Short-term debt costs for General Motors Corp., UBS AG and Sears Holdings Corp. soared as the oldest U.S. money-market fund, Reserve Primary Fund broke the buck and froze redemptions.
General Motors today posted a rate of 5.25 percent for seven-day commercial paper, 1.25 percentage points more than yesterday.UBS, Switzerland's biggest bank, is offering a rate of 3 percent on the seven-day paper, up 1 percentage point .Sears is offering 3.63 percent, or 0.33 percentage point more than yesterday, to issue 30-day commercial paper.
-EPJ Newsdesk
Showing posts with label GM. Show all posts
Showing posts with label GM. Show all posts
Wednesday, September 17, 2008
Thursday, September 4, 2008
Cerberus Capital Taking Heavy Hits In Auto Positions
Stephen A. Feinberg, one of the country’s most powerful — and secretive — financiers, hoped to make a fortune out of the detritus of the American auto industry. Instead, he seems to be losing one, reports NYT.
Feinberg’s giant investment fund, Cerberus Capital Management, is attempting to salvage multibillion-dollar investments in Chrysler, and GMAC, the financing arm of General Motors.
On Wednesday, Chrysler, which owns the Jeep and Dodge brands, said its sales in the United States fell by a third in August — nearly twice the industry average.
The same day, GMAC, in which Cerberus holds a 51 percent stake, said it was trying to stanch the bleeding from a business that was supposed to be immune to the ups and downs of the car industry: home mortgage lending. GMAC and its home loan unit, Residential Capital, announced that they would dismiss 5,000 employees, or 60 percent of the unit’s staff, and close all 200 of its retail mortgage branches.
Feinberg’s giant investment fund, Cerberus Capital Management, is attempting to salvage multibillion-dollar investments in Chrysler, and GMAC, the financing arm of General Motors.
On Wednesday, Chrysler, which owns the Jeep and Dodge brands, said its sales in the United States fell by a third in August — nearly twice the industry average.
The same day, GMAC, in which Cerberus holds a 51 percent stake, said it was trying to stanch the bleeding from a business that was supposed to be immune to the ups and downs of the car industry: home mortgage lending. GMAC and its home loan unit, Residential Capital, announced that they would dismiss 5,000 employees, or 60 percent of the unit’s staff, and close all 200 of its retail mortgage branches.
Tuesday, July 15, 2008
GM Suspends Dividend
GM has announced it will cut salaried jobs, speed factory closings and suspend ts dividend.
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