Free Republic

WASHINGTON (Reuters) - The U.S. Treasury Department said it expected to sell its remaining shares of General Motors Co by the end of the year, a plan that may leave taxpayers with a shortfall of about $10 billion on the automaker's 2009 bailout. Treasury on Thursday said it had completed the sale of 70.2 million shares of GM stock and to date had recouped $38.4 billion from the $49.5 billion taxpayer-funded rescue of the Detroit company. At current prices, Treasury would recoup another $1.2 billion from its remaining stake, bringing its total recovery to $39.6 billion. "Our goal was never...

General Motors is recalling nearly 60,000 Chevy Malibu midsize cars to fix window defrosters that may not work and power seat wiring that can catch fire. … GM dealers will reprogram the computer at no cost to customers. The company says it doesn’t know of any crashes or injuries from the problem. …

President Obama loves taking credit for saving the American auto industry and this week a federal audit reveals that the rescue effort has fleeced U.S. taxpayers out of an astounding $9.7 billion. While this may seem inconceivable to most, the numbers don’t lie. The United States Treasury has recorded a $9.7 billion loss on its $49.5 billion bailout of General Motors, according to a report released this week by the Special Inspector General for the Troubled Asset Relief Program (TARP). Remember the $700 billion boondoggle created to help stabilize the nation’s financial system during the 2008 crisis by purchasing “toxic...

The past month has brought much confusion and concern for General Motors' shareholders regarding the most important and profitable segment of sales for the company. As the company prepares to report earnings for the third quarter this week, media reports are still unclear on just what is going on with GM's new truck lineup; specifically pertaining to the reasons behind the disappointing sales figures that were reported for the month of September when Ford's truck offerings left them in the dust. While GM's Obama-appointed management spun the story ( claiming supply could not keep up with demand ) to some...

Chevy Silverado: "Strong" Commercial | Chevrolet 1:03 minute One of the most disappointing aspects of last week's sales results from General Motors was the underperformance of the much-hyped new truck offerings from the company. While the industry-leading Ford F-Series saw sales increase about 10 percent to around 60,500 vehicles for the month, GM's combined sales for its competing Chevy Silverado and GMC Sierra fell approximately 8 percent to about 46,000 units. GM's Obama-appointed management's performance in trying to explain the declining sales was as lame as the sales results. Amongst the excuses for disappointing truck sales, GM did not include...

The U.S. government is starting another phase of selling off its General Motors stock after cutting its stake in the automaker to just over 7 percent. The Treasury Department says it still owns 101.3 million GM shares. It got 912 million shares, a 60.8 percent stake in the company, in exchange for a $49.5 billion bailout of GM in 2009. So far taxpayers have recovered about $36 billion. That means they’re still around $13.5 billion in the hole. …

As automakers race to make cheaper electric cars with greater battery range, General Motors is working on one that can go 200 miles per charge at a cost of about $30,000, a top company executive said. Vice President of Global Product Development Doug Parks wouldn’t say when or if such a car will be built, however. … The 200-mile car would cost about the same as the current Volt, and it would match the range and be far cheaper than Tesla Motors’ $71,000, all-electric Model S. The Model S can go up to 265 miles on a single charge. …

The Canadian government said on Tuesday it had a deal to sell nearly a quarter of its common shares in General Motors Corp (GM.N), part of a longer-term plan to shed the stake it acquired when it helped bail out the automaker. It said the shares were sold at the closing market price on Tuesday, minus a small discount. GM shares finished the session at $37, putting the value of the stake at about $1.11 billion. The governments of Canada and the province of Ontario, the heartland of the country's auto sector, became shareholders of GM in 2009 when they...

As much as electric car builders hail their vehicles as the future of transportation, one question they couldn't answer fully was just how well their vehicles would withstand a crash. Automakers have spent decades finessing their chassis; what happened when an engine-less vehicle went head-on into a barrier wasn't clear, and as the post crash-test smoldering of a Chevy Volt demonstrated, the batteries posed new challenges. Leave it to Tesla to provide the first hard evidence — with data from U.S. government tests showing the Model S sedan may be the most crash-proof passenger vehicle on the road today. Normally,...

Listen up folks, after you read the bankruptcy filing for Detroit. 1. Right now, the City cannot meet its basic obligations to its citizens. 2. Right now, the City cannot meet its basic obligations to its creditors. 3. The failure of the City to meet its obligations to its citizens is the primary cause of its inability to meet its obligations to its creditors. 4. The only feasible path to ensuring the City will be able to meet obligations in the future is to have a successful restructuring via the bankruptcy process that recognizes the fundamental importance of ensuring the...

DETROIT (AP) -- Michigan Gov. Rick Snyder says some Detroit creditors are not sure they will be repaid. Snyder was speaking Friday, a day after Emergency Financial Manager Kevyn Orr made Detroit the biggest ever U.S. city to file for bankruptcy.

A Michigan judge ruled today that Detroit filing for chapter 9 bankruptcy on Thursday was unconstitutional. Ingham County Circuit Judge Rosemarie Aquilina said the filing must be withdrawn and that, according to the Detroit Free Press, the governor and city emergency manager “must take no further actions that threaten to diminish the pension benefits of City of Detroit retirees.”The reduction in those particular benefits is at issue here, due to a portion of the Michigan Constitution that reads [PDF]: “The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a...

What are you going to say? Nothin', that's what. What is there to say? This is just the socialists attempting to avoid the natural consequences of the monstrosity they have birthed and called "the New America."

Bankruptcy: The fundamental transformation of Detroit is complete, as socialism's theme park succumbs to government run amok, a reminder that government isn't the solution to our problems but their cause. The wisdom of President Reagan's words have been lost under an administration that believes government is the entity from which all blessings flow. So has Margaret Thatcher's observation that the problem with socialism is that eventually you run out of other people's money. Last Oct. 13, President Obama boasted in a weekly address about the bailed-out auto industry that, "We refused to throw in the towel and do nothing. We...

Electric car sales hummed along in May amid a solid month for the auto industry. But the surprise story this year was May's strong full-size pickup truck sales – not exactly a sign an endorsement of efficiency and alternative fuels. Nissan sold 2,138 Leafs in May, up 319 percent over last year. In March, the company sold a record 2,236 units of its all-electric vehicle. General Motors sold 1,607 Volts in May, down 4.3 percent from a year ago. In the first five months of 2013, the company sold only 100 more Volts than during the same period last year.

A recent search for new Chevy Volts on cars.com unearthed 9,254 vehicles currently at dealerships for sale. There were another 258 late-model, used Volts available. About half of those had less than 5,000 miles on them. Considering the abysmal sales rate for the self-proclaimed electric wonder-car (1,306 in April for those keeping track), the unofficial inventory numbers point to about a seven month supply of Volts available. Ideal inventory levels are considered to be in the two month range. It may be near time for General Motors to halt production, yet again, for the floundering Volt. The inventory numbers for...

Great news for consumers who are considering buying General Motors' green wonder car, the Chevy Volt. I know how excited those environmentally conscientious Volt enthusiasts can get, but a little patience can pay off big time if potential buyers hold off for a year or so on their purchase. According to GM CEO Dan Akerson and following another dismal month of Volt sales (1,306 in April), the car that defies logic will soon be available for up to $10,000 less money. The good news extends to shareholders of GM as the next generation of the Volt will supposedly be profitable...

Starting production of the all-electric Leaf in Tennessee helped Nissan sell more Leafs in the US in March 2013 than in any other month. April wasn't quite as sunny, but the 1,937 Leafs sold last month were still good enough for second place. Ever. April also marked the second month in a row that the Leaf beat the Chevrolet Volt. It's not that General Motors had a bad month. The 1,306 Volts sold last month were roughly in line with March and February (but it's a downward trending line, with 1,626 sold in February and 1,478 in March).

Earlier this year, I reviewed General Motors' first quarter earnings report and annual results . My take-away from the report was that GM relied upon shady accounting techniques and a build-up of US dealer inventories to produce some rosy-looking results. Channel stuffing to the tune of an over 20% increase in inventory from year end 2011 provided for GM's revenue growth. The trend continues as GM has further pumped-up inventory for quarter one. The reason that dealer inventory figures are so important is that automakers record revenue when vehicles are shipped to dealerships, not when they are actually sold to...

General Motors Co. says the new diesel version of the Chevrolet Cruze gets 46 miles per gallon on the highway, making it more efficient than some hybrids. … It starts at $25,695. That’s $7,755 more than the base price on a gas-powered Cruze. …