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t. e. The 2008–2010 automotive industry crisis formed part of the 2007–2008 financial crisis and the resulting Great Recession. The crisis affected European and Asian automobile manufacturers, but it was primarily felt in the American automobile manufacturing industry. The downturn also affected Canada by virtue of the Automotive Products ...
General Motors bankruptcy. Only days after approaching the U.S. Government to seek further funding, General Motors published its losses for the final quarter of 2008 to be at $9.6 billion (£6.7 billion). This brought its overall 2008 losses to $30.9 billion. In 2007, General Motors made a loss of $38.7 billion.
The Presidential Task Force on the Auto Industry was an ad hoc group of United States cabinet -level and other officials that was formed by President Barack Obama to deal with the financial bailout of automakers Chrysler and General Motors. Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to ...
The Emergency Economic Stabilization Act of 2008, also known as the " bank bailout of 2008 " or the " Wall Street bailout ", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks. The bill was proposed by Treasury Secretary Henry Paulson, passed ...
The federal government spent $2.8 trillion in taxpayer funds to bail out corporations such as General Motors, Chrysler, Citigroup, Bank of America. Revisiting the financial crisis of 2008 that led ...
Long, long ago, in a world nearly forgotten, Detroit and its three automakers were once the pride of America -- an exhibition of our raw industrial power. ... 800-290-4726 more ways to reach us ...
The Car Allowance Rebate System (CARS), colloquially known as " cash for clunkers ", was a $3 billion U.S. federal scrappage program intended to provide economic incentives to U.S. residents to purchase a new, more fuel-efficient vehicle when trading in a less fuel-efficient vehicle. The program was promoted as a post-recession stimulus program ...
GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009, at approximately 8:00 am EDT. June 1, 2009, was the deadline to supply an acceptable viability plan to the U.S. Treasury. The filing reported US$82.29 billion in assets and US$172.81 billion in debt. [6][7][8][9][10] After the Chapter 11 ...