The Truth About Cars » Treasury http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Tue, 03 May 2016 20:50:04 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.4 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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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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Car Fight: Chrysler Calls Out Tesla – Who Paid Up First? http://www.thetruthaboutcars.com/2013/05/car-fight-chrysler-calls-out-tesla-who-paid-up-first/ http://www.thetruthaboutcars.com/2013/05/car-fight-chrysler-calls-out-tesla-who-paid-up-first/#comments Thu, 23 May 2013 20:12:19 +0000 http://www.thetruthaboutcars.com/?p=489405 The first thing they drummed into me when I started as a copywriter for Volkswagen: “Never use superlatives. They only get you in trouble.” Now, Elon Musk is in trouble over who was first to fully pay back the government loan.  Yesterday, Tesla wired $452 million to repay the remaining portion of its DOE loan […]

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The first thing they drummed into me when I started as a copywriter for Volkswagen: “Never use superlatives. They only get you in trouble.” Now, Elon Musk is in trouble over who was first to fully pay back the government loan.  Yesterday, Tesla wired $452 million to repay the remaining portion of its DOE loan […]

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Treasury To Unload Remaining GM Stake http://www.thetruthaboutcars.com/2013/02/treasury-to-unload-remaining-g-m-stake/ http://www.thetruthaboutcars.com/2013/02/treasury-to-unload-remaining-g-m-stake/#comments Tue, 26 Feb 2013 16:40:34 +0000 http://www.thetruthaboutcars.com/?p=479180 The U.S. Treasury has begun a sale of its remaining stake in General Motors, with a goal of selling its remaining shares by March 2014. Currently, the government owns more than 300 million shares in the auto maker, equivalent to a 19 percent stake. A statement released by the Treasury says that the U.S. government […]

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The U.S. Treasury has begun a sale of its remaining stake in General Motors, with a goal of selling its remaining shares by March 2014. Currently, the government owns more than 300 million shares in the auto maker, equivalent to a 19 percent stake. A statement released by the Treasury says that the U.S. government […]

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Treasury Won’t Sell GM Stock, Hopes For Pick-Up http://www.thetruthaboutcars.com/2012/09/treasury-wont-sell-gm-stock-hopes-for-pick-up/ http://www.thetruthaboutcars.com/2012/09/treasury-wont-sell-gm-stock-hopes-for-pick-up/#comments Sat, 22 Sep 2012 11:48:08 +0000 http://www.thetruthaboutcars.com/?p=461243 Throwing investment advice of eminent experts such as the LA Times editorial board and former GM CEO Ed Whitacre in the wind, the Treasury will not sell its holdings in GM as recommended, but hold on to the stock. Why? For the same reasons that prompt smaller scale investors to hold on: The Treasury “expects […]

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Throwing investment advice of eminent experts such as the LA Times editorial board and former GM CEO Ed Whitacre in the wind, the Treasury will not sell its holdings in GM as recommended, but hold on to the stock. Why? For the same reasons that prompt smaller scale investors to hold on: The Treasury “expects […]

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GM Execs Want Their Jets Back, Want Taxpayers Take A Bath http://www.thetruthaboutcars.com/2012/09/gm-execs-want-their-jets-back-want-taxpayers-take-a-bath/ http://www.thetruthaboutcars.com/2012/09/gm-execs-want-their-jets-back-want-taxpayers-take-a-bath/#comments Mon, 17 Sep 2012 11:54:01 +0000 http://www.thetruthaboutcars.com/?p=460545 GM wants the Treasury to sell its GM shares at a huge loss, says the Wall Street Journal.  Nothing doing, says the Department of the Treasury. It does not appear to need the cash (it can have it printed if needed) and is holding out for a slightly smaller loss. Reportedly, GM offered to repurchase […]

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GM wants the Treasury to sell its GM shares at a huge loss, says the Wall Street Journal.  Nothing doing, says the Department of the Treasury. It does not appear to need the cash (it can have it printed if needed) and is holding out for a slightly smaller loss. Reportedly, GM offered to repurchase […]

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Everything Sells At The Right Price… Even Bob Lutz’s Advice! http://www.thetruthaboutcars.com/2011/04/everything-sells-at-the-right-price-even-bob-lutzs-advice/ http://www.thetruthaboutcars.com/2011/04/everything-sells-at-the-right-price-even-bob-lutzs-advice/#comments Sat, 23 Apr 2011 15:51:03 +0000 http://www.thetruthaboutcars.com/?p=392791 An earlier report, stating that Bob Lutz would be returning to GM as a consultant was true… but so was the news that Treasury opposed GM’s plans to pay its longtime executive, who retired a little over a year ago. Speaking to the press at the New York Auto Show, Maximum Bob confirms that he […]

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An earlier report, stating that Bob Lutz would be returning to GM as a consultant was true… but so was the news that Treasury opposed GM’s plans to pay its longtime executive, who retired a little over a year ago. Speaking to the press at the New York Auto Show, Maximum Bob confirms that he […]

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“Government Motors”: The Exit Strategy http://www.thetruthaboutcars.com/2011/04/government-motors-the-exit-strategy/ http://www.thetruthaboutcars.com/2011/04/government-motors-the-exit-strategy/#comments Tue, 19 Apr 2011 22:21:09 +0000 http://www.thetruthaboutcars.com/?p=391993 With GM’s share price slipping below $30, the cries are going up again around the internet about the government’s stake in the bailed-out automaker. Thus far the Treasury has remained mum on its exit strategy, only indicating that it would emphasize speed rather than maximum return as it charted the course for its sell-off. But […]

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With GM’s share price slipping below $30, the cries are going up again around the internet about the government’s stake in the bailed-out automaker. Thus far the Treasury has remained mum on its exit strategy, only indicating that it would emphasize speed rather than maximum return as it charted the course for its sell-off. But […]

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The Invisible Hand Of The United States Treasury http://www.thetruthaboutcars.com/2010/11/the-invisible-hand-of-the-united-states-treasury/ http://www.thetruthaboutcars.com/2010/11/the-invisible-hand-of-the-united-states-treasury/#comments Mon, 01 Nov 2010 16:41:57 +0000 http://www.thetruthaboutcars.com/?p=371056 Ever since it became clear that the government would rescue General Motors and Chrysler, the Treasury Department has made it clear that it would stay out of “day to day” decision making at the rescued automakers. Allowing the rescued firms to operate independently was a political calculation based on the desire to keep politics from […]

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Ever since it became clear that the government would rescue General Motors and Chrysler, the Treasury Department has made it clear that it would stay out of “day to day” decision making at the rescued automakers. Allowing the rescued firms to operate independently was a political calculation based on the desire to keep politics from […]

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The Auto Bailout Explained http://www.thetruthaboutcars.com/2010/10/the-auto-bailout-explained/ http://www.thetruthaboutcars.com/2010/10/the-auto-bailout-explained/#comments Tue, 05 Oct 2010 22:39:37 +0000 http://www.thetruthaboutcars.com/?p=367588 While some have questioned why TARP was used to support the automotive industry, both the Bush  and Obama Administrations determined that Treasury’s investments in the auto companies were consistent with the purpose and specific requirements of EESA.  Among other things, Treasury determined that the auto companies were and are interrelated with entities extending credit to consumers and dealers because of their financing subsidiaries and other operations, and that a disruption in the industry or an uncontrolled liquidation would have had serious effects on financial market stability, employment and the economy as a whole. Translation: credit dependence killed the car companies. And from the 0% Red Toe Tag Sales to GM Daewoo’s $2b currency gambling loss, the glove fits. It’s a lesson that isn’t brought up often enough, and it’s one of the only passages of note in the Auto Industry Financing […]

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While some have questioned why TARP was used to support the automotive industry, both the Bush  and Obama Administrations determined that Treasury’s investments in the auto companies were consistent with the purpose and specific requirements of EESA.  Among other things, Treasury determined that the auto companies were and are interrelated with entities extending credit to consumers and dealers because of their financing subsidiaries and other operations, and that a disruption in the industry or an uncontrolled liquidation would have had serious effects on financial market stability, employment and the economy as a whole. Translation: credit dependence killed the car companies. And from the 0% Red Toe Tag Sales to GM Daewoo’s $2b currency gambling loss, the glove fits. It’s a lesson that isn’t brought up often enough, and it’s one of the only passages of note in the Auto Industry Financing […]

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Quote Of The Day: Escape From Government Motors Edition http://www.thetruthaboutcars.com/2010/08/quote-of-the-day-escape-from-government-motors-edition/ http://www.thetruthaboutcars.com/2010/08/quote-of-the-day-escape-from-government-motors-edition/#comments Fri, 06 Aug 2010 21:46:15 +0000 http://www.thetruthaboutcars.com/?p=362346 We want the government out, period. We don’t want to be known as Government Motors. GM Chairman and CEO Ed Whitacre channels his inner Rick “Bankruptcy is not an option” Wagoner in the New York Times, telling the taxpayers who put him in charge of a bailout-rinsed General Motors to get lost. Sure Ed, we’ll […]

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We want the government out, period. We don’t want to be known as Government Motors. GM Chairman and CEO Ed Whitacre channels his inner Rick “Bankruptcy is not an option” Wagoner in the New York Times, telling the taxpayers who put him in charge of a bailout-rinsed General Motors to get lost. Sure Ed, we’ll […]

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GM Asks IPO Underwriters To Buy Its Cars http://www.thetruthaboutcars.com/2010/07/gm-asks-ipo-underwriters-to-buy-its-cars/ http://www.thetruthaboutcars.com/2010/07/gm-asks-ipo-underwriters-to-buy-its-cars/#comments Wed, 14 Jul 2010 20:10:36 +0000 http://www.thetruthaboutcars.com/?p=360870 Bloomberg reports that GM has already pulled off one of the ballsiest IPO moves ever, by asking banks bidding to underwrite its IPO to use fees to subsidize the purchase of GM vehicles by its employees. According to the report, a GM document sent to bidding banks solicited ideas as to how we can use […]

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Bloomberg reports that GM has already pulled off one of the ballsiest IPO moves ever, by asking banks bidding to underwrite its IPO to use fees to subsidize the purchase of GM vehicles by its employees. According to the report, a GM document sent to bidding banks solicited ideas as to how we can use […]

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Treasury Hires Lazard As GM Moves Towards IPO http://www.thetruthaboutcars.com/2010/05/treasury-hires-lazard-as-gm-moves-towards-ipo/ http://www.thetruthaboutcars.com/2010/05/treasury-hires-lazard-as-gm-moves-towards-ipo/#comments Mon, 31 May 2010 16:22:22 +0000 http://www.thetruthaboutcars.com/?p=357714 The Detroit News reports that the Treasury Department has hired Lazard Frères & Co. as an advisor to GM’s forthcoming IPO sale. And with news of the hiring comes confirmation that GM’s IPO really is coming soon: the investment bank will receive half a million dollars, according to the DetN, but that amount will drop […]

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The Detroit News reports that the Treasury Department has hired Lazard Frères & Co. as an advisor to GM’s forthcoming IPO sale. And with news of the hiring comes confirmation that GM’s IPO really is coming soon: the investment bank will receive half a million dollars, according to the DetN, but that amount will drop […]

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Treasury: GM “Payback” Claims Not Misleading http://www.thetruthaboutcars.com/2010/04/treasury-gm-payback-claims-not-misleading/ http://www.thetruthaboutcars.com/2010/04/treasury-gm-payback-claims-not-misleading/#comments Wed, 28 Apr 2010 20:53:26 +0000 http://www.thetruthaboutcars.com/?p=354628 In response to Senator Chuck Grassley’s concern that GM’s claim to have paid back taxpayer loans was misleading, the US Treasury is now saying that it has no problem with The General’s statements. According to the Freep, a Treasury letter to Grassley explains that: GM’s decision to pay off the loan signaled the automaker did […]

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In response to Senator Chuck Grassley’s concern that GM’s claim to have paid back taxpayer loans was misleading, the US Treasury is now saying that it has no problem with The General’s statements. According to the Freep, a Treasury letter to Grassley explains that: GM’s decision to pay off the loan signaled the automaker did […]

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Quote Of The Day: Mission Accomplished Edition http://www.thetruthaboutcars.com/2010/04/quote-of-the-day-mission-accomplished-edition/ http://www.thetruthaboutcars.com/2010/04/quote-of-the-day-mission-accomplished-edition/#comments Wed, 21 Apr 2010 17:22:06 +0000 http://www.thetruthaboutcars.com/?p=353566 Taxpayers, your partial refund is in. Now quick, make with the pension bailout and EV subsidies. Oh, and be sure to pick up a new Chevy, Cadillac, Buick or GMC as a “thank you” present for this act of patriotic largess. In a speech at GM’s Fairfax, KS plant [via Automotive News [sub]], Big Ed […]

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Taxpayers, your partial refund is in. Now quick, make with the pension bailout and EV subsidies. Oh, and be sure to pick up a new Chevy, Cadillac, Buick or GMC as a “thank you” present for this act of patriotic largess. In a speech at GM’s Fairfax, KS plant [via Automotive News [sub]], Big Ed […]

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Quote Of The Day: Government Motors By The Numbers Edition http://www.thetruthaboutcars.com/2010/04/quote-of-the-day-government-motors-by-the-numbers-edition/ http://www.thetruthaboutcars.com/2010/04/quote-of-the-day-government-motors-by-the-numbers-edition/#comments Wed, 07 Apr 2010 16:16:55 +0000 http://www.thetruthaboutcars.com/?p=351698 My first day back at the helm of TTAC has been accompanied by an embarrassment of riches, in the form of both a GAO report on GM and Chrysler’s pension obligations, and the release of GM’s first post-bankruptcy, GAAP-approved financial results. We will continue to mine these documents for the most revealing quotes and statistics, […]

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My first day back at the helm of TTAC has been accompanied by an embarrassment of riches, in the form of both a GAO report on GM and Chrysler’s pension obligations, and the release of GM’s first post-bankruptcy, GAAP-approved financial results. We will continue to mine these documents for the most revealing quotes and statistics, […]

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Bailout Watch 571: How GM Won’t Pay Off Its Government Debt (But Will Try To Make You Think It Did) http://www.thetruthaboutcars.com/2009/11/bailout-watch-571-how-gm-wont-pay-off-its-government-debt-but-will-try-to-make-you-think-it-did/ http://www.thetruthaboutcars.com/2009/11/bailout-watch-571-how-gm-wont-pay-off-its-government-debt-but-will-try-to-make-you-think-it-did/#comments Mon, 16 Nov 2009 16:06:58 +0000 http://www.thetruthaboutcars.com/?p=335656 According to GM’s 3rd Quarter financial results announcement: GM plans to repay the United States, Canadian and Ontario government loans in quarterly installments from escrowed funds, beginning next month with an initial $1.2 billion payment to be made in December ($1.0 billion to the UST and $192 million to the EDC), followed by quarterly payments. […]

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According to GM’s 3rd Quarter financial results announcement: GM plans to repay the United States, Canadian and Ontario government loans in quarterly installments from escrowed funds, beginning next month with an initial $1.2 billion payment to be made in December ($1.0 billion to the UST and $192 million to the EDC), followed by quarterly payments. […]

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