Auto-Industry Bailouts

1. General Motors Received $20 Billion in Bailout Funds, Went Bankrupt and Then Received $30 Billion More

NEW YORK (MarketWatch) -- General Motors Co. tumbled into bankruptcy Monday, handing the U.S. government a majority stake in what for most of the past century was a pillar of privately held industry.

The historic move aims to shed billions of dollars in debt and push a drastically stripped-down version of the lumbering car maker back onto the track in less than 90 days, an ambitious plan fully backed by President Barack Obama and, in the end, by most GM debtholders and union workers, despite painful concessions by both groups.

In a filing with the U.S. Bankruptcy Court for the Southern District of New York, the Detroit-based automaker reported total assets of $82.3 billion on a consolidated basis, with total debt of $172.8 billion.