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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.
The 2008–2010 automotive industry crisis formed part of the 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 Trade ...
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 ...
On Monday, the U.S. Treasury announced that it was launching a second "pre-defined written trading plan" in order to sell the government's last 241.7 million shares in General Motors . While the ...
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 ...
General Motors was financially vulnerable before the automotive industry crisis of 2008–2010. In 2005, the company posted a loss of US$10.6 billion (~$15.9 billion in 2023). [17] In 2006, its attempts to obtain U.S. government financing to support its pension liabilities and also to form commercial alliances with Nissan and Renault failed.
Unlike rival General Motors , Ford refused government bailout dollars. How does Ford CEO Alan Mulallly feel about the bailout? Detroit News journalist Bryce Hoffman, author of "American Icon: Alan ...