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Showing Tag: "automobile" (Show all posts)

Chrysler Filed For Chapter 11

Posted by Cartoosh on Friday, May 1, 2009, In : Automobile 
Crysler Filed For Bankruptcy Protection card
4/30/2009

The Dow Jones Industrial Index gave up an early gain and closed a bit lower than yesterday, after learning that Chrysler - the nation's third-largest car manufacturer - filed for Chapter 11 bankruptcy protection in New York. Chrysler decided to take such an action, after a group of creditors - many of them hedge fund managers - walked out of the negotiation meeting last night defying government pressure to wipe out Chrysler's debt.

To calm the markets, President Obama said of Chrysle...
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G.M. CEO Stepped Down

Posted by Cartoosh on Tuesday, March 31, 2009, In : Automobile 
General Motors CEO stepped down

3/30/2009

General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. Although Wagoner has been trying to steel the automaker giant towards the right direction, his effort is considered by some administration officials too little and too slow.

Wagoner's resignation is seen as a step in President Obama's effort in restructuring and transforming the U.S. auto industry. I hope his resignation would allow f...


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