WASHINGTON â€“ A congressional official says General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company.
The official familiar with the plan says President Barack Obama plans to tell the nation that the government will provide an additional $30 billion in aid to help the automaker emerge from bankruptcy but is committed to staying out of the automaker's business decisions. The plan was confirmed by a second person familiar with the details.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) â€” A congressional official says General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company....
Mark, I agree with what you say about the automotive manufacturers in America. I also think that the money paid to the banking industry and the insurance industry is scandalous. Their execs get paid even more to fail than the car companies do. Very frustrating!!!!
It doesn't surprise me that the government wants more control over private industry or that the liberals are very quick to pave the way. What does surprise me is that so many normal people approve of what is happening and continue to support our fearless leader. The "bail out" moneys given to the automakers by Bush and O'bama was equal to throwing money down a hole from the start and now we will be giving more tax dollars to help the place go bankrupt. At the end of the day people can not be forced to buy inferior products. By all counts the union workers, not to mention the CEOs, are incredibly over paid when compared with the foreign auto workers, and they have some of the best benefit packages this side of congress itself. These salaries and perks have led to some of the most poorly constructed cars that the industry has seen in years. I am glad to hear that under the restructuring that these same union workers will now own roughly 18% of the company.
"...the federal government plans to take a 60 percent ownership stake in the company."
As Lenin wrote in 1917, "state-monopoly capitalism is a complete material preparation for socialism, the threshold of socialism, a rung on the ladder of history between which and the rung called socialism there are no intermediate rungs."