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On June 1st, 2009, America’s largest vehicle-manufacturer, General Motors, filed for bankruptcy. The US Treasury then invested $49.5bn in the company through its Troubled Assets Relief Program, and recovered $39bn of that when it sold its shares in 2013 - a loss of $10.3bn.The bankruptcy of such a major player in the US and, indeed, the world economy was a portent of changing times. The heyday of General Motors was the era of the big...
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