TOP 100 TRANSPORTATION AND LOGISTICS SITES
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| Credit Default Swaps May Be Playing a Supporting Role in Chrysler Bankruptcy Filings Rolfe Winkler, CFA submits: In an odd twist, enough of Chrysler’s creditors voted against the administration’s reorganization and recapitalization plan to force the automaker into bankruptcy. Credit default swaps may be playing a supporting role in this drama, as I’ll get to at the bottom… Yesterday, the reorganization plan seemed close to completion. Four big banks controlling 70% of Chrysler’s debt had signed off on the deal. This isn’t surprising. The four banks in question are Chase (JPM), Citi (C), Morgan Stanley (MS) and Goldman Sachs (GS). All are current (and likely future) recipients of bailout money and favorable Fed/FDIC lending facilities so they are willing to do the administration’s bidding on the $5 billion or so worth of principal exposure they have to Chrysler paper.Complete Story » seekingalpha.com |
Where General Motors Is Thriving Right Now Shaun Rein of the China Market Research Group submits: This column originally appeared in Forbes.Yes, General Motors (GM) filed for Chapter 11 bankruptcy on Monday, June 1, and its share of the domestic auto market continues to sink. However, its operations in China have been shining. In the first five months of 2009, GM's sales there increased 33.8%, to 671,148 units. They were up 75% in May over the previous year. While the company shutters factories and lays off workers by the thousands in the U.S., it has announced plans to build a new factory in China and unveil 30 new or updated models, with the goal of doubling its sales in the country to 2 million vehicles within the next five years.Complete Story » seekingalpha.com |
C4C: Finally, A Stimulus Plan That Stimulates - Will It Last? Rick Newman submits:Heh heh heh. Those jokers in the Senate really have a sense of humor. In case the savage recession has disarmed your funny bone, here's the joke: Congress has come up with $700 billion to rescue rich bankers on Wall Street and nearly $800 billion in dubious "stimulus" spending. Bailing out Chrysler and General Motors alone has cost $80 billion. Compared with all that, the "cash for clunkers" program is an afterthought, a tiny $1 billion program meant to goose car sales and get a few rattletraps off the road.Complete Story » seekingalpha.com |
GM Begins Saturn's Death Spiral TheCarConnection.com submits: By Richard ReadAnd now comes the unpleasantness: in the aftermath of its failed sale of Saturn to Roger Penske, General Motors has begun winding down the Saturn network. The brand will close for good just over a year from now.Complete Story » seekingalpha.com |
Ford's European Sales Jump Zacks.com submits: Ford Motor Co’s (F) auto sales in Europe’s 19 core markets have leaped 19.8% to 113,100 vehicles in November. This has resulted in a year-to-date market share of 9.1% for the company, the highest since 1999.The sales included a registration of 99,800 Ford cars, also the highest since Nov. '99. The automaker’s market share in the month went up in 14 out of 19 European markets. However, its market share across the 19 core markets declined by 0.1 percentage points to 8.7% compared to last year.Complete Story » seekingalpha.com |