Word: gm
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Dates: during 2000-2009
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...There was nothing to stop Senator John McCain from using his wife's jet to make dozens of campaign stops this year, contravening but not breaking election laws because he, or at least Mrs. McC, "owned" the aircraft through a family company. (Read "The Ripple Effect of a Potential GM Bankruptcy...
...Detroit Three, they don't have a choice this week. The weenies at Ford announced they were selling two jets (meaning, of course, that lower-ranking execs will be flying Northwest to the plant in Valencia) and driving a Ford Escape hybrid to Washington. GM has caved completely and shut down its air force, throwing 50 people out of work. (Thanks, Congressman Ackerman!) Maybe the President should send his helicopter for the GM honchos. He doesn't really have use for it now. And when some truly desperate Americans need a dramatic rescue, sending in Marine...
...their newly released plans GM is asking for $18 billion in loans, including $4 billion, this month and another $4 billion in January, to head off a default by the company...
...fair, the circumstances are unusual ones," said GM's Chairman Rick Wagoner. "It's been a terrible for the industry. These are pretty bad numbers," he said, adding that the company is stretching its cost-cutting targets in response to collapsing consumer demand. "We hope our case is compelling. We believe it is," Wagoner said...
...Overall industry sales dropped 35% in November. Ford actually beat the industry, reporting a sales drop of 30% but GM reported a 41% drop and Chrysler's fell 42%. Nissan's sales dropped 44%, Toyota fell 35% and Honda fell a similar amount. "We cannot continue to operate at these levels or the entire industry is going to go down," said Mike DiGiovanni, GM's director of market analysis, who acknowledged the steep drop in sales in October and November was devastating to the company's finances...