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BREAKING NEWS: HEDGE FUND MUST GIVE UP CONTROL OF CHRYSLER

HEDGE FUND DOWN

PAPER: Cerberus Capital Management will lose its equity stake in Chrysler LLC’s struggling automotive company as a condition of the Treasury Department’s bailout deal with the U.S. auto maker, according to several people familiar with the matter.

The New York private-equity firm purchased an 80% stake in Chrysler in 2007, promising to bolster the auto maker’s performance by operating as an independent company. The plan, however, collapsed due to an unprecedented slowdown in the U.S. auto industry and a lack of capital at the auto maker to weather the storm…

OBAMA: LET THEM GO BANKRUPT…

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Filed under: Politics, , , , , , , , , , , , , , , , , , , , , , ,

GENERAL MOTORS CEO QUITS ON DEMANDS FROM OBAMA

YOU’RE FIRED

WIRE: The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

Wagoner’s departure is one of the remarkable strings attached to a new aid package the administration plans to offer GM…

Filed under: Obama, , , , , , , , , , , , , , , , , ,

OBAMA: DETROIT NO LONGER ‘VIABLE’

SURVIVAL OF THE FITTEST

WIRE: In surprising findings to be outlined at the White House on Monday, President Obama has concluded that neither GM nor Chrysler can survive as they now exist. But the White House is sparing them for a month or two, and is promising American consumers that the government will stand behind warranties if the automakers fail…

Tells GM CEO To Head Home…

Filed under: Obama, , , , , , , , , , , , , , , , , , ,

GM To Cut 47,000 Jobs, Bailout Request Up To $9 Billion

GM To Cut 47,000 Jobs…
Boosts Loan Request by $4.5 Billion…
Considered Then Rejected 3 Bankruptcy Scenarios…
Closing Five Additional Factories

Filed under: Economics, World, , , , , , , , , , ,

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