More unemployment
In a desperate effort to press the congress to give 12 billions in loans, General Motors cut jobs, factories, brands and executive pays.
This 12 can be use like this, 4 billion in immediate loans to stay in business after December, and another 8 billion to carry it through the first part of next year.
Without this help this biggest automaker could topple into insolvency within weeks and drag down the other two members of Detroit’s troubled Big Three.
But the depths of GM problems were greater than thought, as the company laid out a dire situation if it is unable to secure government assistance. While Ford said it could survive for now without federal aid, it asked for up to 9 billion in loans should the United States vehicle market continue to deteriorate. G.M., on the other hand, is rapidly running out of time.
Adam said,
December 3, 2008 at 9:47 pm
Another company goes down. This is the reality in USA, and some people think that we are so ok, READ NEWS PEOPLE! We have a bad situation.
Max said,
December 3, 2008 at 10:41 pm
It´s a shame for this company, I think is one the biggest companies around the world and thanks to the crisis is going down, it really sad
Dambros said,
December 4, 2008 at 8:53 pm
I know they are trying to get more than that money you said daiyushaw. They did it wrong (the business I mean) and now when the government is about to help them, they want to much money, so Why ?
Cristian said,
December 4, 2008 at 9:34 pm
I think the government has to help them, I don’t get the idea that the banks are more important than automakers, or you can imagine how difficult could be go to the restaurant without cars? Or to the church? Or to the hospital? THEY ARE IMPROTANT TOO, so I hope the gov can give them what they want they deserve it.
Brenda said,
December 5, 2008 at 10:47 pm
Plus today with more and more unemployment, the newspapers said that is the worse in 34 years WHEN IS THIS GOING TO END?
Felipe said,
December 9, 2008 at 8:16 pm
Everybody want some money, now they are the poor company with bad strategies, I don’t know what to think, but when government help banks, other companies wanted the same, What happened? Do we have to pay for every mistake?
Katalina said,
December 9, 2008 at 9:49 pm
I don’t know if Im right, but they are asking for more, more than that. Anyway, another company to help!