I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
Michigan leaders are responding to President Barack Obama’s announcement today regarding the potential for future auto industry bailouts. The White House found that restructuring plans submitted in Feb. by both Chrysler and General Motors (NYSE:GM) did not live up to expectations and as a result, the White House is withholding future payments until the two [...]
The viability proposal which General Motors (NYSE:GM) submitted to Congress yesterday has been posted at the U.S. Department of Treasury’s Web site. You can find the document at this link, all 117 pages in PDF format. Perhaps you’ll be able to finish it before the auto task force has completed their own evaluation and come [...]
More details are emerging about GMAC’s conversion to a bank holding company, their eligibility for $6 billion in TARP funds and the restrictions that come with that money. Automotive News reports:
GMAC, the finance company co-owned by General Motors and by Chrysler’s major stakeholder, Cerberus, has completed its campaign to exchange an equity stake in the company to debt holders. Automotive News reports:
Automotive News reports that GM has received the first installment of bailout funds from the Treasury, but Chrysler is still finalizing their paperwork to receive those funds:
Only days after GMAC qualified as a bank holding company and became eligible for bailout funds from the federal government, the Treasury Department has purchased a $5 billion stake to infuse liquidity into the company, which provides 80% of the financing for the purchase of GM and Chrysler vehicles:
GMAC is not alone in converting itself into a bank holding company in order to qualify for federal bailout money. Bailout Sleuth reports that American Express (NYSE:AXP) and CIT Group (NYSE:CIT) have done so as well and are swapping equity shares in their company to the government for TARP funds:
After news that GMAC had qualified for emergency loans from the Federal Reserve by converting itself into a bank holding company, GM stock rallied on Friday. Automotive News reports:
In addition to the $17.4 billion rescue package put together for the automakers by the Bush administration, GMAC has now successfully converted itself into a bank holding company in order to qualify for emergency rescue loans from the Federal Reserve:
In addition to the $17.4 billion loan program announced by the Bush administration last week, the Federal Reserve Board is also acting to help car dealerships maintain access to credit to continue their operations. Automotive News reports:
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