TD Bank Buys Chrysler Financial From Cerberus

Toronto-based TD Bank will purchase Chrysler Financial for $6.3 billion. Despite being named Chrysler Financial, the company is no longer owned by the automaker, but held by former owner and destroyer of worlds — Cerberus. If you do the math, Cerberus paid $7.4 billion for 80% of Chrysler, then easily shed it in the…

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What The New York Times Op-Ed Page Doesn't Know About Cars

Earlier this week, an automotive blogger took to the pages of the New York Times to argue that the Detroit bailout didn't work. Why can't the New York Times op-ed page find writers who know anything about the auto industry?

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Ford, BMW, Toyota Took Secret Government Money

In the depths of the financial collapse, the U.S. Federal Reserve pumped $3.3 trillion into keeping credit moving through the economy. It eventually lent $57.9 billion to the auto industry — including $26.8 billion to Ford, Toyota and BMW.

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Republicans Applaud Jobs From GM Bailout They Opposed

Happy days came back Friday to Spring Hill, Tenn., when General Motors announced it would rehire 483 laid-off workers to build four-cylinder engines. On hand to cheer the news: Three Republican lawmakers who opposed the bailout that saved GM.

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New UAW President: Keep Your Nonunion Cars Off My Lawn

UAW President Bob King wrote a two-page letter to a reporter explaining why he wasn't allowed to park his Toyota Camry at a UAW hall lot (or any union property): Toyota hates the First Amendment. [KCBJ, Detroit News]

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How A Blogger Helped Save A Car Company

Saab was the smallest of GM's troubled brands, but the only one to survive, due largely to the incredible support coordinated by one enthusiast on a tiny Australian island 10,000 miles from the carmaker's Swedish headquarters. Here's his story.

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