Word: chrysler
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Dates: during 2000-2009
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...erode, and housing prices failed to recover from the previous year's crash. Unemployment rose to 10.2%--the highest rate in 26 years--despite the Obama Administration's stimulus efforts, which pumped billions into the economy. Detroit was hit especially hard: Ford saw a steep drop in sales, Chrysler was taken over by Italian firm Fiat, and GM briefly entered bankruptcy. One bright spot was Wall Street, where stocks reversed much of 2008's decline. The economy showed encouraging growth in the third quarter, but with jobs still scarce, the impact of the Great Recession lingers...
...union pensions at GM, Chrysler and Ford appear safe. But starting in January 2010, the union will become partially responsible for the VEBA, which now oversees and funds retiree health care. The resources devoted to the VEBA have been badly depleted by the bankruptcies at GM and Chrysler, creating doubts about how long they can sustain current benefit levels. The danger is that with thousand of union members retiring early in the past three years, the $21 billion in VEBA assets could be drained before the retirees qualify for Medicare...
...Congress. But "at this particular moment, government must lead the way." A partial Obama to-do list, only some of it done, includes a remake of the health care and energy sectors; a $787 billion stimulus bill aimed, so far, mostly at public employment; takeovers of General Motors and Chrysler; a "pay czar" to cut salaries at bailed-out banks and a proposed new consumer-protection agency to police the nation's lenders...
...take stock in lieu of cash for much of the remainder, which gave the government a 60.8% stake in the new GM. Earlier this week, Treasury Secretary Geithner told a congressional committee that he did not expect to be fully repaid on TARP loans made to three companies: AIG, Chrysler and GM. (See the worst business deals...
...when we're talking about auto giants GM and Chrysler, both of which imploded after years of complicity and ineptitude by GM management and the United Auto Workers (UAW), it's more like disintegration. The UAW organized both GM and Chrysler in early 1937 - Henry Ford famously held out four more years. For decades, particularly under the leadership of Walter Reuther, who headed the union from 1946 until his death in 1970, it was able to win concessions from the automakers, bringing its members into the middle class. As long as demand for autos grew in the post...