So now the blame game begins...what killed GM? Was it run into the ground? Did they make cars Americans didn't want? Were they forced out of business by competitors?Heralding a new and uncertain era for the No. 1 U.S. automaker, GM will file for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court in the Southern District of New York before the start of trading, according to sources with direct knowledge of the preparations.
Government support for GM is expected to total up to $60 billion. Nearly half of that money has already been extended this year in emergency aid.
President Barack Obama plans to speak on the auto industry at 11:55 a.m EDT (1555 GMT) on Monday, according to his official schedule, as the federal government prepares to take a majority stake in the once-mighty company.
After Obama's remarks, GM Chief Executive Fritz Henderson is due to hold a news conference at the offices of the New York law firm that handled the Lehman Brothers bankruptcy.
The bankruptcy is the most carefully orchestrated Chapter 11 filing in the history of American business.
Pay attention to the reasons given. I'm betting few, if any, are the full story.
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