GM goes Ch.11 at 8am June 1,appoints restructuring chief...

[RDMcG]

http://www.bloomberg.com/apps/news?pid=20601087&am...

Big day in the automotive world tomorrow. President Obama will speak at 11:30.

[cardigankid]

As someone has commented elsewhere, yes there is a recession, yes the world is changing, but the lesson is surely that the costs at GM just went haywire, and in the end that is no more sustainable than Nineveh, Babylon or Rome. I agree with another poster that the company was raped from within by people (including executives, Unions and the IRS) who thought they were on a gravy train that would go on for ever by holy decree.

It's not a bad day. If we are lucky it is a return to reality. Next time the auto execs may think twice before they buy their Learjets.