HOUSE_OVERSIGHT_021057.jpg
1.57 MB
Extraction Summary
0
People
8
Organizations
3
Locations
3
Events
1
Relationships
3
Quotes
Document Information
Type:
Presentation slide / economic analysis report
File Size:
1.57 MB
Summary
This document contains two presentation slides produced by KPCB (Kleiner Perkins Caufield & Byers) titled 'USA Inc. | Consequences of Inaction'. The slides analyze the financial downfall of General Motors (GM), detailing its balance sheet from 2000-2009 and providing a timeline of key events leading to its 2009 bankruptcy. The document attributes the bankruptcy to uncompetitive products and onerous entitlement spending (pensions). The page bears the Bates stamp 'HOUSE_OVERSIGHT_021057', indicating it is part of a document production for the House Oversight Committee, though no direct mention of Jeffrey Epstein appears on this specific page.
Organizations (8)
Timeline (3 events)
Locations (3)
| Location | Context |
|---|---|
Relationships (1)
Pension plans to support 650,000 retirees
Key Quotes (3)
"When Corporations Like General Motors Run Out of Cash, Eventually They File for Bankruptcy"Source
HOUSE_OVERSIGHT_021057.jpg
Quote #1
"Entitlement Spending Became Too Onerous for this Great American Company"Source
HOUSE_OVERSIGHT_021057.jpg
Quote #2
"Pension plans to support 650,000 retirees and their dependents... rose to 4.8% of GM's annual expenses"Source
HOUSE_OVERSIGHT_021057.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,562 characters)
When Corporations Like General Motors Run Out of Cash,
Eventually They File for Bankruptcy
Eventually They File for Bankruptcy
General Motors Balance Sheet, 2000 – CQ1:09
$200
$150
$100
$50
$
-$50
-$100
-$150
-$200
$150
$100
$50
$
-$50
-$100
-$150
-$200
Assets / Liabilities / Net Worth ($B)
2000 2001 2002 2003 2004 2005 2006 2007 2008 CQ1:09
$27B Cash*
$12B Cash*
$23B Short-term Debt**
$12B Cash*
$23B Short-term Debt**
6/09 – 3rd Largest Bankruptcy Filing in USA History
Cash & Marketable Securities
Assets (ex. Cash)
Accrued Pension + OPEB Liabilities
Liabilities (ex. Pension & OPEB)
Net Worth (Shareholders' Equity)
Assets (ex. Cash)
Accrued Pension + OPEB Liabilities
Liabilities (ex. Pension & OPEB)
Net Worth (Shareholders' Equity)
Note: *Includes cash & equivalents, as well as marketable securities; **short-term debt also includes current portion of long-term debt. Source: General Motors.
KP
CB
www.kpcb.com
USA Inc. | Consequences of Inaction 431
CB
www.kpcb.com
USA Inc. | Consequences of Inaction 431
General Motors –
Entitlement Spending Became Too Onerous for this Great American Company
Entitlement Spending Became Too Onerous for this Great American Company
1908 – Founded in Flint, Michigan to manufacture automobiles
1954 – Shipped 50 millionth automobile
1988 – Free cash flow peaked at $6.3B
1999 – Reached a peak market capitalization of $61B
2006 – Revenue peaked at $207B
2009 – Filed for bankruptcy
Why did GM file for bankruptcy?
Products became increasingly uncompetitive. In addition, pension plans to support 650,000 retirees and their dependents (compared with 80,000 active employees in N. America as of 2010) rose to 4.8% of GM’s annual expenses and $4,679 in annual pension payments per worker to former workers.
KP
CB
www.kpcb.com
Source: General Motors, FactSet, DataStream, History News Network.
USA Inc. | Consequences of Inaction 432
CB
www.kpcb.com
Source: General Motors, FactSet, DataStream, History News Network.
USA Inc. | Consequences of Inaction 432
HOUSE_OVERSIGHT_021057
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