The advance buzz around Drive, the movie about a Hollywood stunt driver played by Ryan Gosling, got me to thinking: We have lots of movies featuring cars, from Bullitt to The Fast and Furious, but where are the movies about car companies?
Former General Motors CEO Rick Wagoner will receive $8.5 million over the next five years -- a reduction of about $12 million in his retirement package, according to a filing with the Securities and Exchange Commission Tuesday evening.
The government forced former General Motors CEO Rick Wagoner to step down earlier this year. But it looks like top banking executives will avoid suffering the same fate.
You don't hear many nice things these days about General Motors' deposed chief executive, Rick Wagoner, or the board of directors that supported him for so long. But the board did do one thing right: It didn't give him or his colleagues golden parachutes - those huge payments that companies typically lavish on top honchos when they are thrown out of their jobs.
While the jury's out on President Obama's decision to sub Fritz Henderson for Rick Wagoner as CEO of GM, the shift doesn't matter because the bailout is suspect. The reason? Of all the models the federal government could have picked for restructuring the automaker, it picked Fannie Mae and Freddie Mac.
General Motors' outgoing chief executive Rick Wagoner is eligible to receive more than $20 million in his retirement package, according to a filing with the Securities and Exchange Commission.
In a recent interview on "60 Minutes," President Obama laughingly lamented that, "The only thing less popular than putting money into banks is putting money into the auto industry."
Stocks slumped Monday, falling for a second straight session, as worries about the auto and bank industries sent investors running after the recent rally.
The Obama administration gave General Motors and Chrysler LLC failing grades Monday for their turnaround efforts and promised a sweeping overhaul of the troubled companies. The government plans to give the automakers more money, but it is also holding out the threat of a "structured bankruptcy." The federal government will provide operating funds for both automakers for several weeks, during which time the companies will have to undergo significant restructuring, administration officials said late Sunday night.
Let's get this straight. If you are a CEO of a bank that's losing gobs of money, the government will bail you out repeatedly and let you keep your job.
Now that Rick Wagoner is out as chairman and CEO of General Motors, two different leaders are at the wheel of the nation's two troubled auto companies.
Now that Rick Wagoner is out as chairman and CEO of General Motors, two different leaders are at the wheel of the nation's two troubled auto companies.
General Motors CEO Rick Wagoner announced his resignation early Monday as the Obama administration gave automakers failing grades for their turnaround efforts.
General Motors CEO Rick Wagoner announced his resignation early Monday -- the latest change for the troubled automaker.
The resignation of General Motors chairman and CEO Rick Wagoner has been rumored for weeks, if not months.
There was good news and bad news in the recent filings Chrysler and General Motors made with the federal officials overseeing their multibillion-dollar rescue.
Tuesday is D-day for the domestic auto industry. That's when General Motors and Chrysler must tell the government how they are going to successfully compete in the future as a condition of receiving federal aid.
General Motors cut its forecast for industrywide U.S. auto sales Thursday, a development that could lead the company to ask for additional loans from the federal government.
Kudos to Credit Suisse. Drowning in red ink, the Swiss bank announced it would pay bonuses to senior investment bankers not with cash but with mortgage-backed securities, high-yield bonds, and other forms of the untradeable junk now clogging the world's banking system.
Now that President-elect Obama has suggested that General Motors and the rest of the Detroit Three may need to install new management as a condition of a bailout, the question is: Who will become GM's next CEO?
The CEOs of the leading automakers were back before Congress Thursday, arguing for a larger bailout than they asked for just two weeks ago, and hoping to undo the damage they did to their case at the earlier hearings.
Automakers submitted their turnaround plans to Congress Tuesday with the hopes of winning approval for a lucrative loan package they claim is necessary for their survival.
The chief executives of Ford and GM joined their Chrysler counterpart Tuesday in agreeing to accept salaries of $1 a year if Congress comes through with a bailout for the automakers.
General Motors shook an already embattled auto industry Friday as it reported a huge quarterly loss that was much worse than expected and warned it is in danger of running out of cash in the coming months.
The case for a bailout of U.S. automakers came under sharp scrutiny on Tuesday at a congressional hearing that portrayed the Big Three as both short-sighted in their business strategies and central to the economy.
Auto industry executives were back on Capitol Hill Wednesday to ask for a federal bailout but they once again faced an uphill battle in winning the necessary support from Congress for a $25 billion loan package.
The U.S. auto industry weathered the Great Depression. But there are some fears that its current crisis could cause another one.
Back in 2004, when it was still relatively flush, General Motors invited automotive journalists to the South of France for a three-day "global product seminar." The idea was that writers like me would drive new cars, consume loads of free food and wine, pal around with executives, and develop favorable opinions about GM.
Nobody from Detroit got a particularly warm welcome in Washington last week, but the reception was coolest for General Motors, the largest and most vulnerable automaker.
General Motors' directors let it be known last week that they are closely watching deteriorating conditions at the automaker. They gave CEO Rick Wagoner a vote of confidence and publicly disclosed that they are monitoring the company's performance on a week-to-week basis.
General Motors Corp. said Tuesday it will suspend its dividend, sell off $4 billion to $7 billion worth of assets and cut 20% worth of salaried cash costs in an overall plan to save billions of dollars.
The notion that General Motors is destined to be the eternal leader of the U.S. market seems to be embedded in the DNA of every GM executive.
Given what he has been through in the past several weeks, it is not surprising that General Motors chairman and CEO Rick Wagoner enjoys a bit of schadenfreude at the expense of his Asian rivals.
General Motors Corp. officially blew up its old business model Tuesday, closing four pickup truck and sport utility vehicle factories, announcing a new small car
If you are a shareholder of General Motors, you couldn't be too happy about what you heard at Tuesday's annual meeting.
General Motors announced plans Tuesday to shut four truck and SUV plants that employ thousands of workers. It also said high gas prices are here to stay - and, with them, consumers' growing preference for more fuel-efficient vehicles.
In opera, it isn't over until the fat lady sings. In the auto business, it isn't official until General Motors opens its mouth.
When he spoke with Fortune at the end of last year, GM Chairman and CEO Rick Wagoner worried about "headwinds" that would impact the automaker's results in 2008.
Stock futures fell early Friday as a weak monthly job report and mounting credit worries took a toll on sentiment and investors.
Stock futures were pointing to a positive open Wednesday, ahead of a wave of economic reports and a reading on oil supplies.
General Motors might not be able to hit its target to have its breakthrough electric-powered car the Chevrolet Volt in production by 2010, according to comments made by CEO Rick Wagoner during an online chat.
The top executive at General Motors Corp said on Friday that U.S. consumers appeared to be holding up well despite the recent credit crisis that roiled world markets and prompted the U.S. central bank to cut rates.
Chief executives of struggling Detroit-based automakers will press their energy and trade agendas in congressional meetings Wednesday, days before the Senate plans to take up proposed legislation to sharply hike fuel economy standards.
General Motors' CEO Rick Wagoner and other top executives at the troubled U.S. automaker will continue to take the voluntary pay cut that was announced in February 2006, a filing revealed Friday.
Stocks futures moved off their lows, but still pointed to a lower open after the December employment report showed a larger-than-expected increase in payroll numbers.
General Motors' Rick Wagoner must feel like a runner in the early stages of a long steeplechase race. He's crossed a couple of hurdles, but stretching out before him are many more before he can reach the finish line.
General Motors is working on a plug-in hybrid version of its redesigned Saturn Vue SUV, the company's CEO announced today at the Los Angeles Auto Show.
Top executives from General Motors, Ford and Chrysler got their meeting with President Bush Tuesday, and while they left saying they were pleased by the talks, they also left without any firm pledges of help from the administration.
To scuttle an alliance with Renault Nissan, GM's CEO Rick Wagoner persuaded his board of directors that he had a better plan. But he hasn't convinced Kirk Kerkorian, owner of 9.9% of GM's stock, wh...
That the talks to create an alliance between General Motors and Nissan-Renault have collapsed is not surprising. For the past week, GM has been publicly demanding billions of dollars in compensation from Nissan-Renault to equalize the terms of the deal. And Nissan-Renault CEO Carlos Ghosn has been just as forcefully denouncing the financial demands as absurd and unseemly.
Carlos Ghosn was expected to tell General Motors CEO Rick Wagoner that GM could save at least $10 billion a year by entering into an alliance with the two automakers Ghosn heads, Renault and Nissan Motor, according to a published report.
U.S. stock markets were pointing to a flat open Tuesday as higher oil and global tension were being balanced by better than expected earnings results from some blue chip companies.
Despite prompting from two Democrats, General Motors CEO Rick Wagoner stopped short Thursday of asking Congress to take a broad-based reform of the health care system.
General Motors said Friday it would hold "exploratory discussions" with Renault and Nissan regarding a potential historic combination of three of the world's largest automakers.
GM Chairman and CEO Rick Wagoner tried to assure shareholders that the company is on track to ending its troubles, although he conceded that there are a number of tough problems still facing the automaker and passed up a chance to say its worst troubles are behind it.
Here he is, General Motors' CEO, returning to his boyhood home of Richmond to give a speech about how he's turning around GM.
General Motors CEO Rick Wagoner was steps away from submitting his resignation last week, according to a report Monday.
General Motors is stockpiling parts in preparation for a possible strike at parts supplier Delphi, according to GM Chairman and CEO Rick Wagoner, but he conceded the company will not be able to operate if there is a prolonged job action there.
General Motors' former CEO Jack Smith said current chief executive Rick Wagoner is still the best person to lead the embattled automaker, according to a report published Wednesday.
General Motors finally announced an agreement Monday to sell a majority stake in GMAC in a deal meant to raise cash and let its profitable finance subsidiary shed its junk bond status.
When it rains, it pours and General Motors is in the middle of a typhoon. The storm clouds include, but are not limited to: grand jury probes, SEC subpoenas, admissions of inadequate financial controls and restated earnings.
Stocks looked to recover Wednesday from a 1 percent selloff as a key economic report came in line with estimates.
General Motors Corp. slashed its dividend and cut the pay of CEO Rick Wagoner and other top officers Tuesday, and announced moves to cut retirement and health costs for nonunion workers.
It is the instinctive wish of most American businesspeople, even those unlikely to be directly affected, that General Motors not go bankrupt. True, some people will say, "They had it coming to them...
General Motors Corp. told investors Friday that it expects improved financial performance this year and further gains in 2007, but its stock fell further as executives at the embattled automaker still did not give any guidance on results or when it expects to return to profitability.
General Motors slashed sticker prices Tuesday on most of its vehicles as the troubled automaker seeks to wean consumers away from expensive "incentives" and reverse a long erosion of its business at the hands of Asian and other competitors.
As General Motors gets ready to launch the first of its new sport utility vehicles, embattled General Motors chairman and CEO Rick Wagoner said he expects to see GM results improve this year and get much better in 2007.
General Motors Corp. Chairman and CEO Rick Wagoner said he would like to see an end to job guarantees for members of the United Auto Workers union at GM, but he wouldn't comment on his chances to win such a contract change in the 2007 labor negotiations.
Stocks staged a late-day rally Monday as strength in energy, financials, homebuilders and aerospace overshadowed worries about General Motors.
General Motors Corp. said Monday it would cut 30,000 hourly jobs and close or scale back operations at about a dozen U.S. and Canadian plants in a bid to save $7 billion a year and halt huge losses in its core North American auto operations.
October is shaping up to be the worst month in a particularly awful year for General Motors and its chairman and CEO Rick Wagoner -- and it's not even over yet. The cascade of ill tidings has pummeled GM's stock price once again and renewed suggestions that the world's largest automaker may have to seek the protection of bankruptcy.
"Are we serious about a coupe and convertible?" demands the chairman of General Motors as he reviews proposed Cadillac body styles. "Or are we just going to talk about it for five years?" The mood ...
Embattled U.S. automaker General Motors Corp. is showing signs of stemming losses from its European operations, according to a published report.
General Motors Corp. might be one of the richest troubled companies in history.
General Motors Corp. is cutting 25,000 jobs and closing an unspecified number of plants over the next 3-1/2 years, CEO Rick Wagoner told shareholders Tuesday, as the world's largest automaker struggles to stem huge losses.
Rick Wagoner isn't the only chief who has seized control in hopes of rescuing an ailing business. These four men also pushed out underlings and put their own reputations on the line, with varying d...
IT'S THAT TIME OF THE DECADE AGAIN: General Motors is in trouble, and its chief is pledging action. CEO Rick Wagoner has reclaimed his old job as head of GM's troubled North American operations, wh...
General Motors Corp., trying to stem problems that have hit its stock price and share of the U.S. market, shook up top management Monday to give day-to-day responsibility of its core North American unit to CEO Rick Wagoner.
GM'S FIRST QUARTER WAS A SLOW-MOTION car wreck. Buyers stopped responding even as the company's sales incentives neared the $4,000 barrier. Sales of high-profit SUVs like the Chevrolet Suburban tum...
General Motors Corp. warned Wednesday that it expects a big loss in the first quarter due to sluggish sales and stiff competition in North America -- news that shocked Wall Street and sent its stock tumbling nearly 14 percent to a 12-1/2-year low.
There are things I wish our president did differently. It would be nice, for instance, if he admitted mistakes, because only by analyzing failure can executives improve. Nevertheless, George W. Bus...
FROM THE LOOKS OF IT, GM HAS MORE in common with Big Steel and washed-up airlines every day. While its auto business stagnates, health-care costs are taking an ever bigger bite out of its bottom li...
General Motors Chairman and CEO Rick Wagoner denied a published report Monday saying the automaker plans to cut 8,000 jobs, or 7 percent, in its U.S. division over the next 12 months.
General Motors Corp. posted third quarter earnings Thursday that stopped well short of Wall Street expectations for the period and cut its earnings outlook for the full year.
The incident is forever seared in Jack Smith's memory. When the former General Motors CEO was still a fast-rising executive in the early 1980s, he visited Japan to study Toyota's stamping and assem...
General Motors Corp., which has been leading automakers on incentives for the U.S. market, isn't planning to retreat on its aggressive marketing efforts this year, its top executives told reporters Monday.
Don't bother GM CEO Rick Wagoner with the problems facing Ford and Chrysler. He's looking after his own company--the Big One of the Big Three is what he calls it--and he wants it to grow. An ex-co...
Affable and engaging in private, Wagoner, 50, is Detroit's new tough guy. His message to competitors whose customers are fleeing to foreign makes: "Stop whining." If $4,000 worth of incentives on G...
You probably don't know Bob Eckert. And he would just as soon keep it that way. A dentist's son raised in Elmhurst, Ill., he was so low wattage in high school that "you never would have predicted t...
"Size Counts" is the new mantra of General Motors CEO and president Rick Wagoner. Though in the past giant GM has looked about as threatening as Austin Powers's Fat Bastard, Wagoner has discovered ...
It's probably safe to say that nobody under the age of 30 remembers when General Motors was a pretty good company. Their most vivid memories are likely to be of dysfunctional cars like Dustbuster m...
When he first heard the news about the terrorist attacks on New York and Washington, General Motors CEO Rick Wagoner was five time zones away, speaking with journalists in a stuffy, windowless conf...
General Motors' new dream team looks like poster boys for the AARP. In early August, GM CEO and President Rick Wagoner hired 69-year-old Robert Lutz--who has held top jobs at Ford and Chrysler--to ...
It was a foggy day in Detroit's northern suburbs, but from his office on the 15th floor of the Chrysler Group's headquarters, CEO Jim Holden could see storm clouds gathering over the auto industry....
Back when it was the acknowledged master of the corporate universe, General Motors dealt decisively with dissidents. In the 1960s it hired private detectives to follow Ralph Nader when he was testi...
If you happened to hear a collective sigh on Feb. 2, it was the sound of disappointment on the lips of automotive types--analysts, executives, bankers, car enthusiasts--over the news that General M...
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