Unless you don’t have a TV, you’ve probably seen the new ads for General Motors where GM CEO Ed Whitacre touts the amazing rebound of the car manufacturer, and how they repaid their “government loan in full, with interest, five years ahead of the original schedule.” Yeah, well that might not be exactly true. [More]
Since General Motors declared bankruptcy last July — and received over $50 billion in federal aid to stay afloat — the company has really managed to turn things around, only losing $4.3 billion in the months since. And some people wondered how GM beat out Toyota in their Worst Company In America match-up. [More]
Just a few weeks ago, it seemed like a done deal that General Motors would be putting their Hummer brand out of its misery. But a group of Hummer fans (because who doesn’t love an occasional Hummer?) is going to make a final stand for their favorite vehicles at a summit in Chicago this weekend. [More]
Kenneth Feinberg, better known as the Obama administration’s pay czar, announced yesterday that he’d cut salaries on top executives at 5 companies that are still using bailout cash. [More]
In a move to remove some of the taint of bankruptcy and bailout, luxury car maker Cadillac is taking steps to distance itself in the public eye from its parent company, General Motors. [More]
While the Congress frets about the millions of Toyotas on the road that probably shouldn’t be, our grease-monkey brothers at Consumer Reports were busy getting domestic. They just released the list of their Top Picks for vehicles put out by American car companies. [More]
Auto decal makers and window-tinters of the world are in mourning this afternoon, following an announcement from General Motors that — after several months of trying to unload their Hummer brand of gas-guzzlers on the Sichuan Tengzhong Heavy Industrial Machines Company — they’re stopping production of the controversial phallic stand-ins. [More]
Ed Whitacre, new CEO of General Motors, will receive a $1.7 million salary and $9 million total compensation package. That’s about twice what his predecessor Fritz Henderson received. Don’t cry for Henderson, though–he’s making almost $3,000 per hour consulting for GM for twenty hours a month. [More]
If you’ve been having flashbacks to the fall of 2007 while watching the Olympics on NBC this week, you might want to blame Chevy, who decided to dust off their love-it-or-hate-it “Our Country” ad campaign for the winter games in Vancouver. [More]
The huge salaries and bonuses paid to executives of banks and other firms that received government bailout funds have been the subject of a lot of taxpayer rage. The Obama administration listened, and will order pay cuts.
GM’s new 60-day money back guarantee (good through November 30th, 2009) on new car purchases sounds pretty straightforward—if you don’t want the car for any reason (it doesn’t have to be a good reason), you can bring it back. But it has a few rules that you should be aware of before your purchase, notes the Associated Press.
Paul Smith, who lives in San Diego and has a credit score of 751, had his HSBC credit card limit lowered from $7,000 to $1,400 recently for mysterious reasons. He called HSBC to find out why.
A new report by the Congressional Oversight Panel — an independent, yet totally powerless, group appointed by the Senate to review the results of the recent government bailouts — states that we’ll get a few bucks back from the automakers, but shouldn’t count on it to cover our car payments:
General Motors is considering a partnership with eBay to make it easier for consumers to impulse-buy new vehicles, the recently solvent car maker announced yesterday. Though the deal isn’t yet finalized, General Motors would like to sell their vehicles both through traditional auctions and with a “Buy It Now” option.
Cupcakes all around!
Government General Motors emerged from bankruptcy today, and the shiny new version of GM is now leaner, in charge, and ready to manufacture cars that people actually want to buy. Maybe.