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Canada bailed out GM, Chrysler without really knowing what they were getting into

The Auditor General of Canada recently issued a report that makes at least one thing clear: it doesn't know how effective Canadian government loans given to General Motors and Chrysler in 2009 were in ensuring the viability of both companies. That year, the Canadian and Ontario governments dished out $10.8 billion CAD ($9.6B US) to GM and $2.9 billion CAD ($2.6B US) to Chrysler, but hadn't yet sorted out precisely how the funds were to be used before disbursing them. This happened in spite of the fact that, according to a piece in Bloomberg, the loans weren't meant to be handed out until authorities were clear on the manufacturers' plans for reorganization. In fact, federal officials hadn't finished establishing the concessions made by all the involved parties, the pension liabilities, nor the long-term soundness of the automakers' financial positions. On top of that, apparently it didn't keep close tabs on the money after loaning it: the report says that $1B CAD should have been applied to GM Canada pension plans but was instead given to GM to use. Chrysler repaid $1.7 billion, while GM handed back $3.8 billion and Bloomberg believes the feds in Ottawa still own 110 million shares of The General, which, at the stock price as of writing, would be good for another $3.9 billion. Those were mad, bad days, though, and we're not sure what point the report serves, other than to say, "Oh, by the way...." News Source: BloombergImage Credit: Bill Pugliano / Getty Images Government/Legal Chrysler GM bailout

2018 Chrysler Pacifica Hybrid Long-Term Update | Luxury steering wheel leaves us cold

Our 2018 Chrysler Pacifica, being the Limited trim, is a pretty plush place in which to spend some time, with Nappa leather seats, heating and ventilation for those seats, eight-way power adjustments for both front occupants, a heated steering wheel, and seat-mounted screens for the rear. In the black and cream combo of our van, it's a light, airy, and borderline luxurious place to be. But the steering wheel has begun to bother us. Chrysler calls it the "Luxury" steering wheel, and it's exclusive to the Limited trim. It's lovely in appearance with dark leather on the outside, light leather on the inside, and a real metal ring separating the two. Unfortunately, now that it's become bitterly cold in Michigan, the metal ring is freezing our palms. And although the wheel is heated, the only parts that get warm are the leather sections. So while the rest of our hands feel toasty, each one has a slim line that stays chilled where they contact the metal trim. View 12 Photos In the words of LeVar Burton, don't just take my word for it. Assistant Editor Zac Palmer was frustrated by it, too, and feels it betrays the practical nature of the minivan: "I'm a firm believer in function over form in nearly every circumstance. A minivan is the ultimate expression of function in the automotive world, but the steering wheel on our Pacifica does not follow that philosophy. The large metal band going all the way around the leather wheel nearly eliminates the benefit of the warm, heated steering wheel. Once this gets cold, it stays cold, and there's nothing you can do except take solace in the fact that it looks pretty as your palms rest on icy metal." If you're like us and dislike cold hands, the good news is that the wheel isn't featured on the Pacifica Hybrid Touring Plus or Touring L trims. Both also offer packages with heated steering wheels and seats. Of course, skipping the Limited trim does mean missing out on a number of nice luxury features, such as the Nappa leather, 8-way power passenger seat and front seat ventilation, plus dual rear entertainment screens and a Blu-ray player. So you'll have to weigh your priorities to determine whether this steering wheel is worth living with. And if you do have to have the Limited trim, perhaps we could point you toward some driving gloves for the winter months? Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

FCA CEO Mike Manley will take undefined new role after PSA merger

MILAN — Fiat Chrysler Chief Executive Mike Manley will remain with the new group set to result from a planned merger with French rival PSA-Peugeot, Chairman John Elkann said on Wednesday. In a letter to Fiat Chrysler (FCA) employees on the day the two companies announced a binding agreement for a $50 billion tie-up to create the world's fourth-largest carmaker, Elkann said he was "delighted" that the combined group would be led by current PSA CEO Carlos Tavares. "And Mike Manley, who has led FCA with huge energy, commitment and success over the past year, will be there alongside him," he said. He did not say what position Manley would hold. Elkann — who will chair the new group — said there was still much to be done to complete the merger. "Over the coming months we must work tirelessly and determinedly to fulfill all the approval requirements needed to finalize the commitment we have signed," he said. Related Video:     Hirings/Firings/Layoffs Chrysler Dodge Fiat Jeep RAM Citroen Peugeot FCA PSA merger Mike Manley carlos tavares