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Government Motors Goes Bankrupt-- Asks For $30 Billion More

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General Motors filed for bankruptcy this morning.
They are the 4th largest US business and largest industrial company to ever file for bankruptcy.
Yahoo Finance reported:


General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.


GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.


As it reorganizes, the fallen icon of American industrial might will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That's on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.


Meanwhile... The US dollar now has dropped 19% against the pound in the last 3 months and 14% against the euro.





Government Motors Goes Bankrupt-- Asks For $30 Billion More

[Source: Good Times Society - by The American Illuminati]


Government Motors Goes Bankrupt-- Asks For $30 Billion More

[Source: Spanish News]

posted by tgazw @ 9:04 PM,

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