This Day in Black History: March 30, 2009

President Obama gives ultimatum to American automakers.
By Britt Middleton
Posted: 03/30/2012 07:00 AM EDT
Filed Under bailout, Barack Obama, National News, This Day in Black History

On this day in 2009, President Obama announced a set of restructuring initiatives American automakers General Motors (GM) and Chrysler must follow in order to receive additional bailout loans from the government. The plans were aimed at boosting consumer confidence and implementing cost-cutting measures to keep the brands afloat . After failing to come to an agreement with some of its smaller creditors, Chrysler filed for Chapter 11 bankruptcy 30 days later. To cut costs, GM closed thousands of dealerships and several plants and ceased production on brands such as Pontiac, but it wasn't enough. In June 2009, the automaker too filed for bankruptcy.  GM and Chrysler were deeply impacted by the global economic recession in 2008, and in December of that year, both accepted $17.4 billion in federal aid.

BET National News - Keep up to date with breaking news stories from around the nation, including headlines from the hip hop and entertainment world.

Videos You May Like

(Photo: JIM WATSON/AFP/Getty Images)

Comments

Trends
Lauryn Hill •Fashion and Beauty •Geography of Hate •Twitter •Monica Stephens •National News •LGBT •Wade Davis •Kyla Pratt •Lets Stay Together •Celebrity Videos •Three 6 Mafia •Music News •Celebrity News •Gangsta Boo •Juicy J •Lil Wayne •Wiz Khalifa •2 Chainz •A$AP Ferg •Sports News •Cleveland Browns •Justice B. Hill •Dwight Eisenhower •George Wallace •Brown v. Board of Education •John F. Kennedy •Solange •Kendrick Lamar •Solange Knowles •

The Dos and Don’ts of Winning the Lottery

Hitting the jackpot can have serious consequences. 11/28/2012

Sports Rewind: Turkish Soccer Team Plans to Don Blackface

Plus, Chad Johnson faces arrest warrant, Beckham retires. 05/16/2013

Cash Kings: 15 Highest Paid Black Athletes

"Money" Mayweather and more top-earning stars. 05/15/2013

Out and About: Mariah Carey On Stage at American Idol Season Finale

Plus pics of Kim K., Amber Rose, Drake and more. 05/17/2013

Dirty Laundry: Scandalous Details Artists Reveal in Songs

Kelly Rowland is just the latest musician to air things out. 05/15/2013

Brainiacs: Celebs Who Attended Ivy League Schools

Who walked the halls of Harvard, Princeton and Yale? 05/16/2013

SEARCH

© 2013 BET Interactive, LLC, a wholly owned subsidiary of Black Entertainment Television LLC. All rights reserved.