In a statement released yesterday, U.S. Transportation Secretary Ray LaHood said he intends to levy a $16.4 million fine, the largest allowed by law, against embattled, multinational Toyota Motor Company.  

Toyota's popular hybrid, the Prius, may be the next car to face a worldwide recall, according to news reports. The move comes at a perilous time for the embattled automaker, which is accused of responding too slowly to safety concerns. 

Concerns about the safety of airline travel are still running high this morning after a 23-year-old Nigerian man, Umar Farouk Abdulmutallab, allegedly attempted to detonate explosives aboard Northwest flight 253, flying from Amsterdam to Detroit, on Christmas Day. Authorities credit quick action by passengers and crew and a faulty detonator with preventing what could have been a tragedy aboard the plane. But travelers can expect to see a host of new restrictions on airline flights. Micheline Maynard is covering the story for our partner, The New York Times. 

Many people were surprised to learn that the father of Umar Farouk Abdulmutallab had reportedly approached the U.S. embassy in Abuja, Nigeria, with concerns that his son was becoming radicalized. That has raised questions of why the young man wasn't subjected to greater scrutiny before boarding the plane to Detroit. For a look at how this incident may change planning and procedure around U.S. airport security we speak to Paul Pillar. Pillar is the director of graduate studies at Georgetown University's Center for Peace and Security Studies.

General Motors CEO Fritz Henderson has been asked to step down only eight months after taking the helm of the embattled automaker. The announcement came following a GM board meeting on Tuesday. For the past eight months Henderson and GM have been dogged by questions about whether a man who had spent the past 25 years of his career with GM was really the "change" that the company needs. Will Marcum is a GM line worker who says that Henderson's resignation will be bad for morale at the struggling company, but that many auto workers agree it is time for some new blood at the top. Micheline Maynard covers the auto industry for our partner, The New York Times and is the author of "The Selling of the American Economy: How Foreign Companies are Remaking the American Dream," She says the move came as "a shock, but not a surprise."

It might seem that globalization is a continuing and ominous threat to America's workforce. New York Times business correspondent Micheline Maynard, however, says foreign companies can help American communities — especially as they hire Americans in tough economic times. Maynard is the author of a new book "The Selling of the American Economy.” We're also joined by Amy Lindsay, a former Estée Lauder employee, now a factory worker for Toyota in Indiana. She tells us about her own experience switching from an American employer to a foreign one. Our own Todd Zwillich gives us an insider's view on the recent congressional decision to extend unemployment benefits again.

General Motors announced yesterday that it will shut down its Saturn subsidiary. The 24-year-old brand appeared close to being saved under a deal with former race car driver and Detroit business man Roger Penske, but the deal collapsed at the last minute. We speak to Micki Maynard, business reporter for The New York Times.

We’ve heard it before, but this time it might just stick: The Department of Transportation announced yesterday that the popular Cash for Clunkers program, which allows you to trade in your old gas-guzzler for up to $4500 towards a new fuel efficient car, is done as of Monday, August 24^th. Although Congress added $2 billion to the program just weeks ago, the program's popularity means the money has run out far sooner than expected. To explain what is happening we talk to Micheline Maynard, senior business correspondent for the New York Times. We also talk to Brian Willian, the sales manager at Albany Honda in Georgia. He is awaiting a check from the government to reimburse him for the clunkers he's paid for under the program.

GM executives are about to take a wild ride as the company restructures itself under bankruptcy protection. To describe how that process will work -- and if it will work -- is Mark LaNeve, GM North America’s Vice President for Vehicle Sales, Service and Marketing. He joins us from GM headquarters in Detroit. The Takeaway is also joined by Micheline Maynard, Auto Reporter for the New York Times to give her take on the future of GM.

For more on GM, read Law Professor John Pottow's post, How Obama Can Succeed at GM.

Both GM and Chrysler will be restructuring their businesses under bankruptcy protection. After GM announced that it failed to convince bondholders to a debt-swap, the U.S. automaker appears heading towards insolvency. That could mean the federal government will get a 70% ownership stake in a post-chapter 11 General Motors. And Chrysler ended a marathon hearing in bankruptcy court Wednesday as it tries to get approval to sell its assets to Italian automaker Fiat. For the details of how two such large-scale bankruptcies work and what the aftermath could look like, The Takeaway talks to New York Times auto reporter Micheline Maynard and bankruptcy expert John Pottow, Law Professor at University of Michigan.

Chrysler and the United Auto Workers have reached an agreement that will allow the automaker to receive more federal funding. The deal eliminates some of the non-salary benefits the autoworkers had earned over the years, but even with these concessions it is likely that Chrysler will still seek Chapter 11 bankruptcy reorganization. Also in the deal is a partnership with Italian automaker Fiat, a collaboration which the U.S. government ordered.

Also in the news GM is expected to unveil its own federally-mandated reorganization plan. One unexpected item in the works? The shuttering of the company's storied Pontiac brand. To talk us through all of this upheaval in the car world is Micheline Maynard, senior business editor for the New York Times Senior Business Correspondent in Detroit.

The Obama administration unveils its restructuring plan for the troubled auto industry today, and in a surprise move, GM's Chief Executive Rick Wagoner will be stepping down, too. For an analysis, The Takeaway talks with New York Times Senior Business Correspondent Micheline Maynard in Detroit and Sheryl Gay Stolberg who is covering the story from D.C.

For more, read Sheryl Gay Stolberg's article, U.S. Moves to Overhaul Ailing Carmakers and Micheline Maynard's profile of Wagoner, The Steady Optimist Who Oversaw G.M.’s Decline, both in the New York Times.

As part of their grand reconstruction plan, GM announced yesterday it was ending production of four car brands, including Saturn. This would seem to go against GM’s entire marketing platform that has been in place since the 1920’s, where the brand of the car fits the car buyer. Is variety no longer the spice of GM's life? Joining us this morning to talk about GM’s limiting its image is Micheline Maynard, senior business correspondent for The New York Times.

For more, read Micheline Maynard's article, A Painful Departure for G.M. Brands, in today's New York Times.

President Bush offered the American auto industry $13.4 billion dollars in short-term financing that will be drawn from the $700 billion dollar Wall Street rescue program. Another $4 billion dollars will be added later. The President said that the only way to avoid a collapse of the U.S. auto industry was for the executive branch to step in. However, there are some serious stipulations attached to the loan. Joining The Takeaway is Micheline Maynard, Senior Business Correspondent for The New York Times, based in Michigan, and Todd Zwillich with Capitol News Connection.

After news that the White House is offering the U.S. auto industry $17.4 billion in short term financing, we check in with an earlier guest, Greg Goodnight the Mayor of Kokomo, Indiana. 14% of Kokomo's population is employed by Chrysler.

When Big Three automakers went to Capitol Hill to plead for a bailout they used two words that are bound to inspire fear: Ripple Effect. We're taking a look at how grim news from the auto industry is rippling through the larger economy. The Takeaway talks to Kirk Lewis, President of the Bing Group in Detroit, which manufactures auto parts for GM and Ford.

U.S. automaker Chrysler is in crisis mode. In the face of increasing economic turmoil and financial instability, it has announced plans to close its manufacturing plants for at least a month. While Chrysler may be holding its breath waiting for the White House to pass a bailout bill, their decision has a big impact on workers. Micheline Maynard, the Michigan-based New York Times business correspondent, joins The Takeaway to discuss the auto industry in hard times.

Saturn, GM's star brand, has not lived up to its promise.