The TARP Shuffle

May 21, 2010

A few weeks ago, General Motors and the U.S. Treasury Department took the dance floor together for a turn at the “TARP money shuffle.” With much fanfare, the automaker’s chief executive officer Ed Whitacre announced that his company had fully repaid the bailout loans it received from the federal government. Five years ahead of schedule, no less. It was great news for GM, which has been struggling to compete with …

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Prosecutor, Judge And Jury

April 12, 2010

There is something disconcerting about the U.S. Transportation Department — acting as prosecutor, judge and jury — slapping the maximum allowable fine on Toyota for allegedly covering up a problem with sticky accelerator pedals. The department wants to fine Toyota $16.4 million in what would be the largest civil penalty assessed by the government against an auto manufacturer. The $16.4 million relates only to the sticky-pedal problem. As investigations continue, …

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Seeking The Trophy CEO

December 21, 2009

Men of a certain age (mine) have an unfortunate tendency to toss aside faithful partners in favor of someone new and exciting. You’re not truly a big shot until you have that trophy wife hanging on your arm. I suppose you must be an even bigger shot if you can bag a trophy CEO. It is not my place to judge how people live their personal lives. I don’t want …

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Loose Change

December 8, 2009

You know that good feeling you get when you put on your warm jacket for the first time in the season, reach into the pocket and find a $20 bill you didn’t know you had? President Obama knows that feeling. Just when he was under pressure to do something — mainly, to spend money — to reduce unemployment, his administration reached into the pocket known as TARP and pulled out …

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Business As Usual In The Showrooms

September 25, 2009

Chrysler has announced that it is getting back into the new-car leasing business this month after a one-year hiatus. General Motors restarted its leasing program in July. After a year of oddball deals that included two-for-one offers and Cash for Clunkers, American drivers now have more ways to pay more than they ought to pay for transportation. Many shoppers like to lease cars because leases offer the lowest monthly payment …

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A Clunker Of A Program

August 24, 2009

The Cash for Clunkers program, which is scheduled to expire today, is widely seen as one of the best efforts this year to stimulate the lagging economy. I disagree. While the clunkers program may have been a boon for those who sell new cars and those who can afford to buy them, it was disastrous for people who need cheap, reliable transportation. Until now, low-wage earners and young people who …

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Barack Obama: The Lee Iacocca of His Generation

June 3, 2009

Remember when all a president had to do was lead the entire free world? The job has gotten tougher. Meet Barack Obama, the Lee Iacocca of his generation. Iacocca led Chrysler back from the abyss three decades ago. President Obama is about to become the principal shareholder of both Chrysler and General Motors, courtesy of the bankruptcy courts and about $100 billion of federal financial muscle. Two icons of corporate …

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