Barack Obama: GM to File for Bankruptcy

On Monday, multiple reports indicate that President Barack Obama will announce that he will support General Motors restructuring effort as the United States automobile maker goes through its bankruptcy proceedings. He’s also reportedly going to announce that the nation’s taxpayers will own 60% of GM once it emerges from bankruptcy.
To help GM emerge from bankruptcy in less than 90 days and be prepared to turn itself around, Obama is expected to announce that GM will be infused with $30 billion. That latest infusion will climb the amount invested in General Motors to around $50 billion.
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