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On May 27, 2009, the U.S. Treasury advanced a secured loan of US$360.6 million to GM, and GM issued a note to the Treasury for US$360.6 million, plus $24.1 million USD as additional compensation for the warranty advance, pursuant to the terms of the Warranty Agreement dated December 31, 2008, between GM and the U.S. Treasury. The loan funded a ...
Rick Wagoner, the man who helped run General Motors to the ground, will retire August 1 with a pension and benefit package the automaker valued at $8.2 million. Wagoner, who was in charge of the ...
George Richard "Rick" Wagoner Jr. (born February 9, 1953) is an American businessman and former chair and chief executive officer of General Motors. Wagoner resigned as chairman and CEO at General Motors on March 29, 2009, at the request of the White House .
On December 19, 2008, Fitch Ratings downgraded the Issuer Default Rating of General Motors and Chrysler to "C", indicating "default is imminent". [101] A December 22, 2008, article from Bloomberg reported that General Motors and Ford "had their debt cut further below investment status by Standard & Poor's and Moody's Investors Service.
Why did General Motors (GM) fail? The first reason is bad financial policies. As I posted, for too many years GM used cheap cars as razors to sell consumers a monthly package of razor blades -- in ...
Of course, news that General Motors (GM) C.E.O. Rick Wagoner had resigned. It's a down day, but in a sense it's an up day for the U.S. auto sector, since recent developments may mark the beginning ...
Combined with an ongoing employee buy-out program, layoffs totaled around 750 jobs in July 2008. [11] During GM's annual shareholder meeting on June 3, 2008, CEO Rick Wagoner announced that the Janesville assembly plant would close by 2010, along with three other GM factories, and could close sooner if the market dictated. [12]
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