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Keyword: gm

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  • Phone Call to General Motors

    10/17/2016 10:26:26 AM PDT · by Morgana · 4 replies
    Edward Santos youtube ^ | Published on Apr 14, 2012 | Edward Santos
    Phone Call to General Motors
  • Ford idles Mustang plant amid slow sales

    10/11/2016 10:09:56 AM PDT · by Brilliant · 107 replies ^ | October 11, 2016 | David Muller
    Ford Motor Co. is idling its Flat Rock Assembly Plant, where the Dearborn automaker builds the Ford Mustang and the revived Lincoln Continental. The site will be idled for one week, Ford spokeswoman Kelli Felker said in an email. "We continue to match production with demand," Felker said in response to a query about whether the idling was due to slower Mustang sales. "Mustang remains the top seller in its segment in total and retail sales..." Sales of all Ford-brand cars fell by double-digits in the U.S. in September, as Americans continue to gravitate toward crossovers and SUVs, but the...
  • GM’s Tax Shelter-Another $16 billion not available to other car makers [Has Hillary condemned this?]

    10/03/2016 6:01:55 AM PDT · by SJackson · 6 replies
    As everyone else’s taxes rise, one favored outfit may not have to pay federal taxes for years: General Motors. In another sweet deal from its benefactors on Pennsylvania Avenue, the government-owned car company is set to profit from billions of dollars in tax breaks not available to other businesses in the same predicament. The new GM will be allowed to claim a tax benefit from some $16 billion of net operating losses carried over from the old company, allowing it to avoid paying taxes on future profits, perhaps for years. The issue is a common accounting practice called “tax-loss carry...
  • GM not protected from ignition switch claims: U.S. appeals court

    07/13/2016 12:09:53 PM PDT · by jazusamo · 20 replies
    Reuters ^ | July 13, 2016 | Jessica Dye
    In a blow to General Motors Co (GM.N), a federal appeals court on Wednesday reversed part of a bankruptcy court ruling that protected the automaker from some lawsuits over an ignition switch defect that prompted the recall of 2.6 million vehicles in 2014. The 2nd U.S. Circuit Court of Appeals in Manhattan said barring plaintiffs from suing the automaker over crashes and lost vehicle value stemming from the faulty switch would violate their constitutional rights to due process, since they had not been notified of the defect prior to GM's 2009 bankruptcy. The ruling effectively rebuffs GM's attempts to shield...
  • After Original Bondholders Stiffed, GM Issues New Debt

    02/25/2016 1:08:22 PM PST · by jazusamo · 30 replies
    NLPC ^ | February 25, 2016 | Mark Modica
    "Fool me once, shame on you; fool me twice shame on me." That is a cliché that investors should keep in mind if they are considering buying into General Motors' latest debt offering. In fact, holders of GM common stock should also assess the growing similarity that New GM has with the bankrupted Old GM. GM announced last week that it will be offering an estimated $2 billion of unsecured debt to help prop up underfunded pensions with additional proceeds used for general business purposes. The move follows a contradictory continuing dialogue that proclaims the company is so cash...
  • Worker who pulled gun to stop stabbing attack at GM Tech Center says he was fired ( Detroit )

    02/11/2016 8:24:21 AM PST · by george76 · 44 replies
    WJBK ^ | Feb 11 2016 | Hannah Saunders
    WARREN, Mich. - An employee at the General Motors Technical Center in Warren stabbed by someone visiting the plant Wednesday. The 52-year-old victim was hospitalized and suspect arrested by police - but the valet service supervisor with a valid CPL who pulled his gun to stop the attack, says he was fired. Didarul Sarder, SP+ Valet Supervisor was heading into work Wednesday morning at the General motors technical center in Warren, when he heard the cry for help. The lady kept saying 'I'm dying, someone help' and it was just natural reaction," said Didarul Sarder, SP+ Valet Supervisor. "I just...
  • North America, China power GM to record $9.7b annual profit

    02/03/2016 10:09:04 AM PST · by Olog-hai · 6 replies
    Associated Press ^ | Feb 3, 2016 12:25 PM EST | Tom Krisher
    If you're an automaker, especially one from Detroit, conditions probably aren't going to be better for you to make a lot of cash. For General Motors, that's what happened last year as the company posted a record $9.7 billion net profit. [...] Yet even with the earnings, GM gets no respect from the stock market. Its shares were down 3.5 percent at midday Wednesday to $28.61. Investors haven't been kind to auto stocks for years. GM shares are down more than 15 percent in the past year, and are more than $4 below the company's initial public offering price of...
  • GM Finally Puts Cadillac ELR Out Of Its Misery

    02/03/2016 9:47:36 AM PST · by jazusamo · 26 replies
    NLPC ^ | February 3, 2016 | Mark Modica
    Here's one that wasn't hard to see coming. General Motors has announced that it is ending production of the Cadillac ELR , which was essentially a gussied upChevy Volt at twice the price. You can call this one a mercy killing as the overpriced, pseudo-green, government-subsidized vehicle was doomed for failure as low sales figures reflected the lack of value offered by the vehicle. That failure was predicted here back in December of 2013 when the ELR was rolled out. As with the sales-challenged Chevy Volt, most of the media bought into the Cadillac ELR hype, calling it a...
  • Justice Dept. Assails VW as Barra is Elevated to GM Chair

    01/05/2016 2:38:41 PM PST · by jazusamo · 5 replies
    NLPC ^ | January 5, 2016 | Mark Modica
    The Obama Administration's Justice Department is now suing Volkswagen for "up to $90 billion for allegedly violating environmental law." Politically-favored General Motors was fined $900 million, or 1% of that amount, for covering up an ignition switch defect that led to the deaths of at least 124 people. At last count, the number of people who lost their lives as a result of emissions' tampering by VW stood at zero. Meanwhile, the GM board unanimoulsy elected CEO Mary Barra as its Chairman, demonstrating that it is still not independent of the White House political operation, even years after the...
  • Trial in NYC Set to Air GM Ignition Switch Recall Issues

    01/02/2016 11:47:26 AM PST · by jazusamo · 25 replies
    ABC News ^ | January 2, 2016 | Larry Neumeister/AP
    A civil trial set to start this month in New York City will test the legal boundaries of hundreds of claims remaining against General Motors Co. stemming from faulty ignition switches. The case involves an Oklahoma man who blames a defective ignition switch for preventing his air bags from deploying during a crash. It's the first trial to result from hundreds of lawsuits filed against GM after the auto giant revealed in 2014 that faulty ignition switches in Chevy Cobalts and other small cars necessitated an unprecedented recall. The switches can slip out of the "on" position, causing the cars...
  • GM to sell China-made vehicle in US first (GM very, very wrong here)

    12/06/2015 1:40:03 AM PST · by Cringing Negativism Network · 98 replies
    AFP ^ | December 5, 2015
    General Motors says it will sell in the United States next year a vehicle made in China, becoming the first major US automaker to do so.
  • GM could face punitive damage claims in switch litigation

    11/09/2015 11:26:57 AM PST · by jazusamo · 7 replies
    Channel NewsAsia ^ | November 10, 2015 | Jessica Dye - Reuters
    NEW YORK: A U.S. judge on Monday said that General Motors Co may be liable for punitive damages in lawsuits it faces over an ignition switch problem that prompted the recall of millions of vehicles last year. The decision from U.S. Bankruptcy Judge Robert Gerber in Manhattan could increase GM's financial exposure to claims for injuries, deaths or loss of vehicle value stemming from the 2014 recall. Unlike compensatory damages, which are meant to make up for plaintiffs' losses, punitive damages are designed to punish defendants for egregious or negligent conduct, and to deter future misbehavior. Gerber said, however, post-bankruptcy...
  • Did GM Get Sweetheart Deal on Homeland Security Vehicles?

    11/02/2015 9:58:45 AM PST · by jazusamo · 18 replies
    NLPC ^ | November 2, 2015 | Mark Modica
    A report by the Office of the Inspector General (OIG) for the Department of Homeland Security has found that the Department’s Federal Protective Service (FPS) division wasted about $2.5 million of taxpayer money in 2014 on an extravagant fleet vehicle program. It is not surprising that images show that the vehicles in question appear to be manufactured by crony company , General Motors. A House of Representatives Subcommittee on Oversight and Management Efficiency, headed by Rep. Scott Perry (R-PA), requested the audit on the FPS’ fleet operation. The report unveils a fleet of 1,169 vehicles which were leased at...
  • United Auto Workers union threatens General Motors strike

    10/24/2015 4:45:29 PM PDT · by Olog-hai · 14 replies
    Associated Press ^ | Oct. 24, 2015 7:30 PM EDT
    The United Auto Workers union says its workers at General Motors will strike if it can’t agree on a new contract with the company by 11:59 p.m. Sunday. Both sides are still negotiating. The union made a similar threat in recent discussions with FIAT Chrysler before agreeing to a new four-year contract. …
  • The New York Times and the rehabilitation of Steven Rattner

    10/06/2015 9:04:49 AM PDT · by george76 · 9 replies
    Columbia Journalism Review ^ | FEBRUARY 20, 2013 | Ryan Chittum
    The New York Times is declaring that disgraced private equity mogul Steven Rattner has gotten his reputation back in the Manhattan lunch circles that matter. This was probably only a matter of time given that it was the Times itself that played a leading role in his rehabilitation. It’s Andrew Ross Sorkin, naturally, who pronounces the cleansing complete, even wondering aloud if Rattner could be a Treasury secretary someday. This about a guy who just two years ago paid $16 million to settle SEC and New York lawsuits against him for taking part in a kickback scheme with public officials...
  • Dear Volkswagen: This Was Your Biggest Mistake [Not being like GM]

    09/22/2015 2:01:08 PM PDT · by SeekAndFind · 11 replies
    Zero Hedge ^ | 09/22/2015 | Tyler Durden
    As we previously commented when it comes to justice, there are those companies that have been bailed out by the US Government, and then there is everyone else. Case in point, GM, which last Thursday was fined $900 million for covering up its faulty ignition switches that caused at least 124 deaths and hundreds of injuries. The deal with GM was cut by U.S. Attorney for the Southern District of New York Preet Bharara, who said there’s no federal criminal penalty for knowingly putting a deadly product on the market. "It has been a challenging case, for the agencies,...
  • GM Getting A Smooth Ride From Obama Administration

    09/22/2015 11:16:33 AM PDT · by jazusamo · 19 replies ^ | September 21, 2015 | IBD Editorial
    Corruption: One carmaker's mistake killed nearly 200. Another might have evaded federal emissions laws while a third failed to issue a recall. Which one committed the biggest sin, according to the government? Here's a hint: It's not the automaker known as Government Motors. GM, more officially known as General Motors, will pay a $900 million fine in a settlement reached last week with the Justice Department. The automaker admits it hid an ignition-switch problem that has been linked to 174 deaths.
  • No Justice for General Motors’ Victims

    09/21/2015 9:25:23 AM PDT · by jazusamo · 11 replies
    NLPC ^ | September 21, 20125 | Mark Modica
    The response of the Justice Department to General Motors’ ignition switch defect cover-up was announced last week. GM’s failure to address the deadly defect led to the loss of lives of at least 169 people. Any hopes for the families of the victims that the crony status of GM would not stand in the way of justice were squashed as the company was given a slap on the wrist by its friends at the Obama Administration. The Justice Department’s news release regarding the meager $900 million penalty reeked of hypocrisy as it tried to paint a picture of a repentant...
  • GM's Ignition Switch Findings: 124 Deaths, 275 Injuries

    08/26/2015 6:28:31 AM PDT · by Zakeet · 25 replies
    Car Connection ^ | August 25, 2015 | Richard Read
    For more than a year, Ken Feinberg and his team have had the grim task of sorting through thousands of claims against General Motors, all of which allege that the company's faulty ignition switches led to injury or death. The last claims were filed on January 31, and now, nearly seven months later, Feinberg has finished assessing them all. [Snip] 399 claims were approved. Of that number: 124 were approved for death 17 were approved for serious injury 258 were approved for other injuries Though GM had put no cap on the Fund, the automaker estimated that it would make...
  • GM plans to sell Buicks made in China to Americans

    08/18/2015 7:20:20 PM PDT · by Nachum · 73 replies
    NY Post ^ | 8/198/15 | Staff , Reuters
    Detroit — Most Buick vehicles sold in the United States after 2016 could be imported from China and Europe, according to two sources familiar with parent General Motors Co’s plans. Only two of Buick’s future US models, replacements for the mid-size LaCrosse sedan and the large Enclave crossover, are expected to be built in North America, according to the sources, who did not want to be identified because their companies work with GM. (Snip) Buick is planning to shift production of the compact Verano sedan from Michigan to China in late 2016, the sources said. Production of the
  • Most of Buick's future U.S. cars may come from overseas

    08/18/2015 3:10:25 PM PDT · by RightGeek · 51 replies
    Yahoo/Rueters ^ | 8/18/2015 | Paul Lienert and Bernie Woodall
    Most Buick vehicles sold in the United States after 2016 could be imported from China and Europe, according to two sources familiar with parent General Motors Co's plans. Only two of Buick's future U.S. models, replacements for the mid-size LaCrosse sedan and the large Enclave crossover, are expected to be built in North America, according to the sources, who did not want to be identified because their companies work with GM.... In Detroit, Cindy Estrada, head of the UAW's GM department, said the automaker would be "tone deaf" to import vehicles from overseas "after the sacrifices by U.S. taxpayers," as...
  • Researcher says can hack GM's OnStar app, open vehicle, start engine

    07/30/2015 1:55:36 PM PDT · by Zakeet · 11 replies
    Reuters ^ | July 30, 2015 | Jim Finkle and Bernie Woodall
    A researcher is advising drivers to halt the use of a mobile app for General Motors Co's (GM.N) OnStar vehicle communications system, saying hackers can exploit a security flaw in the product to remotely unlock cars and start engines. "White-hat" hacker Samy Kamkar posted a video on Thursday saying he had figured out a way to "locate, unlock and remote-start" vehicles by intercepting communications between the OnStar RemoteLink mobile app and the OnStar service. Kamkar said he plans to provide technical details on the hack next week in Las Vegas at the Def Con conference, where tens of thousands of...
  • U.S. Weighs Wire-Fraud Charge Against General Motors

    06/09/2015 10:21:15 AM PDT · by jazusamo · 16 replies
    Wall Street Journal ^ | June 9, 2015 | CHRISTOPHER M. MATTHEWS & MIKE SPECTOR
    Charge stems from auto maker’s failure to recall vehicles equipped with defective ignition switchThe U.S. Justice Department is weighing charging General Motors Co. with criminal wire fraud stemming from the auto maker’s failure to recall millions of vehicles equipped with a defective ignition switch, said people familiar with the matter. Federal prosecutors in New York are focusing on the charge after determining GM likely made misleading statements and concealed information about the faulty switch, now linked to more than 100 deaths, the people said. They are hoping to reach a settlement with the company by the end of summer or...
  • Will Criminal Charges Bring Justice for GM Victims?

    05/27/2015 9:34:08 AM PDT · by jazusamo · 11 replies
    NLPC ^ | May 27, 2015 | Mark Modica
    The New York Times reports that the Justice Department has concluded that there was criminal wrongdoing by General Motors as the company covered-up a deadly ignition switch defect for years. That defect has now been blamed for causing the deaths of at least 104 motorists. While many observers may have been able to come to the conclusion that GM was guilty long before the Justice Department’s recent epiphany, the bigger question now is, what’s next? GM still faces litigation risks as ongoing lawsuits seek justice for the victims’ families that suffered as a result of GM’s criminal actions. Full...
  • Chevy still has 6,000 unsold last-gen Volt hybrids

    05/25/2015 11:26:06 PM PDT · by dila813 · 41 replies
    Engadget ^ | 20 minutes ago | Jon Fingas
    The 2016 Chevy Volt promises to be a much better hybrid than its predecessor, with a lower price and better performance... and unfortunately for GM, that improvement might be hurting sales of the outgoing model. The Detroit Free Press reports that there were roughly 6,000 unsold 2015 Volts as of April, or more than twice the 2,779 that sold in the first four months of the year. Sales are down 46 percent versus the same period a year ago, and dealers appear willing to make some serious concessions to clinch a deal.
  • GM Is Set to Face Criminal Charges Over Ignition Switches

    05/24/2015 12:01:02 PM PDT · by jazusamo · 33 replies
    General Motors will likely be prosecuted over ignition switches linked to deathsFederal prosecutors are closing in on criminal charges against General Motors Co. over a faulty ignition switch linked to more than 100 deaths, but they are still weighing whether to charge individual employees, according to people familiar with the matter. The Manhattan U.S. attorney’s office has determined GM likely broke the law by making misstatements about the ignition-switch glitch in older Chevrolet Cobalts and other cars for more than a decade and will likely extract a fine exceeding $1 billion from the company, the people said. GM will either...
  • G.M. Inquiry Said to Find Criminal Wrongdoing

    05/22/2015 8:54:41 PM PDT · by Brad from Tennessee · 31 replies
    New York Times ^ | May 22, 2015 | By DANIELLE IVORY, BEN PROTESS and BILL VLASIC
    Justice Department investigators have identified criminal wrongdoing in General Motors’ failure to disclose a defect tied to at least 104 deaths, and are negotiating what is expected to be a record penalty, according to people briefed on the inquiry. A settlement could be reached as soon as this summer. The final number is still being negotiated, but it is expected to eclipse the $1.2 billion paid last year by Toyota for concealing unintended acceleration problems in its vehicles, said the people, who did not want to be identified because the negotiations weren’t complete. G.M.’s eagerness to resolve the investigation —...
  • GM Futurliner: Taking yesterday’s tomorrow for a spin

    04/28/2015 9:30:32 AM PDT · by WhiskeyX · 19 replies
    BBC ^ | 27 April 2015 | Dan Carney
    Having been rebuilt and updated in 1952, Futurliner No 10 now belongs to the National Automotive and Truck Museum of the United States (NATMUS) in Auburn, Indiana. It received a restoration between 1998 and 2005 by a team of dedicated volunteers. Inside, Futurliners carried displays highlighting some aspect of engineering development, and showcased those displays through massive, 16ft-long doors that opened on each side to create a stage area topped by a marquee:
  • GM, Ford, and Others want to make working on your own car illegal

    04/24/2015 10:37:26 AM PDT · by MamaDearest · 47 replies ^ | April 22, 2015 | Jeff Perez
    One of the inherent rights of owning a vehicle is the ability to get on one’s backside — a wrench in one hand and a grease rag in the other, and just tinker to your little heart’s desire. Since the vehicle was invented, it’s been an important facet within the community of gearheads. General Motors — the same company responsible for 87 deaths related to faulty ignition switches, FYI — wants to take that right away from you citing safety and security issues. Along with a few other big names. It’s called the Digital Millennium Copyright Act (DMCA). It’s been around...
  • Truck, SUV profits push GM 1Q profit 8 times above year ago

    04/23/2015 6:28:45 AM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Apr 23, 2015 8:35 AM EDT | Tom Krisher
    First-quarter profit at General Motors rose nearly eight times above a year ago as U.S. consumers spent big on pickups and SUVs and the company didn’t have to set aside a huge stack of money to pay for recalls. The Detroit automaker said it made $945 million, as consumers got used to lower gasoline prices and decided to buy bigger vehicles. That’s right in GM’s sweet spot, with trucks such as the Chevrolet Silverado pickup and Cadillac Escalade large SUV. Profit margins on the trucks are sizable, with analysts estimating that GM makes more than $10,000 per vehicle. In the...
  • GM is shielded from some ignition-switch suits, ruling finds

    04/15/2015 3:38:25 PM PDT · by Theoria · 33 replies
    Reuters ^ | 15 April 2015 | Jessica Dye and Nick Brown
    General Motors Co will not have to face dozens of lawsuits accusing it of concealing an ignition-switch defect that has been blamed for more than 200 deaths and serious injuries, a U.S. bankruptcy judge ruled on Wednesday. Plaintiffs in the lawsuits said the company violated their constitutional rights by failing to disclose the defect, while GM had argued it was protected from claims on vehicles pre-dating its 2009 exit from Chapter 11 bankruptcy. The decision by U.S. Bankruptcy Judge Robert Gerber means GM may avoid potentially billions of dollars in liability, as well as the cost of defending those lawsuits,...
  • Mary Barra's Veracity on Trial in GM Lawsuits

    03/24/2015 1:49:32 PM PDT · by jazusamo
    NLPC ^ | March 24, 2015 | Mark Modica
    Depositions for General Motors’ executives, including CEO Mary Barra, will begin in May, according to the Detroit News. The testimonies will be at the center of class-action lawsuits (set for trial in January, 2016) against GM for its ignition switch defect cover-up and are slated to conclude in early October of this year. It will not be the first time Barra has testified under oath about the recall debacle which is now blamed for having caused 74 deaths. Attorneys for plaintiffs now claim they have evidence that GM executives knew about (and covered-up) the defects long before they admitted...
  • G.M. Settles Switch Suit, Avoiding Depositions

    03/14/2015 10:56:17 AM PDT · by jazusamo · 6 replies
    NY Times ^ | March 13, 2015 | Bill Vlasic
    DETROIT — In a notable victory for General Motors, a lawsuit that helped spur the biggest safety crisis in the company’s history has been withdrawn in exchange for a settlement from its compensation program, according to two people briefed on the agreement. The lawsuit was the second brought by the family of a Georgia woman, Brooke Melton, who died in 2010 in a car with a faulty ignition switch that has now been linked to at least 64 deaths. For G.M., the agreement removes the significant legal threat of senior officials, including Mary T. Barra, the automaker’s chief executive, being...
  • GM plans $5B stock buyback, averts showdown with hedge funds

    03/09/2015 8:47:14 AM PDT · by Olog-hai · 17 replies
    Associated Press ^ | Mar 9, 2015 11:28 AM EDT | Tom Krisher
    General Motors agreed to buy back $5 billion in stock by the end of next year as part of a plan to return more cash to shareholders. In return, an activist shareholder decided to drop a potentially divisive bid for a seat on the company’s board. The move, announced Monday, is part of a deal with Harry Wilson, a former member of the government task force that restructured GM coming out of its 2009 bankruptcy.Wilson, who represents four hedge funds which own about 2 percent of the company, had previously accused GM of hoarding cash to the detriment of shareholders...
  • Watchdog Criticizes Harry Wilson GM Buyback Scheme as Favor to UAW

    02/12/2015 11:29:10 AM PST · by jazusamo · 5 replies
    NLPC ^ | February 12, 2015 | Mark Modica
    NLPC Associate Fellow Mark Modica was a guest yesterday on "Closing Bell" on CNBC. We will post the video soon, but here is a transcript: Sara Eisen : At first it seemed like it was just another activist investors at work but our next guest says something else is in play here. We're talking about Harry Wilson, the restructuring expert who served on President Obama's auto industry task force during the financial crisis and was instrumental in bringing GM out of bankruptcy. Now Wilson is a GM activist investor and represents hedge funds holding a total of 34 million shares...
  • Chevy Bolt: As Lame as its Name?

    01/13/2015 11:04:39 AM PST · by jazusamo · 70 replies
    NLPC ^ | January 13, 2015 | Mark Modica
    Sound the trumpets! Here comes the next best, all-new, electric wonder-car from General Motors. The dust had not even cleared from the rollout of the new and improved 2016 Chevy Volt when GM CEO Mary Barra announced the newest Tesla-killer from GM, the Chevy Bolt. Let's hope that the engineers working on the Bolt put more thought into the design of the vehicle than the GM executives put into naming the car. Seriously, the Bolt? The name sounds like something out of a Disney animated movie. I wonder if the names Ratchet orSocket were in contention. Whatever the case,...
  • AP Source: General Motors plans to sell moderately priced 200-mile electric car in 2017

    01/10/2015 2:04:06 PM PST · by jazusamo · 81 replies
    Star Tribune ^ | January 10, 2015 | Tom Krisher - AP
    DETROIT — General Motors plans to start selling an affordable electric car in 2017 that will be able to go 200 miles on a single charge. A person briefed on the matter told The Associated Press that GM plans to start selling a $30,000 battery powered family car called the Chevrolet Bolt sometime in 2017. A concept version of the car will be unveiled Monday at the North American International Auto Show in Detroit, according to the person, who asked not to be identified because the official announcement hasn't been made.
  • Did GM Bailout Cost Lives?

    12/15/2014 1:08:59 PM PST · by jazusamo · 5 replies
    NLPC ^ | December 15, 2014 | Mark Modica
    The death toll for General Motors' faulty ignition switch victims continues to rise with the last reported number being 42. There has been speculation that the death count is significantly higher, as safety advocate Clarence Ditlow has written to GM to request an expansion of efforts to uncover victims of accidents resulting from defective GM vehicles. GM has known about the ignition switch defect for years and failed to recall the deadly vehicles for almost five years after the Obama Administration took over the company in June of 2009. President Obama's Auto Task Force guided the company through a...
  • Congress Asked to Investigate Whether Obama Administration Delayed GM Ignition Switch Recall

    12/08/2014 10:12:40 AM PST · by jazusamo · 7 replies
    NLPC ^ | December 8, 2014 | Peter Flaherty
    Today, we requested that the House Committee on Oversight & Government Reform undertake an "independent" investigation of the General Motors ignition switch recall delay, in light of newly obtained emails by lawyers suing GM. Those emails suggest that the Treasury may have timed its final sale of GM shares to precede public knowledge of the ignition switch fiasco. They also cast doubt on GM CEO Mary Barra's previous account of what she knew and when she knew it. Here is the text of a letter I sent today to Rep. Jason Chaffetz, in photo, the incoming Chairman of the...
  • General Motors Is Sued by Arizona for $3 Billion Over Recalls

    11/20/2014 9:54:01 AM PST · by jazusamo · 23 replies
    NY Times ^ | November 20, 2014 | Rebecca R. Ruiz
    The attorney general of Arizona said on Wednesday that the state had filed suit against General Motors, claiming that the automaker had defrauded the state’s consumers of an estimated $3 billion. The suit is the first major legal action against G.M. over its record number of recalls this year, most notable among them one for a defective ignition switch in 2.6 million small cars that was delayed for a decade. The complaint was harsh and unsparing in its criticism of G.M., suggesting that the automaker intentionally misled consumers through its advertising, website and public statements, and that some of its...
  • Another GM Recall Bombshell Raises More Questions

    11/10/2014 11:00:34 AM PST · by jazusamo · 51 replies
    NLPC ^ | November 10, 2014 | Mark Modica
    The evidence continues to mount that General Motors has been less than transparent, if not outright culpable, regarding its ignition switch recall fiasco. As the death toll mounts (from the original 13 casualties reported by GM to the just revised 32 deaths) for victims involved in crashes of GM vehicles with defective ignition switches, new evidence has emerged that GM actually ordered replacement parts for the defective switches a full two months before they even reported a problem. A Wall Street Journal article published on Sunday unveiled the damning evidence that GM placed an order for half a million replacement...
  • Women's Museum Asked to Rescind Mary Barra Award; GM CEO Made History 'of Wrong Kind'

    11/10/2014 9:16:59 AM PST · by jazusamo · 6 replies
    NLPC ^ | November 10, 2014 | Peter Flaherty
    Today I sent the following letter to Dr. Gretchen Green, the Acting Chair of the National Women's History Museum: We ask the National Women's History Museum (NWHM) to withdraw its planned award to General Motors CEO Mary Barra. As you know, Barra is scheduled to receive the Katharine Graham Living Legacy Award on November 17 as part of your annual de Pizan Honors at The Mead Center for American Theater at Arena Stage in Washington, DC. Barra has indeed made history - of the wrong kind. Just three months ago, she sat in front of Congressional Committees and desperately tried...
  • Why Did GM Share Price Tumble After Much-Hyped Earnings Announcement?

    10/29/2014 12:22:41 PM PDT · by jazusamo · 24 replies
    NLPC ^ | October 29, 2014 | Mark Modica
    It must be difficult for the Mom and Pop investor to make sense of General Motors' recent earnings announcement and subsequent drop in share price. On Thursday morning, GM reported earnings that were trumpeted as being "impressive" by one major financial TV network. In fact, early in the day, headlines at the network stated that the entire market was being driven higher by strong earnings at GM and Caterpillar. That hyperbole came into question when GM share price dropped about 3% on a day that the broader markets were strong. It was unfortunate for many investors who bought into the...
  • Tesla D Buyers Shouldn't Get Tax Credit

    10/16/2014 1:45:48 PM PDT · by jazusamo · 33 replies
    NLPC ^ | October 16, 2014 | Mark Modica
    Environmentally conscientious, wealthy car enthusiasts are in luck! The much-hyped "D" unveiling came last week as Tesla CEO, Elon Musk, presented what appears to be a very impressive version of its plug-in Model S electric car called the P85D. Boasting 691 horsepower, 687 ft/lb of torque, AWD and a blazing 3.2 second zero to sixty time, the new rich peoples' toy is expected to cost in the neighborhood of $120,000. In fact, the car is so darn impressive that the only obvious question is why in the world do we need to give the affluent purchasers of cars like...
  • Now That Electric Cadillac Can't Compete With Tesla, GM Tries Frequent Flyer Miles

    10/07/2014 1:25:19 PM PDT · by jazusamo · 43 replies
    NLPC ^ | October 7, 2014 | Mark Modica
    Cadillac sales continue to sputter at General Motors. In fact, the brand is the only make at GM that has seen a year over year sales decline for the period ending in September at a time when the auto industry was booming. Specifically, Cadillac has logged in 127,837 sales for the first nine months of 2014 compared to 133,414 in 2013 for a sales decline of 4.2 percent. GM will now offer frequent flyer miles to help spur sales at the division. The marketing move at GM follows a decision to relocate Cadillac's sales team to New York City....
  • Obama Tells GM His Healthcare Costs Are Rising Because He’s Not ‘Shopping’ Correctly

    10/03/2014 4:22:46 PM PDT · by Nachum · 15 replies
    Washington Free Beacon ^ | 10/3/14 | Washington Free Beacon Staff
    Vid at link
  • SIGTARP: Excessive Pay at Bailed-Out GM

    09/30/2014 10:32:50 AM PDT · by jazusamo · 3 replies
    NLPC ^ | September 30, 2014 | Mark Modica
    A special inspector general report on compensation for executives at General Motors and Ally Financial blasts the Treasury Department for allowing excessive pay at the companies as taxpayers lost billions of dollars on the auto bailouts. The watchdog group issuing the report monitors the Troubled Asset Relief Program (TARP), which was set up to save financial corporations deemed "too big to fail" due to systemic risk to America's financial system. The program was expanded to allow for the bailing out of the auto industry, despite the questionable use of funds specifically designated for financial institutions. A NY Times piece...
  • Watchdog Says Treasury Let GM, Ally Give Executives Big Raises During TARP

    09/24/2014 10:52:26 AM PDT · by jazusamo · 12 replies
    Wall Street Journal ^ | September 24, 2014 | Alan Zibel
    Report Criticizes Treasury for Allowing Pay Packages Worth at Least $1 Million a YearWASHINGTON—The Treasury Department allowed General Motors Co. GM +0.69% and Ally Financial Corp. ALLY +0.43% to give big pay raises to top executives while the firms struggled to exit their federal bailouts, a federal watchdog said Wednesday. The report criticized the Treasury for allowing Ally and GM to pay compensation packages worth at least $1 million in 2013 for all 25 top executives at each company. The companies paid those executives an average of $3 million annually, an increase of 28% from 2009, the report found. The...
  • Obama Silent on Chrysler Tax Inversion Deal

    09/09/2014 9:19:47 AM PDT · by jazusamo · 13 replies
    NLPC ^ | September 9, 2014 | Mark Modica
    It's official. Chrysler has now wholly-merged with Italian auto maker, Fiat. It had taken a bit over five years for Fiat to gain total control of the bailed out, once-American Chrysler Corporation. Back in June of 2009, President Obama gifted (payment was made in the form of "technology") an initial 20% stake in Chrysler to Fiat as part of his orchestrated auto bailout process. Fiat parlayed that into full ownership and is now showing its gratitude to the American taxpayers who helped fund the deal by relocating Chrysler's headquarters to London ; a move which will lessen the company's...
  • GM reports 1.2 percent August sales decline

    09/06/2014 10:56:41 AM PDT · by Olog-hai · 12 replies
    Associated Press ^ | Sep. 3, 2014 9:47 AM EDT
    General Motors says its U.S. sales fell 1.2 percent last month as rising truck and SUV sales couldn’t offset falling car sales. Three of GM’s four brands reported declines for the month. GMC, which sells only trucks and SUVs, reported a 10 percent increase. …