Changes

see [[Recession of 2008]]  

see [[Recession of 2008]]  

GM went into crisis mode in 2008 as sales fell in half, with dealers' lots jammed with unsold cars, and the lack of revenue couldn't continue to pay for bloated union contracts and costly pensions. Losses mounted and only emergency loans from the federal government, approved by President [[George W. Bush]], staved off bankruptcy for a few months. In late April 2009, GM announced further downsizing that would reduce its American workforce to 38,000 union employees in 34 plants, compared with 395,000 at 150 plants at its peak in 1970. Nearly half the dealerships would close, striking hard at the economy of many small cities.  To keep GM from going into bankruptcy, which would have allowed the company to restructure union contracts, the federal government bailed out GM in a move that has cost US taxpayers more than $50 billion.<ref>[https://www.foxnews.com/opinion/2012/05/18/what-gm-bailout-really-cost-american-taxpayers/]</ref>  Even that was not enough.  The [[Obama Administration]] took full control, forced GM in and out of bankruptcy in 40 days, loaned it billions more, and remains in charge of the company.  The plan is to re-privatize GM as soon as the economy recovers.

GM went into crisis mode in 2008 as sales fell in half, with dealers' lots jammed with unsold cars, and the lack of revenue couldn't continue to pay for bloated union contracts and costly pensions. Losses mounted and only emergency loans from the federal government, approved by President [[George W. Bush]], staved off bankruptcy for a few months. In late April 2009, GM announced further downsizing that would reduce its American workforce to 38,000 union employees in 34 plants, compared with 395,000 at 150 plants at its peak in 1970. Nearly half the dealerships would close, striking hard at the economy of many small cities.  To keep GM from going into bankruptcy, which would have allowed the company to restructure union contracts, the federal government bailed out GM in a move that has cost US taxpayers more than $50 billion.<ref>[http://www.foxnews.com/opinion/2012/05/18/what-gm-bailout-really-cost-american-taxpayers/]</ref>  Even that was not enough.  The [[Obama Administration]] took full control, forced GM in and out of bankruptcy in 40 days, loaned it billions more, and remains in charge of the company.  The plan is to re-privatize GM as soon as the economy recovers.

===2010 Public Offering===

===2010 Public Offering===