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Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...
US automobile manufacturing, 1993–2021. At the time, the Big Three employees, parts-supplier employees and car-dealer employees totaled approximately 1.6 million. [18] All auto-related industries and after-market service businesses employed approximately 3.1 million people in the United States.
WASHINGTON/DETROIT (Reuters) - The $2 trillion economic rescue package before the U.S. Senate on Wednesday would send the federal government to the auto industry's rescue for the second time in a ...
The federal government's controversial decision to step in and save General Motors from insolvency was the right thing to do, the automaker's new Chief Executive Daniel Akerson (pictured) said ...
This company was formed by the United States government with a 60.8% stake, the federal government of Canada and provincial government of Ontario with an 11.7% stake, the United and Canadian Auto Workers unions VEBA fund [2] with a 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake. [47]
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In late 2008, the Russian government introduced protectionistic measures, worth $5 billion, to improve the situation in the industry. This included $2 billion's worth of bailouts for troubled companies and $3 billion credits to buyers of Russian cars. [45] Prime minister Vladimir Putin described the move as vital in order to save jobs. [46]
GM paid then-CEO Dan Akerson $9 million in cash and stock in 2013. By Paul Lienert and Bernie Woodall DETROIT -- The U.S. Treasury last year permitted top executives at General Motors (GM) and ...