Its massive, gas-loving and highly profitable SUVs were a symbol of the 1990s, that flush and innocent era when oil cost less than $20 bbl. and climate change was just a glint in Al Gore's eye. But the good times couldn't last for the world's biggest automaker, and when General Motors finally fell, it fell hard. After burning through its cash, the company declared bankruptcy on June 1 and was saved only by nearly $60 billion in government aid. GM went bust just like other major companies see Brothers, Lehman hit by the worst recession of the postwar era, but GM suffered also for its own mistakes, namely failing to anticipate the shift to smaller and more fuel-efficient cars. Call it an early victim of business-climate change, though with its new plug-in hybrid sedan, Volt, set to hit the streets next year, GM might just turn itself around.
The Top 10 Everything of 2009
- Top 10 Albums
- Top 10 Animal Stories
- Top 10 Apologies
- Top 10 Art Exhibitions
- Top 10 Awkward Moments
- Top 10 Best Business Deals
- Top 10 Breakups
- Top 10 Buzzwords
- Top 10 Children's Books
- Top 10 Crime Stories
- Top 10 Editorial Cartoons
- Top 10 Facebook Stories
- Top 10 Fashion Faux Pas
- Top 10 Fashion Moments
- Top 10 Feuds
- Top 10 Fiction Books
- Top 10 Fleeting Celebrities
- Top 10 Gadgets
- Top 10 Green Ideas
- Top 10 Heroes
- Top 10 iPhone Apps
- Top 10 Late-Night Jokes
- Top 10 Magazine Covers
- Top 10 Medical Breakthroughs
- Top 10 Movie Performances
- Top 10 Movies
- Top 10 New Species
- Top 10 News Stories
- Top 10 Nonfiction Books
- Top 10 Oddball News Stories
- Top 10 Pariahs
- Top 10 Pictures of the Year
- Top 10 Plays and Musicals
- Top 10 Political Gaffes
- Top 10 Quotes
- Top 10 Religion Stories
- Top 10 Scandals
- Top 10 Scientific Discoveries
- Top 10 Songs
- Top 10 Sports Moments
- Top 10 T-Shirt-Worthy Slogans
- Top 10 TV Ads
- Top 10 TV Episodes
- Top 10 TV Series
- Top 10 Tweets
- Top 10 Underreported Stories
- Top 10 Untruths
- Top 10 Video Games
- Top 10 Viral Videos
- Top 10 Worst Biz Deals
TIME charts the highs and lows of the past year in 50 wide-ranging lists