Free Republic

Four Big Lies about the Big Three Automakers Monday, December 8, 2008 3:58 PM With Congressional Democrats and the Bush administration agreeing in principle over the weekend to drop a few billion on General Motors and Chrysler, all signs point to a government-backed auto industry bailout. But could the crisis in Detroit be the product of myth, spin and outright lies? As the nation inches closer to an unprecedented investment in private industry, Newsmax has examined the falsehoods being spread to promote the deal. Indeed, the exact amount of money to be doled out isn’t clear yet. GM and Chrysler...

By picking a tough-minded outsider to head Chrysler, the struggling automaker's new owners have put company employees, suppliers and dealers on notice that things will be changing. Cerberus Capital Management's founder Stephen Feinberg closed the $7.4 billion deal to buy Chrysler on Friday and this weekend put his guy in place at the top, installing former Home Depot Inc (HD.N) head Robert Nardelli as the automaker's CEO. Nardelli's hiring comes at a critical time for the struggling U.S. automaker -- amid contract negotiations with the United Auto Workers union aimed at reducing hourly labor costs in areas such as health...

(AP) Dogged by criticism of his hefty pay and his company's poor stock performance, Bob Nardelli abruptly resigned as chairman and chief executive of The Home Depot Inc. after six years at the helm of the world's largest home improvement store chain, the company said Wednesday. But he didn't leave empty-handed: the Atlanta-based company said Nardelli would receive a severance package worth roughly $210 million, an amount decried by some lawmakers as a golden parachute that sends the wrong message to investors. "It's a sign of being totally out of touch," said Rep. Barney Frank, D-Mass., the incoming chairman of...

Most CEOs favor market solutions over regulatory ones and laissez-faire economics over other kinds. Little wonder: When you're the most powerful guy in the market–or the company–things tend to go your way. Even when they don't go your way, which is the happy conundrum Home Depot CEO Robert Nardelli has found himself in. Under pressure from shareholders, Home Depot's board has dumped Nardelli after six years, deciding he's not the right guy to lead the home improvement chain out of a slump. But to make his departure less painful, Home Depot is handing Nardelli a parting gift worth $210 million...