Articles > Reference > News Wires, White Papers, and Books > Xinhua News Agency news wires > April-June 2009 > Monday, June 1

Article: News Analysis: GM bankruptcy to cripple U.S. economy but not a disaster

Article from:
Xinhua News Agency
Article date:
June 1, 2009
Copyright

News Analysis: GM bankruptcy to cripple U.S. economy but not a disaster

by Xinhua writer Liu Hong

WASHINGTON, June 1 (Xinhua) -- A bankruptcy filing by General Motors Corp. on Monday, which marked the end of financial independence for the 100-year-old industrial giant, would cripple the U.S. economy but might not turn out as a disaster.

The purpose of the bankruptcy is to restructure the automaker, having GM emerge from the process smaller, with fewer workers and brands, less debt, but more viable. The Obama administration has promised to pour another 30 billion dollar into GM to fund operations during this reorganization.

Dana Johnson, chief economist at Comerica Inc., the financial ...

Read all of this article with a FREE trial

Related newspaper, magazine, and journal articles:

Article: Obama Administration has exit strategy for ...
PTI - The Press Trust of India Ltd.;  June 2, 2009 ;     700+ words ...Obama Administration has exit strategy for GM: White House By ... House has said the Obama Administration has a strategy to exit ... query as to whether the Obama Administration had any exit strategy out of the GM or it wants to run ...

Article: Government Motors; GM's new owner (the Obama ...
The Washington Post;  May 26, 2009 ;     641 words ... ... identifies itself as GM. For all intents and ... in the company, is GM, and it has been calling ... creditors. While the Obama administration has been playing hardball ... permanently cripple GM. It also posits that ... s too bad that the Obama administration has not thought more ...

Article: GM to get 60-day reprieve; CEO Rick Wagoner, right, ...
The Toronto Star (Toronto, Ontario);  March 30, 2009 ;     700+ words ... ... night, just hours after GM chair and CEO Rick Wagoner ... at the request of the Obama administration. In addition to the ... backing of warranties for GM and Chrysler vehicles ... was very confident the Obama administration would require the automobile ... Wagoner, 56, has led GM ...

Article: Obama administration not to give any more aid to ...
Auto Business News (ABN);  June 15, 2009 ;     480 words ... ... Business News-15 June 2009-Obama administration not to give any more aid to GM and Chrysler(C)2009 ... enpublishing.co.uk The Obama administration's auto task force has ... General Motors Corporation (GM) (NYSE: GM) and Chrysler ...

Article: Rough Road Ahead; With a nudge from the Obama ...
The Washington Post;  February 18, 2009 ;     700+ words ... ... U.S. downturn drags on. GM will shed 47,000 jobs worldwide ... announced cuts in jobs and pay for GM's white-collar workforce. But GM still needs a final deal with ... unsecured debt. We hope the Obama administration will scrub the companies ...

Article: Obama administration could force GM-Chrysler ...
The Record (Kitchener, Ontario);  February 24, 2009 ;     700+ words ... ... restructure amid slumping sales. Chrysler and GM discussed the possibility of a merger ... Chrysler said in its restructuring plan that GM has since taken that option off the table ... plans previously submitted to the new Obama administration in the U.S. The company has asked ...

Article: OBAMA ADMINISTRATION DENIES HEALTH CARE FOR IUE-CWA ...
US Fed News Service, Including US State News;  August 10, 2009 ;     700+ words ... ... care benefits. In fact, GM is reportedly seeking billions ... from the Administration and GM. Last week, in the midst ... Ohio, thousands of lifelong GM employees lost their jobs. Now, due to the Obama administration's negotiated bankruptcy ...

Article: ISRI Calls on General Motors to Not Abandon Its Responsibilities ...
Ecology, Environment & Conservation;  September 11, 2009 ;     700+ words ... ... risk to the environment posed by GM's action. GM is hiding behind technical bankruptcy issues to undercut the Obama Administration's environmental and health ... auto manufacturers (including GM) to collect, transport, and ...

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!

Find articles, research, and archives