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→Crisis of 2008-9: IPO
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. 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 will 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 will close, striking hard at the economy of many small cities. To restructure itself GM will need to borrow another $11.6 billion from the government. <ref> [http://www.nytimes.com/2009/04/28/business/28auto.html?hp Bill Vlasic And Nick Bunkley, "G.M.’S Latest Plan Envisions a Much Smaller Automaker," '' New York Times'' April 27, 2009]</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. 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 will 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 will close, striking hard at the economy of many small cities. To restructure itself GM will need to borrow another $11.6 billion from the government. <ref> [http://www.nytimes.com/2009/04/28/business/28auto.html?hp Bill Vlasic And Nick Bunkley, "G.M.’S Latest Plan Envisions a Much Smaller Automaker," '' New York Times'' April 27, 2009]</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===
On November 17, 2010, GM sold itself to the public through an initial public offering of its stock.<ref>Dunstan Prial. [http://www.foxbusiness.com/markets/2010/11/16/stakes-high-gm-shares-public/ Stakes Are High as GM Shares Get Set for Debut], FOXBusiness (FoxBusiness.com), November 17, 2010.</ref> The deal came 16 months after GM emerged from [[bankruptcy]], the fourth-largest Chapter 11 filing in [[U.S.|United States]] history. Since then, the [[U.S. government]] has been the largest stakeholder; [[Labor Unions]], Asian and Middle Eastern sovereign funds and other Foreign Governments also hold significant shares.<ref>Edward Helmore. [http://www.guardian.co.uk/business/2010/nov/17/general-motors-return-us-stockmarket-bailout-china General Motors increases IPO as demand surges from Asia], [[The Guardian|guardian.co.uk]], November 17, 2010.</ref>
==See Also==
==See Also==