General Motors filed for bankruptcy this morning.
They are the 4th largest US business and largest industrial company to ever file for bankruptcy.
Yahoo Finance reported:
General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.
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.
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As it reorganizes, the fallen icon of American industrial might will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That’s on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.
Only 21% of voters nationwide support a plan for the government to bail out General Motors.
Meanwhile… The US dollar now has dropped 19% against the pound in the last 3 months and 14% against the euro.