GM's downward spiral: A timeline

2007

Under CEO Rick Wagoner, GM reaches a groundbreaking agreement with the United Auto Workers union. The contract includes a breakthrough restructuring of the company's colossal healthcare obligations and puts in place a means for GM to buy out many of its workers and replace them with employees at lower wages. However, the new terms will not go into effect until 2010, and the auto market starts heading south as gas prices rise.

NEXT: Goodbye to gas guzzlers