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Ford, Renault, VW shareholder oppose French aid for PSA/Peugeot-Citro"en

Pots and kettles, glass houses and stones - that's a little of what we appear to have going on in the European car market. New reports say that that three European automakers have registered their opposition to a loan deal that PSA/Peugeot-Citroën is working on with the French government. Peugeot's finance arm, Banque PSA Finance, is struggling with its debts and has been downgraded by Moody's to its lowest investment-grade classification, one step above junk. This makes it more expensive for a potential buyer to finance a car through Peugeot. The last thing Peugeot needs is more difficulty selling cars in the tough European market, and the situation will only worsen if the bank's credit worthiness takes another hit.
A deal being worked on would have the French government offer €7 billion ($9B U.S.) in bonds to guarantee the bank's loans, which would give the institution some breathing room to manage its debts and lower its interest rates. Outside of that, a group of banks would provide other, non-guaranteed loans to the bank to further help its position. In exchange for state help, though, the government wants seats on Peugeot's board for worker representatives and a government liaison, along with factory and worker guarantees. The Peugeot family would maintain control of the company.
So what we have is government assistance being provided to a car company's finance arm, akin to the way General Motors' GMAC (now Ally Financial) and Chrysler Financial got help in their time of need. What we also have is Ford and Renault, and Germany's State of Lower Saxony, the second-largest shareholder in Volkswagen, voicing their concern about the proposal, because they say it could create an unfair competitive advantage for Peugeot. Everyone in Europe's down market is fighting for every sale, and if Peugeot gets help to keep its auto loan costs down, it figures to help buyers choose Peugeot or Citroën.

Meet Shelby Mustang GT500 Miller, Iowa's latest hatchet-wielding criminal

Well, we've found the long-lost cousin of yesterday's Bentley-tattooed criminal from Florida. This is Shelby Mustang GT500 Miller. No, seriously. While his name seems just like the sort of thing we'd expect the Sunshine State to produce, he actually hails from Iowa. Despite coming from the Hawkeye State, Miller was arrested for a decidedly Floridian offense – getting in a bar fight and then returning with a hatchet. The only way this story could be more Florida is if meth, a manatee or bath salts were involved. The fight, which was at the Cheap Seats Sports Bar, started off typically enough, with a verbal argument in the parking lot (please, please let his nemesis be named "Chevrolet Camaro Z/28 Smith"). This, naturally, attracted passing police officers. Things were broken up and some friends took Miller to his home, which was apparently just behind the bar. That's when he returned with the hatchet tucked under his shirt. Miller promptly proceeded to take out the implement of destruction in the bar's bathroom and... forget about it entirely. Fortunately, the police hadn't left the area yet. Not surprisingly, Miller was arrested for a parole violation, as well as public intoxication and going armed with intent. Still, cool name, bro. News Source: Iowa City Press CitizenImage Credit: Polk County Sheriff's OfficeTip: Mike Government/Legal Ford crime shelby iowa

Former Cadillac boss Butler takes Ford tech job

When Don Butler made the surprising decision to leave his post as Cadillac's VP of global strategic development, it was a surprise. Citing a desire to "recalibrate, reassess my priorities" in that August announcement, it wasn't entirely clear where Butler - a virtual General Motors lifer after spending nearly 30 years with the company - would end up. Turns out he took a trip to Dearborn.
Butler has taken a position in the newly created position of Executive Director of Connected Vehicles and Services at Ford, where he'll be responsible for the Blue Oval's global connectivity strategy. "Not only does Don understand the connected car landscape, but probably just as important, he understands customer expectations," said Raj Nair, who, as Group Vice President of Global Product Development, is Butler's new boss. "Having a leader with technology experience both inside and outside the industry is a rare combination - we're excited to have Don join our team."
As Ford has received its fair share of flak for the sometimes recalcitrant MyFord Touch infotainment system and its Sync voice-controls, it appears that Butler has his work cut out for him.