American Turnaround

American Turnaround

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Whitacre, Ed | Cauley, Leslie Business Plus, 2013
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IN THIS SUMMARY

The government bailout of General Motors (GM) was pivotal in stopping the bleeding from the 2008 financial crisis that caused the collapse of big banks and hurt corporate America and the people who worked for those corporations. If GM did not make a comeback, the symbol of a country that “makes things” would be dead, said President Obama when he announced that the government would save GM by providing it with $50 billion in capital and taking over a significant stake of its ownership. In American Turnaround, Ed Whitacre, who was asked by the White House to become GM chairman and later became its CEO, outlines the problems that led to GM’s faltering and its journey to pick itself up. Whitacre also details his own journey, which offers insight into why he was the right choice to save GM.