General Motors is filing for bankruptcy. 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. GM has filed chapter 11 bankruptcy, the same as chrysler. The people that own shares of GM are probally going to be wiped out of all of theis cash that they had invested in GM. Because of the shortage of vehicles selling, General Motors in going to close or idle 14 of its plants. This closing of plants will cause many people to lose their job. This is really sad because of all the people losing their job and all the families that will be affected by this major problem. GM will also be selling the rights to Hummer, Saturn and SAAB brands. The people who owned stock in GM are not doing so hot either, one year ago the stock was at 25 dollars per share, as of right now it is only 60 cents per share. I cant even imagine taking that hit to your portfolio. This is a terrible time for the auto industry, and i feel it will get better after the economy is out of this recession.
http://news.yahoo.com/s/ap/20090601/ap_on_bi_ge/us_automakers
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