Once the world's most revered automaker, GM faced disaster in the late 2000s when it filed for bankruptcy and laid off tens of thousands of workers. In 2008-2009, recession and the company's inability to get government loans led the automaker giant to post a nearly $31-billion full-year loss, and it filed for bankruptcy. The U.S. government bailed out the carmaker by buying a 26 percent ownership stake in the company. The federal government's bailout plan earned it the sarcastic nickname "Government Motors", but the move saved numerous jobs and prevented a much wider, ripple effect of business failures. GM then overhauled its supply chain and manufacturing divisions, streamlining processes while cutting costs. Just a year later, the company roared back to profitability. After halting its struggling Pontiac, Saturn, and Hummer divisions, GM went public again, raising roughly $20 billion. It unveiled a number of new and popular car models, and refocused its research and development arm. That led to a steady stream of earnings and sales growth.