a $9.7 billion loss, according to a Congressional report cited by the Detroit News. With the government’s stake now down to about 7 percent, the report states that “Because the common stock sales have all taken place below Treasury’s […]

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U.S. Treasury Sells 110 Million Shares of GM Stock, Reducing Stake to 7.3% http://www.thetruthaboutcars.com/2013/09/u-s-treasury-sells-110-million-shares-of-gm-stock-reducing-stake-to-7-3/ http://www.thetruthaboutcars.com/2013/09/u-s-treasury-sells-110-million-shares-of-gm-stock-reducing-stake-to-7-3/#comments Thu, 19 Sep 2013 16:45:03 +0000 http://www.thetruthaboutcars.com/?p=523473 The United States Treasury has reduced its stake in General Motors to 7.3% after selling off  another block of the shares it acquired during the bailout of the giant automaker. According to documents released earlier this week cited by Reuters, the Treasury sold at least 110 million shares between May 6 and September 13, raising more […]

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The United States Treasury has reduced its stake in General Motors to 7.3% after selling off  another block of the shares it acquired during the bailout of the giant automaker. According to documents released earlier this week cited by Reuters, the Treasury sold at least 110 million shares between May 6 and September 13, raising more […]

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U.S. Treasury Continues Sell-Off of GM Shares, UAW Sells Warrants http://www.thetruthaboutcars.com/2013/08/u-s-treasury-continues-sell-off-of-gm-shares-uaw-sells-warrants/ http://www.thetruthaboutcars.com/2013/08/u-s-treasury-continues-sell-off-of-gm-shares-uaw-sells-warrants/#comments Tue, 13 Aug 2013 19:46:56 +0000 http://www.thetruthaboutcars.com/?p=499242 Continuing its divestment of the shares it obtained in General Motors for bailing out the automaker in 2009, the United States Treasury told Congress yesterday that it has sold $876.9 million dollars worth of GM stock last month, somewhere between 23 and 26 million shares, based on the trading prices during July. By those calculations, […]

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Continuing its divestment of the shares it obtained in General Motors for bailing out the automaker in 2009, the United States Treasury told Congress yesterday that it has sold $876.9 million dollars worth of GM stock last month, somewhere between 23 and 26 million shares, based on the trading prices during July. By those calculations, […]

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Canada Preparing to Sell Its 10% Stake in GM, Reports Say http://www.thetruthaboutcars.com/2013/08/canada-preparing-to-sell-its-10-stake-in-gm-reports-say/ http://www.thetruthaboutcars.com/2013/08/canada-preparing-to-sell-its-10-stake-in-gm-reports-say/#comments Fri, 02 Aug 2013 17:26:44 +0000 http://www.thetruthaboutcars.com/?p=497804 Bloomberg and Sky News have reported that the Canadian government has started a selection process to find investment banks for selling off of the stake the government took in General Motors as part of its own contribution to bailing out the automaker. Late last year, Finance Minister Jim Flaherty said that Canada had no intention […]

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Bloomberg and Sky News have reported that the Canadian government has started a selection process to find investment banks for selling off of the stake the government took in General Motors as part of its own contribution to bailing out the automaker. Late last year, Finance Minister Jim Flaherty said that Canada had no intention […]

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Ally Financial Explores Options For Treasury Exit, Seeks Immunity From ResCap Related Lawsuit http://www.thetruthaboutcars.com/2013/07/ally-financial-explores-options-for-treasury-exit-seeks-immunity-from-rescap-related-lawsuit/ http://www.thetruthaboutcars.com/2013/07/ally-financial-explores-options-for-treasury-exit-seeks-immunity-from-rescap-related-lawsuit/#comments Thu, 18 Jul 2013 13:00:00 +0000 http://www.thetruthaboutcars.com/?p=495655 Ally Financial, what used to be known as the General Motors Acceptance Corporation, GMAC, before GM’s bankruptcy and bailout, itself received over $17 billion from the U.S. Treasury during the bailouts of 2009. On Tuesday the company said that it was looking into options on how to repay that money and comply with the Federal […]

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Ally Financial, what used to be known as the General Motors Acceptance Corporation, GMAC, before GM’s bankruptcy and bailout, itself received over $17 billion from the U.S. Treasury during the bailouts of 2009. On Tuesday the company said that it was looking into options on how to repay that money and comply with the Federal […]

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Treasury Unloads GM Stock http://www.thetruthaboutcars.com/2013/06/treasury-unloads-gm-stock/ http://www.thetruthaboutcars.com/2013/06/treasury-unloads-gm-stock/#comments Wed, 05 Jun 2013 15:24:15 +0000 http://www.thetruthaboutcars.com/?p=490922 Now that the GM share finally is trading a wee bit above its IPO price, The Treasury is eager to bail from the bailout. The government’s  fiance department announced “plans to sell 30 million shares of General Motors Co common stock as part of its ongoing effort to wind down the government’s stake in the […]

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Now that the GM share finally is trading a wee bit above its IPO price, The Treasury is eager to bail from the bailout. The government’s  fiance department announced “plans to sell 30 million shares of General Motors Co common stock as part of its ongoing effort to wind down the government’s stake in the […]

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EU Red Flags Spain’s Help For Ford http://www.thetruthaboutcars.com/2013/05/eu-red-flags-spains-help-for-ford/ http://www.thetruthaboutcars.com/2013/05/eu-red-flags-spains-help-for-ford/#comments Wed, 15 May 2013 13:55:36 +0000 http://www.thetruthaboutcars.com/?p=488568 In America,  government bailouts of ailing car companies are (at least in some circles) viewed as an inalienable right. In the EU, government aid generally is forbidden by law. Ironically, Ford, the only un-bailed-out Detroit company, now is in collision with these quaint continental regulations. According to Reuters, “ EU antitrust regulators will investigate whether […]

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In America,  government bailouts of ailing car companies are (at least in some circles) viewed as an inalienable right. In the EU, government aid generally is forbidden by law. Ironically, Ford, the only un-bailed-out Detroit company, now is in collision with these quaint continental regulations. According to Reuters, “ EU antitrust regulators will investigate whether […]

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Peugeot To Move “Upscale”, PSA Remains Without Low-Cost Brand http://www.thetruthaboutcars.com/2013/02/peugeot-to-move-upscale-psa-remains-without-low-cost-brand/ http://www.thetruthaboutcars.com/2013/02/peugeot-to-move-upscale-psa-remains-without-low-cost-brand/#comments Thu, 14 Feb 2013 13:30:30 +0000 http://www.thetruthaboutcars.com/?p=477467 Stop us if you’ve heard this one before. Unlike the poorly interpreted plans for Mazda to be a “premium” brand, PSA really is planning to take Peugeot upscale, despite having zero brand equity, an upscale Citroen line and zero exposure to the profit center of the future, low-cost cars. The announcement came as PSA announced a record […]

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Stop us if you’ve heard this one before. Unlike the poorly interpreted plans for Mazda to be a “premium” brand, PSA really is planning to take Peugeot upscale, despite having zero brand equity, an upscale Citroen line and zero exposure to the profit center of the future, low-cost cars. The announcement came as PSA announced a record […]

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PSA May Get French Government Bailout http://www.thetruthaboutcars.com/2013/02/psa-may-get-french-government-bailout/ http://www.thetruthaboutcars.com/2013/02/psa-may-get-french-government-bailout/#comments Fri, 08 Feb 2013 17:35:29 +0000 http://www.thetruthaboutcars.com/?p=476942 The French government is denying that it plans to acquire a stake in PSA, but France’s Prime Minister told reporters that mechanisms for providing government assistance have already been vetted. At a time of high unemployment and factory closures across France, the fate of PSA is a sensitive one. PSA’s sales have been tanking, hampered by an […]

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The French government is denying that it plans to acquire a stake in PSA, but France’s Prime Minister told reporters that mechanisms for providing government assistance have already been vetted. At a time of high unemployment and factory closures across France, the fate of PSA is a sensitive one. PSA’s sales have been tanking, hampered by an […]

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The TARP Is Lifting: Government Motors No More, In About A Year Or So http://www.thetruthaboutcars.com/2012/12/the-tarp-is-lifting-government-motors-no-more-in-about-a-year-or-so/ http://www.thetruthaboutcars.com/2012/12/the-tarp-is-lifting-government-motors-no-more-in-about-a-year-or-so/#comments Wed, 19 Dec 2012 15:00:30 +0000 http://www.thetruthaboutcars.com/?p=470695 It has been repeatedly suggested that GM should use its ample profits to buy back the shares held by the U.S. government (don’t forget the Canadians.). Finally, GM listens to reasons. Or, possibly, strong suggestions from Washington. GM will purchase 200 million shares of GM common stock held by the U.S. Department of the Treasury […]

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It has been repeatedly suggested that GM should use its ample profits to buy back the shares held by the U.S. government (don’t forget the Canadians.). Finally, GM listens to reasons. Or, possibly, strong suggestions from Washington. GM will purchase 200 million shares of GM common stock held by the U.S. Department of the Treasury […]

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FT: GM-PSA Tie-up On The Ropes Due To Irreconcilable Differences http://www.thetruthaboutcars.com/2012/11/ft-gm-psa-tie-up-on-the-ropes-due-to-irreconcilable-differences/ http://www.thetruthaboutcars.com/2012/11/ft-gm-psa-tie-up-on-the-ropes-due-to-irreconcilable-differences/#comments Wed, 14 Nov 2012 12:17:23 +0000 http://www.thetruthaboutcars.com/?p=466864 A while ago, I chatted with an industry executive who had “done time” (his words) at GM. I asked him how that was, and he said: “There is always that talk about the current Big Deal that will bring the company back to its former glory. When that Big Deal fizzles, it’s on to the […]

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A while ago, I chatted with an industry executive who had “done time” (his words) at GM. I asked him how that was, and he said: “There is always that talk about the current Big Deal that will bring the company back to its former glory. When that Big Deal fizzles, it’s on to the […]

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Ed Niedermeyer In Today’s Wall Street Journal http://www.thetruthaboutcars.com/2012/11/ed-niedermeyer-in-todays-wall-street-journal/ http://www.thetruthaboutcars.com/2012/11/ed-niedermeyer-in-todays-wall-street-journal/#comments Sat, 03 Nov 2012 19:18:12 +0000 http://www.thetruthaboutcars.com/?p=465799 TTAC alumni Ed Niedermeyer has an op-ed in the Wall Street Journal. The piece discusses the spin surrounding the bailout in this year’s campaign. Check it out here.

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TTAC alumni Ed Niedermeyer has an op-ed in the Wall Street Journal. The piece discusses the spin surrounding the bailout in this year’s campaign. Check it out here.

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Auction Day: The Euro Bailout http://www.thetruthaboutcars.com/2012/10/auction-day-the-euro-bailout/ http://www.thetruthaboutcars.com/2012/10/auction-day-the-euro-bailout/#comments Wed, 31 Oct 2012 16:36:59 +0000 http://www.thetruthaboutcars.com/?p=465500 What percentage of new cars sold this year in the United States have European badges? 3%… 5% maybe? Not even close! Through September 2012 it stands at approximately 9.5% The recent successes of VW, Audi and BMW/Mini are quite noteworthy. 10 years ago, European marketshare in the U.S. was only at 7.1%. However this isn’t the […]

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What percentage of new cars sold this year in the United States have European badges? 3%… 5% maybe? Not even close! Through September 2012 it stands at approximately 9.5% The recent successes of VW, Audi and BMW/Mini are quite noteworthy. 10 years ago, European marketshare in the U.S. was only at 7.1%. However this isn’t the […]

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How The GM Bailout Turned Into Foreign Aid http://www.thetruthaboutcars.com/2012/10/how-the-gm-bailout-turned-into-foreign-aid/ http://www.thetruthaboutcars.com/2012/10/how-the-gm-bailout-turned-into-foreign-aid/#comments Sat, 13 Oct 2012 10:20:49 +0000 http://www.thetruthaboutcars.com/?p=463624 Longtime reader and new contributor Tyler Vandermeulen is a financial analyst by day. He took a deep dive into the EDGAR database to unearth how much of GM’s money flows abroad. Please welcome Tyler with the respect he deserves. Rude comments will not be tolerated. Before the bailout of General Motors, it was well understood […]

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Longtime reader and new contributor Tyler Vandermeulen is a financial analyst by day. He took a deep dive into the EDGAR database to unearth how much of GM’s money flows abroad. Please welcome Tyler with the respect he deserves. Rude comments will not be tolerated. Before the bailout of General Motors, it was well understood […]

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Rattner Defends Bailout With Old Talking Points http://www.thetruthaboutcars.com/2012/10/rattner-defends-bailout-with-old-talking-points/ http://www.thetruthaboutcars.com/2012/10/rattner-defends-bailout-with-old-talking-points/#comments Tue, 09 Oct 2012 16:15:12 +0000 http://www.thetruthaboutcars.com/?p=463232 Ford did not receive a government bailout. Not directly. It would have gone down the tubes along GM and Chrysler, if they would have been allowed to die, Steve Rattner, the head of the auto task force, told Bloomberg. Said Rattner: “Ford would have closed because it wouldn’t have been able to get parts, because […]

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Ford did not receive a government bailout. Not directly. It would have gone down the tubes along GM and Chrysler, if they would have been allowed to die, Steve Rattner, the head of the auto task force, told Bloomberg. Said Rattner: “Ford would have closed because it wouldn’t have been able to get parts, because […]

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In Pain, European Carmakers And Unions Turn To Obama For Inspiration http://www.thetruthaboutcars.com/2012/09/in-pain-european-carmakers-and-unions-turn-to-obama-for-inspiration/ http://www.thetruthaboutcars.com/2012/09/in-pain-european-carmakers-and-unions-turn-to-obama-for-inspiration/#comments Mon, 03 Sep 2012 08:37:38 +0000 http://www.thetruthaboutcars.com/?p=458807 People in Europe had a lot of time to think about their troubled future during their long vacation. Coming back to work, they are “ready to shut plants and lay off staff,” as Reuters observes. Executives and union leaders are said to be in rare agreement over who to emulate: Obama, the UAW, and Detroit. […]

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People in Europe had a lot of time to think about their troubled future during their long vacation. Coming back to work, they are “ready to shut plants and lay off staff,” as Reuters observes. Executives and union leaders are said to be in rare agreement over who to emulate: Obama, the UAW, and Detroit. […]

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GM, Chrysler To Political Candidates: GTFO http://www.thetruthaboutcars.com/2012/08/gm-chrysler-to-political-candidates-gtfo/ http://www.thetruthaboutcars.com/2012/08/gm-chrysler-to-political-candidates-gtfo/#comments Mon, 27 Aug 2012 20:49:17 +0000 http://www.thetruthaboutcars.com/?p=458020 Auto plant visits, long a staple of election-year vote-courting for politicians, are now banned at both GM and Chrysler plants until after the votes have been counted. GM and Chrysler implemented the move in response to the highly politicized nature of the auto industry following the bailout. An article in the Detroit Free Press contains […]

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Auto plant visits, long a staple of election-year vote-courting for politicians, are now banned at both GM and Chrysler plants until after the votes have been counted. GM and Chrysler implemented the move in response to the highly politicized nature of the auto industry following the bailout. An article in the Detroit Free Press contains […]

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Report: Treasury Behind Delphi Pensions Debacle http://www.thetruthaboutcars.com/2012/08/455806/ http://www.thetruthaboutcars.com/2012/08/455806/#comments Tue, 07 Aug 2012 17:21:58 +0000 http://www.thetruthaboutcars.com/?p=455806 The Daily Caller says it has emails that prove that the pensions of 20,000 salaried retirees at Delphi were terminated “solely because those retirees were not members of labor unions.” The emails, says the conservative website “contradict sworn testimony, in federal court and before Congress, given by several Obama administration figures. They also indicate that […]

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The Daily Caller says it has emails that prove that the pensions of 20,000 salaried retirees at Delphi were terminated “solely because those retirees were not members of labor unions.” The emails, says the conservative website “contradict sworn testimony, in federal court and before Congress, given by several Obama administration figures. They also indicate that […]

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Dead Brand Pool 2014: The Brutal Retreat http://www.thetruthaboutcars.com/2012/08/dead-brand-pool-2014-the-brutal-retreat/ http://www.thetruthaboutcars.com/2012/08/dead-brand-pool-2014-the-brutal-retreat/#comments Sun, 05 Aug 2012 00:07:17 +0000 http://www.thetruthaboutcars.com/?p=455492 The most successful brands in our industry don’t have much meaning to them. Toyota, Chevrolet, Ford, Hyundai, Kia, all of these are names that wouldn’t evoke much of any imagery had their manufacturers never existed. Mercury and Saturn are popular planets that make you think of space and the futuristic pursuit of those faraway places. […]

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The most successful brands in our industry don’t have much meaning to them. Toyota, Chevrolet, Ford, Hyundai, Kia, all of these are names that wouldn’t evoke much of any imagery had their manufacturers never existed. Mercury and Saturn are popular planets that make you think of space and the futuristic pursuit of those faraway places. […]

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General Motors To Invest In Oshawa R&D http://www.thetruthaboutcars.com/2012/07/general-motors-to-invest-in-oshawa-rd/ http://www.thetruthaboutcars.com/2012/07/general-motors-to-invest-in-oshawa-rd/#comments Tue, 24 Jul 2012 15:04:40 +0000 http://www.thetruthaboutcars.com/?p=453990 The closing of the Oshawa Consolidated Line supposedly had GM in the bailout doghouse – the company was supposed to maintain a certain level of production in Canada according to the terms of their bailout package. As far as we know, GM hasn’t replenished that yet, but they are throwing the Canadian federal and Ontario […]

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The closing of the Oshawa Consolidated Line supposedly had GM in the bailout doghouse – the company was supposed to maintain a certain level of production in Canada according to the terms of their bailout package. As far as we know, GM hasn’t replenished that yet, but they are throwing the Canadian federal and Ontario […]

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Paper: Auto Bailout Was A UAW Bailout http://www.thetruthaboutcars.com/2012/06/paper-auto-bailout-was-a-uaw-bailout/ http://www.thetruthaboutcars.com/2012/06/paper-auto-bailout-was-a-uaw-bailout/#comments Thu, 14 Jun 2012 07:15:29 +0000 http://www.thetruthaboutcars.com/?p=448985 Moody’s has been less than impressed with GM’s recent pension cuts/buyouts: “GM’s plan has some constructive elements,” said Bruce Clark, senior vice president at Moody’s. “It will reduce the company’s pension assets and liabilities by $26 billion and relieve it of the obligation to make future payments to most of its salaried retirees. It will […]

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Moody’s has been less than impressed with GM’s recent pension cuts/buyouts: “GM’s plan has some constructive elements,” said Bruce Clark, senior vice president at Moody’s. “It will reduce the company’s pension assets and liabilities by $26 billion and relieve it of the obligation to make future payments to most of its salaried retirees. It will […]

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