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Former Treasury boss unaware auto task force fired GM's Wagoner

We dig a good political tell-all every once in a while (how else will we get our political fix while waiting for House of Cards' third season?). Today, we get just that from former Treasury Secretary Timothy Geithner's new book, "Stress Test," which details, among other parts of the 2009 financial catastrophe, the structured bankruptcy that allowed Chrysler and General Motors to emerge as competitive players in the auto industry.
In the book, which is nicely recapped by The Detroit News, Geithner discusses the firing of GM CEO Rick Wagoner while explaining how much trust he had in the auto industry task force that executed the move without his knowledge.
Auto Czar Steve Rattner "didn't even consult me before he fired General Motors CEO Rick Wagoner; if anything, that move increased my confidence in Team Auto," Geithner wrote.

Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video:

Junkyard Gem: 1982 Chrysler LeBaron Convertible

Things looked very grim at Chrysler during the late 1970s, as Oil Crisis-shocked car shoppers avoided buying thirsty land yachts and ancient-technology compacts in droves. The Carter administration grudgingly bailed out the company with loan guarantees in 1979 (leaving "small enough to fail" American Motors to seek help from the French government) and Chrysler needed a huge sales hit in a big hurry. Under the leadership of Lee Iacocca (freshly canned by Henry Ford II), Chrysler developed the modern, front-wheel-drive K Cars and the company was saved. The very first K Cars hit the road for the 1981 model year, and I'm always on the lookout for those historic early Ks when I'm searching for interesting bits of automotive history in junkyards. The '81 and '82s have become nearly impossible to find, but this once-plush LeBaron convertible appeared in a Northern California yard last month. While a bafflingly complex family tree of K-derived vehicles grew up in Chrysler showrooms through 1995 (including the hot-selling Caravan/Voyager/Town and Country minivans), the only "true" US-market K-Cars are the Dodge Aries, Dodge 400/600 coupe, Plymouth Reliant and Chrysler LeBaron. 1982 was the first model year for the K LeBaron and this car was built in March of that year, so we're looking at one of the very early successors to the Dodge Diplomat-based LeBarons of the 1970s. Chrysler developed a homegrown 2.2-liter, overhead-cam straight-four engine that proved very successful, and a 94-horsepower version of that engine was the base powerplant for the 1982 LeBaron. This car appears to have just about every option available that year, so of course the original buyer went for the 2.6-liter Mitsubishi Astron straight-four. With hemispherical combustion chambers, the 2.6 could be called a Hemi (a few Ks even got "2.6 HEMI" badging); horsepower came to just 93 in 1982, but the 132 pound-feet of torque beat out the 117 lb-ft of the Chrysler 2.2 that year. Silver-faced gauges and complicated radio controls were all the rage during the Late Malaise Era, and this car has both. Note the Chronometer next to the HVAC controls, a digital design with green vacuum-fluorescent display lifted from the previous-generation rear-wheel-drive LeBaron. The non-cloth bits of the convertible-top mechanism look decent enough, so perhaps some junkyard-shopping LeBaron owner will rescue them.