UGA FHCE 3100 - Ch.13 (5 pages)

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Lecture number:
Lecture Note
University of Georgia
Fhce 3100 - Introduction to Personal Finance

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FHCE 3100 1st Edition Lecture 21 Outline of Current Lecture II Regulation of Current Lecture Exam Prep Cumulative aspects are chapters 1 4 predominately talking about the history of the consumer movement the agencies that came about and still in place today chapter 5 summarizes 1 4 so read chapter 5 Assignment 4 is predominately about chapter 5 Ex who was the president who started the dept of agriculture Ch 12 and 13 is the only new content on exam hand held skimmers are being put no ATMs to steal your credit card info Ch 12 continued Bankruptcy for 2 Exam q which 2 of the big 3 American manufacturers filed for bankruptcy What are the dates Both companies GM and Chrysler separately filed for bankruptcy protections o Chrysler on April 30 2009 o General Motors on June 1st 2009 Ford did not file for bankruptcy Ford got a line of credit General Motors General Motors filed for Chapter 11 bankruptcy after failing to successfully negotiate deals with bond holders Bond holders loan money to GM were encouraged to turn their bonds into stocks so GM would not have to pay interest on the bonds These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute They refused stocks would be worth zero after a bankruptcy GM was largely a nationalized institution by then the US government owning 60 and the Canadian 12 5 the remaining private stakes mainly being owned by employees o Canada helped bail out American auto industry so they could go through bankruptcy and come back out as publically traded company GM and Chrysler Both companies terminated agreements with hundreds of their dealerships and GM discontinued several of its brands as part of bankruptcy proceedings Pontiac Hummer and Saturn gone o Hummer s line was too big Gas prices contributed to auto industry collapse Ford Motor Company was able to survive without entering bankruptcy partly due to a large line of credit which it obtained

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