"Car giant General Motors is expected to file for bankruptcy protection later on Monday, marking the biggest failure of an industrial company in US history."I wonder when Ford will bite the dust and follow the other Detroit denizens into the arms of bankruptcy protection. It's a great time to be a taxpayer right now! (that was sarcasm)
"Our correspondent says long-established subsidiaries Pontiac, Saturn and Hummer, as well as Saab, the remaining GM brand in Europe, are under threat as production plants are expected to close across the country."
"Meanwhile, a US bankruptcy court judge in New York has approved the sale of fellow US carmaker Chrysler to a consortium including Italy's Fiat.
The move, which is backed by both the US and Canadian governments, should enable the carmaker to exit bankruptcy protection in the near future."
Monday, June 01, 2009
Where are GM and Chrysler headed to, and what will they wither into?