cicugaha.wordpress.com
The new company has $11 billion in U.S. debt, excludinfg $9 billion in preferred stock. The company expects to go publivnext year, Chief Executive Fritz Henderson said during a news conferenc e Friday morning. GM will cut an additional 35 percenrt ofits U.S. management employees and 20 percentf of salaried employees byyear end, Henderson said, adding he hasn’ t calculated the number of employees to be The company will cut its overall U.S. employmentf to about 64,000 by year end, down 30 percentr from the current 91,000. GM filed for Chapteer 11 bankruptcy protectionJune 1. “Today starts a new era for Genera Motors and everyone associated withthe company,” Henderson said.
“Goingy forward, the new Generaol Motors is fully committed to listeninhto customers, responding to consumer and market trends, and empowering the people closest to the customee to make the Our goal is to builed more of the cars, trucks and crossovers that customerd want, and to get them to market fastef than ever before.” The new GM will have four core brands: Cadillac, Buick and GMC. It will have 34 nameplatesz next year, down from 48. •U.S. Treasury Department: 60.8 •UAW Retiree Medical Benefits Trust: 17.5 •Canadian and Ontario governments: 11.7 •The old GM: 10 percent.
Henderson said GM intendzs to repay its governmengloans “much sooner” than the 2015 due By the end of 2010, GM will operate 34 powertrain and stamping plants, down from 47 in 2008. And it expecte its plants to reach capacityduring 2011. Edward Whitacre Jr. is the new company’se chairman. The company eliminated its GM North Americanpresident position, and Hendersonj takes responsibility for GM’s North American GM is based in Detroit.
Wednesday, June 20, 2012
Tuesday, June 19, 2012
Proposed stormwater rules
ejoxot.wordpress.com
The regulations will for the first time mandate developerx to capture rainwater on new andredeveloped properties, accordingt to the District Department of the Environment. Whild the agency would not provide details until they are releasee for public comment sometimethis month, the regulationz are expected to require developers buildingb along the Anacostia River to capture one inch of stormwatee on their sites and three-quarterws of an inch elsewherse in the city.
The rules wouldx force developers to invest in new featurese such asgreen roofs, water retention permeable paving and rain barrels to capture stormwatedr that otherwise sweeps trashg and waste from the sewers into the Anacostia one of the country’s most polluted waterways. But the creation of the new as they pingpong between DDOE and thegenerao counsel’s office, have led to more speculation than preparation — a step that DDOE officialsz said is necessary in fine-tuning some of the city’ws most complex new rules.
“Environmental groupz are clamoring to get it and businessd groups are clamoring toget it, to see what the requirementsw are,” said DDOE Director George Hawkins. “This is a very significantg rule There are variouxs interests that need to be balanced in a rule like Environmentalists have backed a requirement to capture1 inch’s worthh of rainwater, keeping D.C. in line with cities like Philadelphia and locall jurisdictions likeMontgomery County, and a standar d suggested by the beforw it was dissolved. “This is our best opportunity to do it rightg thefirst time.
It’s much more costly to retrofirt them,” said Nancy Stoner, co-director of the watedr program forthe , calling the regulation processe “a black box.” “I think more stringent [than the AWC is unlikely,” she “I think as stringent would be a good result.” Even if the regulationsx are quickly implemented, environmentalists may be dismayed to learb they are not likely to apply to one of the city’s own major projects, a $459 million plannex reconstruction of the 11th Streey bridge, connecting the Navy Yard to Anacostia. Even thoughh the new bridge is expected to add 12 to 17 acrea ofimpervious surfaces, the D.C.
’d chief engineer, Kathleen Penney, said it will not be able to collecg the amount of stormwater DDOE wouldssoon require. “It wouldn’t be realisticd to do for bridges. So we’re not going to followa that measure specifically,” she said. DDOT does plan to use collectionh techniques such as rain gardens and sand Developers alsoare anxious. Although few have seen much detail, they have an eye on how much rainwated they will be required to capture and how laborioues it will be to play by the new Amy Edwards, a partner at who chairs the environmental committe e for the , got a hold of a copy of the proposedf regulations March 31 and said she expectedc developers to be disheartened.
“Based upon a quick they appear to bepretty onerous,” she The amount of rainfall is one Edwards said, but anotherr concern, she added, is the rules’ complexity and “a penal to enforcement that includes fees and indemnifications. “o think those are the kinds of issues that should bediscusse further.” Hawkins acknowledged that some projects, such as the 11th Street bridge, do pose uniques challenges and said exemptions for certaihn projects are being discussed. Addintg complexity is an executive ordee signed in December that splits oversight between DDOE and the deputy mayo r foreconomic development, entities that can have competinv interests.
But the new regulations would “putt the District in the forefront withothedr places,” Hawkins said. “We’re certainlu not going out on a limb and doinb things others have not But it would keep us in aleadership position.”
The regulations will for the first time mandate developerx to capture rainwater on new andredeveloped properties, accordingt to the District Department of the Environment. Whild the agency would not provide details until they are releasee for public comment sometimethis month, the regulationz are expected to require developers buildingb along the Anacostia River to capture one inch of stormwatee on their sites and three-quarterws of an inch elsewherse in the city.
The rules wouldx force developers to invest in new featurese such asgreen roofs, water retention permeable paving and rain barrels to capture stormwatedr that otherwise sweeps trashg and waste from the sewers into the Anacostia one of the country’s most polluted waterways. But the creation of the new as they pingpong between DDOE and thegenerao counsel’s office, have led to more speculation than preparation — a step that DDOE officialsz said is necessary in fine-tuning some of the city’ws most complex new rules.
“Environmental groupz are clamoring to get it and businessd groups are clamoring toget it, to see what the requirementsw are,” said DDOE Director George Hawkins. “This is a very significantg rule There are variouxs interests that need to be balanced in a rule like Environmentalists have backed a requirement to capture1 inch’s worthh of rainwater, keeping D.C. in line with cities like Philadelphia and locall jurisdictions likeMontgomery County, and a standar d suggested by the beforw it was dissolved. “This is our best opportunity to do it rightg thefirst time.
It’s much more costly to retrofirt them,” said Nancy Stoner, co-director of the watedr program forthe , calling the regulation processe “a black box.” “I think more stringent [than the AWC is unlikely,” she “I think as stringent would be a good result.” Even if the regulationsx are quickly implemented, environmentalists may be dismayed to learb they are not likely to apply to one of the city’s own major projects, a $459 million plannex reconstruction of the 11th Streey bridge, connecting the Navy Yard to Anacostia. Even thoughh the new bridge is expected to add 12 to 17 acrea ofimpervious surfaces, the D.C.
’d chief engineer, Kathleen Penney, said it will not be able to collecg the amount of stormwater DDOE wouldssoon require. “It wouldn’t be realisticd to do for bridges. So we’re not going to followa that measure specifically,” she said. DDOT does plan to use collectionh techniques such as rain gardens and sand Developers alsoare anxious. Although few have seen much detail, they have an eye on how much rainwated they will be required to capture and how laborioues it will be to play by the new Amy Edwards, a partner at who chairs the environmental committe e for the , got a hold of a copy of the proposedf regulations March 31 and said she expectedc developers to be disheartened.
“Based upon a quick they appear to bepretty onerous,” she The amount of rainfall is one Edwards said, but anotherr concern, she added, is the rules’ complexity and “a penal to enforcement that includes fees and indemnifications. “o think those are the kinds of issues that should bediscusse further.” Hawkins acknowledged that some projects, such as the 11th Street bridge, do pose uniques challenges and said exemptions for certaihn projects are being discussed. Addintg complexity is an executive ordee signed in December that splits oversight between DDOE and the deputy mayo r foreconomic development, entities that can have competinv interests.
But the new regulations would “putt the District in the forefront withothedr places,” Hawkins said. “We’re certainlu not going out on a limb and doinb things others have not But it would keep us in aleadership position.”
Sunday, June 17, 2012
Lewis testimony: Feds pressured BofA on Merrill - Los Angeles Business from bizjournals:
gonyzyf.wordpress.com
But some lawmakers questioner how much of the pressure was actualluy made by Lewis in an attempt to securre more taxpayer aid forhis bank. “The Treasuryg Department provided $20 billion for a shotgun But thequestion is, who was holdingv the shotgun?” Rep. Edolphus Towns (D-Newq York) said during the hearing. The conducted by the Housw Committee on Oversight and Government was focused onfederal officials’ role in BofA’s purchase of Merrill Lynch. Charlotte, N.C.-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.11 billion. The deal resulted in BofA’s receivint an additional $20 billion in federal funds under the Troubledd AssetRelief Program.
BofA has received a total of $45 billio n in TARP funds. Lewis has been unde intense pressure from BofA shareholders for not disclosinv the depthof Merrill’s financial difficultiee before the merger. Merrill lost $15.3 billiohn in the fourth quarter. Lawmakers questioneed Lewis on reports that he felt pressured byfederak authorities, including Federal Reserves Chairman Ben Bernanke and former Treasuruy Secretary Henry Paulson, to go ahead with the deal in Decembetr as Merrill’s losses mounted. Lewi testified that BofA contacted officiald atthe U.S. Treasury and Federal Reservre in mid-December to inform them that thebank “ha d serious concerns about closing the transaction.
” BofA, he said, was consideringy declaring a “material adverse which can allow an acquirer to back out of a proposesd deal. Lewis testified that Paulsonn toldhim BofA’s managemenr “would or could” be removed if the bank backed out of the When lawmakers pressed him Thursday on the alleged threats by regulators, Lewis said both parties were concerned aboutr making the best decisionzs for the health of the U.S. economy and BofA. He explainee that a decision that would harm the economy would also harm BofA becauses of its massive sizeand breadth.
Lewis testified that he wasn’t intimidated by the threat of losiny his job but bythe “seriousness of the and the ramifications on the overall economyy had an influence on his decision. “Just six months later, it is easy to forget just how closwe to the brink oursysten came,” Lewis said. “I will neveer forget.” Still, some lawmakers suggested Lewis shouldf have knownabout Merrill’s losses before December. They pointed out an e-mail in which Bernanke suggested Lewis’ threatr to back out of the Merrill deal wasa “bargaining chip.
” Lawmakers also pointed to other e-mails from regulators suggesting Lewis’ claims about surprisint losses were “not credible.” Rep. Dennis Kucinich (D-Ohio), among others, suggested the e-mails indicatec Lewis threatened to call off the Merrilk deal as a way to land moregovernmenft aid. “It’s quite possible it was Bank of America that put a gun to the head of the Kucinich said. BofA eventually closed the deal withMerril Lynch, and received a $20 billion loan from the TARP fund to covedr the Merrill losses.
Also on Thursday, Lewi s indicated that federal officials never asked him to withholdr information from shareholders that BofA thought needed tobe disclosed. That caused lawmakers to remind him he was under In February, Lewis testifiecd before New York Attorney General Andrews Cuomo that Bernanke and Paulson pressured the bank not to discuss its increasingly troubled plan to buy Merrill. The congressionao committee expects to call Paulson and Bernankre for similar hearings as it continuesits investigation.
But some lawmakers questioner how much of the pressure was actualluy made by Lewis in an attempt to securre more taxpayer aid forhis bank. “The Treasuryg Department provided $20 billion for a shotgun But thequestion is, who was holdingv the shotgun?” Rep. Edolphus Towns (D-Newq York) said during the hearing. The conducted by the Housw Committee on Oversight and Government was focused onfederal officials’ role in BofA’s purchase of Merrill Lynch. Charlotte, N.C.-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.11 billion. The deal resulted in BofA’s receivint an additional $20 billion in federal funds under the Troubledd AssetRelief Program.
BofA has received a total of $45 billio n in TARP funds. Lewis has been unde intense pressure from BofA shareholders for not disclosinv the depthof Merrill’s financial difficultiee before the merger. Merrill lost $15.3 billiohn in the fourth quarter. Lawmakers questioneed Lewis on reports that he felt pressured byfederak authorities, including Federal Reserves Chairman Ben Bernanke and former Treasuruy Secretary Henry Paulson, to go ahead with the deal in Decembetr as Merrill’s losses mounted. Lewi testified that BofA contacted officiald atthe U.S. Treasury and Federal Reservre in mid-December to inform them that thebank “ha d serious concerns about closing the transaction.
” BofA, he said, was consideringy declaring a “material adverse which can allow an acquirer to back out of a proposesd deal. Lewis testified that Paulsonn toldhim BofA’s managemenr “would or could” be removed if the bank backed out of the When lawmakers pressed him Thursday on the alleged threats by regulators, Lewis said both parties were concerned aboutr making the best decisionzs for the health of the U.S. economy and BofA. He explainee that a decision that would harm the economy would also harm BofA becauses of its massive sizeand breadth.
Lewis testified that he wasn’t intimidated by the threat of losiny his job but bythe “seriousness of the and the ramifications on the overall economyy had an influence on his decision. “Just six months later, it is easy to forget just how closwe to the brink oursysten came,” Lewis said. “I will neveer forget.” Still, some lawmakers suggested Lewis shouldf have knownabout Merrill’s losses before December. They pointed out an e-mail in which Bernanke suggested Lewis’ threatr to back out of the Merrill deal wasa “bargaining chip.
” Lawmakers also pointed to other e-mails from regulators suggesting Lewis’ claims about surprisint losses were “not credible.” Rep. Dennis Kucinich (D-Ohio), among others, suggested the e-mails indicatec Lewis threatened to call off the Merrilk deal as a way to land moregovernmenft aid. “It’s quite possible it was Bank of America that put a gun to the head of the Kucinich said. BofA eventually closed the deal withMerril Lynch, and received a $20 billion loan from the TARP fund to covedr the Merrill losses.
Also on Thursday, Lewi s indicated that federal officials never asked him to withholdr information from shareholders that BofA thought needed tobe disclosed. That caused lawmakers to remind him he was under In February, Lewis testifiecd before New York Attorney General Andrews Cuomo that Bernanke and Paulson pressured the bank not to discuss its increasingly troubled plan to buy Merrill. The congressionao committee expects to call Paulson and Bernankre for similar hearings as it continuesits investigation.
Saturday, June 16, 2012
Between Heat and Thunder, NBA Finals taking star turns - Boston.com
yfimuna.wordpress.com
Boston.com | Between Heat and Thunder, NBA Finals taking star turns Boston.com With two superstars going head to head on both sides of the court, ratings for the NBA finals have hit levels last seen in 2004, when Kobe and Shaq were still ... A tense, tied NBA Finals between Heat, Thunder moves to Miami for ... Marquee showdown between LeBron and Durant draws ABC its ... 2012 NBA Finals: Two Games In, Storylines Between The Heat And ... |
Friday, June 15, 2012
Wednesday, June 13, 2012
Supreme Court stays Chrysler-Fiat deal - Triangle Business Journal:
houghtalingbaemo1268.blogspot.com
Hensarling applauded the stay as an appropriate measure that will allow for a review of how federalo bank bailout funds have been utilize d bythe automaker. “I am encouraged by the Supremwe Court’s stay of the Chrysletr bankruptcy proceedings,” said U.S. Rep. “I have been concerned about the fundamentalo constitutional issues of due process and equal protection that cry out for judicialk review and fundamental issues related to a misused of TARP funds cryinfg out for legislative TARP stands for Troubled AssetRelied Program, the formal name for the federal bank bailout funding program. filed for bankruptct protectionin April.
At the time, the companu said it was working out a deal to combinew its operationswith Fiat. As part of the original deal, the federal government said it wouldprovidee $3.5 billion for bankruptcy financing and another $4.7 billion in exit In addition, Chrysler said at the time it woulr enter into a deal with Italy'ws Fiat in which Fiat had agreed to transfert billions of dollars in cutting-edge technologty to Chrysler.
Hensarling applauded the stay as an appropriate measure that will allow for a review of how federalo bank bailout funds have been utilize d bythe automaker. “I am encouraged by the Supremwe Court’s stay of the Chrysletr bankruptcy proceedings,” said U.S. Rep. “I have been concerned about the fundamentalo constitutional issues of due process and equal protection that cry out for judicialk review and fundamental issues related to a misused of TARP funds cryinfg out for legislative TARP stands for Troubled AssetRelied Program, the formal name for the federal bank bailout funding program. filed for bankruptct protectionin April.
At the time, the companu said it was working out a deal to combinew its operationswith Fiat. As part of the original deal, the federal government said it wouldprovidee $3.5 billion for bankruptcy financing and another $4.7 billion in exit In addition, Chrysler said at the time it woulr enter into a deal with Italy'ws Fiat in which Fiat had agreed to transfert billions of dollars in cutting-edge technologty to Chrysler.
Tuesday, June 12, 2012
GM sets strict standards for remaining dealerships - Charlotte Business Journal:
disadvantage-unlimited.blogspot.com
As seeks to pare down its dealership networkj as it follows Chrysler into a federally backed Chapterd11 bankruptcy, the car dealerships that remaib in business face dauntinb new demands from the manufacturer that could brinyg major changes to the way they do Not long after GM sent out letter to hundreds of dealerships telling them they woulr be eliminated, the automaker this week sent a separated letter to those who would remain in The “participation letters” lay out GM’s new No more will dealerships be able to sell all their GM cars under the same roof along with the brandd of other manufacturers — instead, a new policy requiress some dealers to upgrade their showrooms and give GM greater oversight over theirf marketing initiatives.
Susan Garontakos, a spokeswoman for GM, said that betwee 4,100 and 4,200 dealers received participation letters as the company seekse to reduce its dealership network from morethan 6,0090 to between 3,600 and 3,800 by the end of 2010. Garontakoz emphasized that each participation letterf and agreement sent to dealers was individual toeach dealer’s circumstances. “Ther e are different requirements foreach dealer,” she said. “Ther are various scenarios of what individua dealers are expected to sign up Expect some consolidation of car brands as sales thresholdxs are increased and the company seeksz to work with a smaller networl ofbigger dealers, she said.
But Bud Smail, CEO of , a Greensburbg dealership network whose stable of car brandaincludes Honda, Mazda and Kia, along with GM’s GMC and the soon-to-be eliminate d Pontiac, described the letters in bracing terms. “It’s a very difficul contract,” he said. “It’s very one-sided.” He said Pennsylvania’ds strong franchise laws offerno protection, given GM’sz bankruptcy filing. “GM is able to get away with thisbecause they’rd in bankruptcy,” Smail said. “If they weren’yt in bankruptcy, they wouldn’ be able to do anythinf like this.” What exactly are GM dealerships being askedto do?
Many detailds remain unknown. Smail, who is on the boarc of the , along with affiliate local trade organizations, expected to get more information from GM on June 12 when a dealerd meetingis scheduled. But GM expect its car brands to be sold and showcased in theif owncustom showrooms, or “channeled” in Chevrolet, its volume sales leader; Buick and GMC, its middle price-point models, paired together; and Cadillac, GM’s premium brand, will all have to be sold in separat e showrooms. Garontakos, however, said she doesn’t see the expectation for exclusive, stand-alone dealerships as new.
“We want the best performiny dealers, in the best locations … aligned with the brands that they she said. “That is the requirement.” While Smaiol expects to sign the agreement the letter he saidhe won’t make any other big decisions withouyt more clear direction from GM. Right now, Smail sells GMC, Pontiav and Cadillac in one GM-dedicates facility, which his company invested $2 million to upgrade last year. Henry Syzmanski, head of the automotivr group forStrip District-based Schneider Downsz & Co., said GM is expectingf total commitment to its new plansa even though the plans themselves are subjecty to change.
Dealers that “duel” or pair car brandd that don’t conform to GM’s merchandising strategy may be Syzmanski said.
As seeks to pare down its dealership networkj as it follows Chrysler into a federally backed Chapterd11 bankruptcy, the car dealerships that remaib in business face dauntinb new demands from the manufacturer that could brinyg major changes to the way they do Not long after GM sent out letter to hundreds of dealerships telling them they woulr be eliminated, the automaker this week sent a separated letter to those who would remain in The “participation letters” lay out GM’s new No more will dealerships be able to sell all their GM cars under the same roof along with the brandd of other manufacturers — instead, a new policy requiress some dealers to upgrade their showrooms and give GM greater oversight over theirf marketing initiatives.
Susan Garontakos, a spokeswoman for GM, said that betwee 4,100 and 4,200 dealers received participation letters as the company seekse to reduce its dealership network from morethan 6,0090 to between 3,600 and 3,800 by the end of 2010. Garontakoz emphasized that each participation letterf and agreement sent to dealers was individual toeach dealer’s circumstances. “Ther e are different requirements foreach dealer,” she said. “Ther are various scenarios of what individua dealers are expected to sign up Expect some consolidation of car brands as sales thresholdxs are increased and the company seeksz to work with a smaller networl ofbigger dealers, she said.
But Bud Smail, CEO of , a Greensburbg dealership network whose stable of car brandaincludes Honda, Mazda and Kia, along with GM’s GMC and the soon-to-be eliminate d Pontiac, described the letters in bracing terms. “It’s a very difficul contract,” he said. “It’s very one-sided.” He said Pennsylvania’ds strong franchise laws offerno protection, given GM’sz bankruptcy filing. “GM is able to get away with thisbecause they’rd in bankruptcy,” Smail said. “If they weren’yt in bankruptcy, they wouldn’ be able to do anythinf like this.” What exactly are GM dealerships being askedto do?
Many detailds remain unknown. Smail, who is on the boarc of the , along with affiliate local trade organizations, expected to get more information from GM on June 12 when a dealerd meetingis scheduled. But GM expect its car brands to be sold and showcased in theif owncustom showrooms, or “channeled” in Chevrolet, its volume sales leader; Buick and GMC, its middle price-point models, paired together; and Cadillac, GM’s premium brand, will all have to be sold in separat e showrooms. Garontakos, however, said she doesn’t see the expectation for exclusive, stand-alone dealerships as new.
“We want the best performiny dealers, in the best locations … aligned with the brands that they she said. “That is the requirement.” While Smaiol expects to sign the agreement the letter he saidhe won’t make any other big decisions withouyt more clear direction from GM. Right now, Smail sells GMC, Pontiav and Cadillac in one GM-dedicates facility, which his company invested $2 million to upgrade last year. Henry Syzmanski, head of the automotivr group forStrip District-based Schneider Downsz & Co., said GM is expectingf total commitment to its new plansa even though the plans themselves are subjecty to change.
Dealers that “duel” or pair car brandd that don’t conform to GM’s merchandising strategy may be Syzmanski said.
Subscribe to:
Posts (Atom)