Word: gm
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Dates: during 2000-2009
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When the government provided GM and Chrysler with $13.4 billion to support their operations though the first quarter, a number of members of Congress objected to the bailout which has been estimated to carry a $34 billion price...
...GM and Chrysler are already running into trouble with the UAW, creditors,and suppliers as the two companies bargain to drop costs. The union says it gave plenty of concessions during the last set of contract negotiations. For cosmetic purposes, it may bend more but is probably willing to gamble that the government will not allow the two car companies to go into bankruptcy and force the loss of hundreds of thousand of jobs in an economy that is already battling rapidly rising unemployment...
Creditors may be willing to make the same bet about the government's future. Since they are likely to get only a small part of the value of their debt in negotiations with GM and Chrysler, they may elect to wait the process...
...circumstances of the failing U.S. auto market make it significantly more likely that GM and Chrysler will not get the funds they want to stay independent. The federal government may force them into Chapter 11 while providing funds to keep them operating indefinitely. Congress and the Administration may decide that supporting Detroit is necessary because closing the firms would put so many people onto the unemployment line. More job losses, of course, would in large part negate the goal of the stimulus plan to add three to four million new jobs to the economy over the next two years. From...
...greater reductions may be needed as the global economic slump deepens. Toyota's plight illustrates the challenges faced by Japan Inc. The company recently achieved its long-standing goal of surpassing GM as the world's top automaker - only to run head-on into a recession far more severe than anyone anticipated. With its global sales down 4% last year, Toyota has already announced a management shakeup as well as plans to temporarily close factories for an additional 11 days over the next two months. The goal is to slash output to less than half the number of vehicles Toyota...