General Motors files for bankruptcy protection


GM has filed for bankruptcy protection as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. The fallen icon of American industrial might filed its Chapter 11 petition in New York on Monday. It marks the fourth-largest bankruptcy in U.S. history and the largest for an industrial company. GM’s reorganization plan will rely on up to $30 billion of additional financial assistance from the Treasury Department, according to the AP. That’s on top of the $19.4 billion in taxpayer money GM already has received in the form of low-interest loans.