In case you guys haven't been keeping up with the news, GM officially filed for Chapter 11 today, and the US government owns 60% of what was once the world's largest carmaker.

The details are explained here:
http://news.yahoo.com/s/ap/us_automakers_obama_analysis

I know this was foreseen long ago, but just think about it. This is what was once the largest company in all of the world, and now it's hanging by a thread, being run by the feds. Personally, though, I really hope they get out of it and are able to regain their status as a great car company.

That's what happens when you pay people too much to build crap.

It's the retirees not the employees.

Interesting that it was Ford who came up with the idea of paying people too much to build crap, and they are now the only American auto company not being bailed out. How the heck is Chrysler American again, anyways?

Good point, they seem to be more Canadian than anything nowadays. And now they're going to be italian.

At least China didn't buy ALL Of GM... just Hummer for now...

This is why I was NEVER a fan of those dumb "bail outs".... Now we as america are even more broke AND the companies are still going in and filing for chapter 11.... THEY SHOULD HAVE TO BEGIN WITH!!!!!!!!!

Is america putting up a for sale sign in DC???