Word: gm
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Dates: during 2000-2009
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...GM says it needs more money from the federal government or it will run out of cash next month. It has made some progress with its creditors and the UAW, but neither of those negotiations is final, so some of what GM can do to cut costs and improve its balance sheet will have to be taken on faith...
...parts of the GM restructuring the the company can claim are firm are the closing of some brands including Saturn and Hummer, the shutdown of several factories, and the firing of 47,000 people. (See pictures of autoworkers at GM...
Czar or no czar, Obama has a genuine crisis boiling up in Detroit. Without major changes in the structure of the industry, the auto business is going to sink under mountainous waves of red ink. GM and Chrysler were in trouble even before the recession tore the bottom out of sales - and Ford's slightly better financial picture has been clouded by nearly $15 billion in losses last year...
...mostly foreign-owned; Spain has stumped up $5.1 billion in public cash to bail-out car firms; and Germany has set aside $1.9 billion to pay owners to junk their old cars and buy something new. At the same time, the U.S. government has handed $17.4 billion to GM and Chrysler, a move that European carmakers say leaves them at a competitive disadvantage. (See pictures of the remains of Detroit...
...GM is not a career anymore.' TOM SUARTO, a retired autoworker whose son will lose his factory job next month. Since 1912, four generations of Suarto's family have worked for General Motors...