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"Government control of communications and transportation."
-Communist Manifesto, 6th Plank

"Yes we can, thank you Satan."
-President Hussein Obama, acceptance speech in Chicago, November 4, 2008
www.fireflyfans.net/mthread.asp?b=18&t=37513&m=688607

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youtube.com/watch?v=qI7QAqpTxes

General Motors Co. filed for bankruptcy Monday after months of speculation and attempts by the government to help the 100-year-old company avoid a potentially crippling event for the already weakened economy.

In a filing to the U.S. Bankruptcy Court for the Southern District of New York, the Detroit-based automaker reported total assets of $82.3 billion on a consolidated basis, with total debt of $172.8 billion.

A member of the Dow 30 Industrial Average, GM will be replaced by Cisco Systems Inc. /quotes/nls/csco (CSCO 19.54, +1.04, +5.62%).

The bankruptcy filing follows the company’s failure to meet President Barack Obama’s demand that it come up with a plan by June 1 that would return it to profitability.

It also paves the way for the government to take a majority stake of about 60% in the Detroit carmaker during what is hoped will be a 60-to-90-day trip through bankruptcy.

GM has said it would shutter 14 to 16 plants and layoff some 21,000 hourly workers before the end of 2010. GM also plans to close dealerships.

Including jobs lost at suppliers and those lost at other companies indirectly because of reduced income, total jobs lost from the GM and Chrysler bankruptcies would total about 250,000 over the next 19 months, according to a study written by McAlinden.

Wall Street Journal reported that Al Koch, who also worked on bankruptcies such as Kmart Corp., will oversee a break-up of the company into a government-sponsored "New GM" and a remaining firm that will be left behind and liquidated.

The company lost $6 billion, or $9.78 a share, in the first three months of the year, extending losses that totaled $30.9 billion in 2008 and almost $39 billion in 2007, the biggest annual automotive loss ever.

As losses mounted, investors fled the once-mighty blue-chip stock, wiping out over 90% of its value in less than a year and leaving it with a market cap less than one-seventh that of burger giant McDonald's.

Shares shook off early declines Monday to jump 20% to 89 cents but are still trading around levels not seen since the early 1930s. They traded above $39 as recently as October 2007.

www.marketwatch.com/story/general-motors-files-for-bankruptcy

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