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"Any bailout of the auto industry is really a bailout for the health benefits of the UAW. That's all it is." [48] Opponents of a bailout believe that the automakers' problems could be more efficiently resolved by a bankruptcy court with legal power to dissolve existing contracts, shedding costs, and debts that it can no longer afford.
A qualified going concern audit letter like this is only issued by the auditors when the company is in extreme financial distress and it is likely that it may file for bankruptcy protection. [ 78 ] March 12, 2009: GM's CFO Ray Young said that it would not need the requested $2B (~$2.76 billion in 2023) in March noting that the cost-cutting ...
Banks that received bailout money had compensated their top executives nearly $1.6 billion in 2007, including salaries, cash bonuses, stock options, and benefits including personal use of company jets and chauffeurs, home security, country club memberships, and professional money management. [84]
Under terms of a $17.4 billion bailout approved by President Bush on Friday, General Motors and Chrysler have three months to turn things around. If they don't, they have to repay the loans and ...
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The U.S. government's bailout of General Motors was wildly unpopular in some circles, but there's no doubt that it worked. GM is now solidly profitable, its cars have improved, and it has created ...
Rebates, employee pricing, and 0% financing boosted sales but drained the automaker's cash reserves. The subprime mortgage crisis and high oil prices of 2008 caused the popularity of once best-selling trucks and SUVs to plummet. Automakers were forced to continue offering heavy incentives to help clear excess inventory. [90]
Automakers are fearful of being tagged as seeking a new government bailout so soon after the 2009 government-funded auto restructurings. Detroit has not sought industry-specific assistance ...