NEW YORK (CNNMoney.com) - General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable but became inevitable after years of losses and market share declines that were capped by a dramatic plunge in sales in recent months.
In the end, even $19.4 billion in federal help wasn't enough to keep the nation's largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization.
Taxpayers will end up with a 60% stake in GM, with the union, its creditors and federal and provincial governments in Canada owning the remainder of the company.
Is it just me or is nobody in the media pointing out the fact we dumped billions in to "save" GM from bankruptcy just to have them file???? Shouldn't they have done this in the first place?? Seems like a scam to me....
Hurray for the unions, they have destroyed another company. It is a very long list now.
Who will be able to buy the cars with so many americans out of
work and no paycheck comming in., and if you are fortunate to
have a job, with higher taxes and the cost of living going up and
wages plummeting, you would want to think of taking care of your
family needs first ( FOOD, HEALTH, RENT,CLOTHING,) not
buying a new car .
down that GM rat hole. I knew there was a reason I didn't vote for him.
President Obama promised to produce more jobs for the
american worker . Not to send the jobs to other coutries