The Most Memorable Moments of President Obama's First Term
Bails Out General Motors
In June 2009, auto giant General Motors filed for Chapter 11 bankruptcy — the...
In June 2009, auto giant General Motors filed for Chapter 11 bankruptcy — the fourth largest company to do so in American history. The Obama administration responded by unveiling plans for a $34 billion bailout in order for the automotive industry to avoid bankruptcy. To date, the governments owns 500,000,000 shares (about 26%) of General Motors.