David W. Gilbert, an associate professor of automotive technology at Southern Illinois University, altered a circuit in the accelerator pedal he tested, making it unreasonable to draw conclusions about vehicles on the road, Toyota said yesterday at a briefing at its U.S. headquarters. To prove its point, Toyota replicated the test on competitors cars and achieved similar results.
An ABC News broadcast in February featuring Gilbert was misleading, and Toyota should have had an opportunity to observe and analyze the test before it was broadcast, Mike Michels, - - - - >

U.S. Transportation Secretary Ray LaHood was behaving like “one of the brand managers” for General Motors Co. and Chrysler Group LLC, “running around ripping Toyota to shreds,” Rush Limbaugh said on his radio show.
The governors of four states with Toyota plants wrote to House lawmakers to complain about the federal governments “disturbing statements and hasty actions.”
For some critics, U.S. scrutiny of Toyota Motor Corp.s handling of vehicle defects is motivated by more - - - - >

The fresh infusion is on top of $12.5 billion in taxpayer money Detroit-based GMAC has already received from the government. The new aid will boost the federal governments ownership in GMAC to 56 percent, from 35 percent, and means the U.S. now holds a majority stake in three companies that it bailed out with taxpayer funds - GMAC, General Motors and insurer American International Group Inc. The government also has taken control of mortgage giants Fannie Mae and Freddie Mac.
Keeping GMAC alive as it struggles with its mortgage loan problems has been a major component of the Obama administrations massive - - - - >

Kenneth Feinberg, the Obama administrations pay czar, said in a letter to the company that the repayment removes Citigroup from restrictions on executive pay and bonuses that were imposed on companies receiving exceptional assistance from the $700 billion bailout fund.
Those restrictions will now cover only insurance giant American International Group and auto companies Chrysler and General Motors and their financing arms.
Citigroup last week sold common stock to raise the cash it needed to repay $20 billion of the $45 billion stake the government held in Citigroup. But the Treasury postponed its own plans to begin selling its 34 percent stake - - - - >

Steve Collins, president of industry trade group the American Automotive Policy Council, said Wednesday that U.S. officials have told the three Detroit automakers that China is expected to begin an investigation under anti-dumping laws into their business practices as soon as next week.
If the investigation concludes that the companies receive government subsidies, or sell products in China at below-market prices, China could slap tariffs on U.S. auto imports.
The move is the latest trade dispute between the two countries, which are already fighting over steel pipes, chicken products, and pirated movies and music. The trade spats worsened after the Obama administration - - - - >

A Treasury Department spokesman confirmed Tuesday that GMAC is in discussions about securing additional government help.
Of the 19 banks that underwent the governments stress tests, 10 were determined to be undercapitalized. GMAC is the only one of those to not have been able to raise all of its necessary capital from investors.
Citing unnamed people familiar with the matter, The Wall Street Journal reported on its Web site late Tuesday that the U.S. government could hand over another $2.8 billion to $5.6 billion to Detroit-based GMAC. The move would make GMAC the only U.S. company to receive - - - - >

Hendersons $1.26 million cash salary will be cut 25 percent to $950,000, said the person, who asked not to be identified because the terms arent public. He also will get $4.24 million of stock and restricted stock, the Treasurys special master for executive pay said in a letter to GM.
“Most people wouldnt consider it a raise,” said Julie Gibson, a GM spokeswoman. “They brought the salary down some and increased the reliance on long-term stock.”
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Multimillion-dollar packages were approved for 22 employees at GMAC Inc. and 18 at Citigroup Inc., according to reports yesterday from Kenneth Feinberg, the Treasury Department pay master who ordered cuts that shift pay to long-term stock awards. Feinbergs report on New York-based Citigroup, Bank of America Corp. and five other companies getting multiple bailouts didnt identify employees or disclose previous compensation.
The figures show that Wall Street, even after compensation was slashed by half in some cases, remains lucrative for top executives. The average American worker earned - - - - >

The cuts apply to the 25 highest paid executives at the seven companies that received the most assistance, the person said Wednesday, speaking on condition of anonymity because the decision has not been announced. Smaller companies and those that have repaid the bailout money, including Goldman Sachs Group Inc. and JPMorgan Chase & Co., are not affected.
Kenneth Feinberg, the special master at Treasury appointed to handle compensation issues as part of the governments $700 billion financial bailout package, is making the pay decisions.
The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler - - - - >

The cash portion of salaries for the 25 highest-paid employees will be slashed 90 percent, according to a person familiar with the plan who spoke anonymously because the details havent been announced. Some cash will be replaced by shares that employees will be restricted from selling immediately, the same person said. An announcement could come this week.
“They have taken a very strong position,” said Gerald Rosenfeld, deputy chairman of Rotshchild Inc. and co-director of New York Universitys Business and Law program. “There are going to be - - - - >