BREAKING NEWSGeneral Motors submits viability plan to Treasury, requests additional $9.1 billion in funding, accelerates widespread job cut plans. By ALICE GOMSTYN ABC NEWS Business Unit Feb. 17, 2009 The country's largest automaker said it may need upwards of $30 billion in government aid and will cut 20,000 U.S. jobs to come back from the brink of bankruptcy. General Motors and Chrysler due to submit recovery plans to federal government. More PhotosGeneral Motors has received $9.4 billion in federal loans since December, but the company said it needs more money to survive the troubled credit market. The company also plans to cut 47,000 jobs from its global operations -- including 20,000 hourly jobs in the United States -- and to close 14 manufacturing plants by 2012. But officials stressed that slashing costs alone wouldn't be enough to return the ailing company to profitability. In documents submitted to the government today, GM said that under "extraordinary conditions" -- including plummeting automotive sales and weak financial market -- "GM was compelled to turn to the U.S. Government for assistance." Earlier today, No. 3 U.S. automaker Chrysler asked for $5 billion more in U.S. government loans to help the struggling company stay afloat.
Sadly, most of my Family in Michigan, have lost their jobs with GM. Some were really close to retiring too. My home town Flint, looks like a ghost town.
Sorry to hear that, too many miss the impact of their ideology on the rest of the people. I like to think it is not as insensitive as it seems.
If GM wants the US taxpayers to help bail them out ... the 47,000 employees being let go should all be non-us employees ... unless they plan on receiving bail out money from the other countries they are supplying jobs to.
Have to ask this because you left yourself wide open.......would not foreign help mean that it would be from other countries? Just poking you. :mrgreen: Sherry
I wonder if Ford will emerge from this with a better public opinion rating than GM or Chrysler and thus result in a better long term outlook. They have said they were okay with no need for bailout money yet and their line of cars, trucks, SUVs and crossover vehicles look more capable of competing with Toyota and Honda than GM or Chrysler IMHO. After visiting the Auto Expo last Friday, I walked away with a sense that Ford is the only American automaker that seems to be reinventing itself in a positive way.
Is there a reason why these newly unemployed people can not take advantage of the recent stimulous package?
