Let me say at the outset that the GM bailout was far, far better handled than the bankster bailouts. And as a Michigan resident whose family still has ties to the auto business, I am tremendously grateful for that bailout. That said, this is why I have not declared mission accomplished, in spite of the [...]
|By: emptywheel Thursday November 18, 2010 5:33 am|
Wall Street and the Administration are hailing the GM IPO and claiming victory. General Motors Co GM.UL pulled off the biggest initial public offering in U.S. history on Wednesday, raising $20.1 billion after pricing shares at the top of the proposed range in response to huge investor demand. GM sold 478 million common shares at [...]
|By: emptywheel Tuesday November 16, 2010 12:24 pm|
For some reason, Andrew Ross Sorkin felt the need to weigh in on the debate over whether Rick Wagoner or Team Auto should get credit for GM’s turnaround. He probably shouldn’t have, seeing as how some of his evidence against Wagoner is that “he wasn’t able or willing to cull failing brands like Pontiac, for [...]
|By: emptywheel Monday November 1, 2010 6:37 am|
I’m going to have a few follow-up posts about Steven Rattner’s Overhaul generally and Saturday’s book salon on it. But for the moment, I wanted to add something to two excellent reviews of it by Malcom Gladwell and Felix Salmon. Together, they both distinguish between the product GM makes and the debt it had. Here’s [...]
|By: emptywheel Wednesday April 1, 2009 4:16 am|
Ken Lewis let Merrill Lynch aware $3 billion dollars in bonuses just as Bank of America–with financial support of you and I–took over Merrill Lynch. Which, in itself, is reason why Lewis deserves to be fired at least as much as Rick Wagoner.
|By: emptywheel Saturday January 10, 2009 7:15 am|
It looks like Barney Frank is trying to reverse the really punitive aspects of the auto rescue plan snuck into the loan terms by Bush.