Yesterday 6:04 am
In 2008, GM faced a financial crisis, leading to a government bailout and ultimately, a bankruptcy filing in 2009, where stockholders saw their investments wiped out as the company restructured and emerged as a new entity.Blackvegetable » 13 minutes ago » wrote: ↑ https://www.cbsnews.com/detroit/news/ge ... ng-checks/
Hourly employees who worked 1,850 compensated hours will receive a full profit-sharing check of $14,500. This is the highest profit-sharing amount GM has ever paid hourly employees and the highest of Detroit's Big Three automakers.
Here' what Hole heard.....
https://www.foxbusiness.com/video/6369410763112
These people are so **** g'ddammned stupid
Here's a more detailed breakdown:
- Financial Crisis:
GM struggled with declining sales and high costs, exacerbated by the 2008 financial crisis. - Government Bailout:
The Bush and Obama administrations intervened with a bailout package through the Troubled Asset Relief Program (TARP) to prevent the company's collapse. - Bankruptcy Filing:
Despite the bailout, GM filed for Chapter 11 bankruptcy protection in June 2009, the largest industrial bankruptcy in history. - Stockholder Losses:
GM's common stock became worthless, and stockholders saw their investments wiped out as the company restructured. - New GM:
The new GM emerged from bankruptcy in 2009, with the government holding a significant stake in the company, which was later sold off. - Motors Liquidation Company:
The old GM's common stock became Motors Liquidation Company (MLCQ) stock, which traded on the over-the-counter market until the bankruptcy plan canceled the shares in 2011.