(Public, NYSE:GM)
World Market News
General Motors Corp., the century-old automaker battered by the economic downturn has filed for bankruptcy. Under the plan, the government will now take 60 percent ownership in GM. (June 1)
President Barack Obama pushed General Motors Corp. into bankruptcy on Monday and said it was part of a “viable achievable plan that will give this iconic company a chance to rise again.”
Obama said he hoped the firm would emerge quickly from bankruptcy court, and said the government was ready to commit an additional $30 billion to help the company get on its feet.
He said the government would own 60 percent of the new GM — much as it has taken part ownership of Chrysler, banks and other corporations in recent months — and acknowledged that could prove controversial with some.
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About Michael: A young and savvy, yet experienced and accomplished investments mogul since ‘01; Michael has amassed a fortune as a private self investor. Recently starting his own successful blog and turning it in to a corporation — MIV Investments Inc., a company offering advice to thousands of people worldwide and attracting contracts from various reputable sources. His articles and publications have been linked to Forbes, CNN Money, Reuters, Bloomberg, and many other top worldwide mainstream media sources. |
