General Motors bailout bio

gmlogo General Motors Corporation (GM) is a U.S.-based automobile manufacturer, founded in 1908 and headquartered in Detroit, Michigan. GM is the world’s second largest automaker. It manufactures its vehicles in 34 countries around the globe, and sells and services vehicles in 140 countries. The company employs approximately 252,000 people. The company sells cars under the Chevrolet, Buick, Saab, GMC, Pontiac, Cadillac, Hummer, and Saturn, Opel, Vauxhall, Isuzu, Holden, and Daewoo brands. The company also has nearly 7,000 auto dealers in the U.S.

In addition, General Motors holds a 49% share in GMAC Financial Services. GMAC was previously a wholly-owned subsidiary of GM, until 2006 when it sold a majority share to Cerberus Capital Management for $14 billion.

General Motors has received $14.3 billion in Troubled Asset Relief Program (TARP) funds. This includes an $864 million loan, and stock exchanges of $4 billion on December 31, 2008, $5.4 billion on January 21, 2009, and $4 billion on February 17, 2009.

The company’s restructuring plan, which was required as a condition of the receipt of federal bailout dollars, indicates that General Motors will need as much as $16.6 billion additional federal dollars to return the company to solvency.

Information was obtained from Taxpayers for Common Sense.

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