Word: gm
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Dates: during 2000-2009
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...behest of the White House - inherits a company in disarray. Over the next 60 days, Henderson must engineering some kind of comeback for the sputtering carmaker, amid the glare of the media spotlight and mounting public outrage over disappearing auto jobs. (Read "Will Wagoner's Exit Put GM on the Road to Recovery...
Henderson's own history will be both an asset and a liability in his new post. A company lifer, he has presided over GM's growth in regions around the world, earning accolades as a talented, tough and steady leader. But as a consummate insider who formerly served as President and COO, he must also shake the public perception that feckless leadership has played a large part in GM's slide toward insolvency. Henderson is known for keeping his cool in tough spots, but there are few hotter seats in the business world than the one he's just landed...
...companies still have an ace in the hole. The Administration cannot take Chrysler and GM (GM) into bankruptcy without the probability that it will severely undermine stimulus plans meant to save or create 3.5 million jobs over the next year-and-a-half to two years...
...GM and Chrysler alone, nearly 200,000 jobs are at risk. If the bankruptcies ripple out to suppliers in the event that a judge voids some of their receivables, another several thousand jobs could be at stake. Then there are several amorphous estimates about people who work in fields related to the car companies. That could be industries as diverse as restaurants in Detroit and airline that fly there. It is probably safe to say that close to a million jobs are in jeopardy if the two car companies lose their independence. (See pictures of Detroit's decline...
...government wants the car companies to believe that it has put a Sword of Damocles over the head of the industry. If GM and Chrysler look up, they will see it is not really there...