Archive for "bankruptcy plan"

Obama Supports GM Bankruptcy Plan

June 1st, 2009

 

The U.S. government is officially in the auto business. General Motors, the century-old auto-manufacturing behemoth, will file for bankruptcy protection today in an unprecedented agreement that would spare the company but give the federal government amazing new powers over a major company. The U.S. government would inject a staggering $30 billion into the floundering firm, giving American taxpayers a 60-percent stake in GM. Read more.

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