GM may file bankruptcy

Posted: May 30, 2009 in News

General Motors is expected to declare bankruptcy leaving the company owned mostly by taxpayers. It appears the General Motors plant in Wentzville would not be among the first 14 plants ordered shut by the company.

So far taxpayers have invested about fifty billion dollars bailing out GM and Chrysler. Despite the money Chrysler has closed the Fenton plants and GM will shut down more on Monday, cutting 21,000 jobs.

Illinois Senator Dick Durbin says he thinks it is right for the President and Congress to see if these companies can be saved, “we know there are so many jobs associated with our automobile industry. you think of production, obviously, but you think of all the people making all the parts.”

The administration claims that without government bailouts both GM and Chrysler would have collapsed and been liquidated.

The idea for GM would be for the Government to sell off its portion of GM as soon as possible, but that could take years.

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