White House: General Motors to file for bankruptcy Monday

[Dantheman62]

By JIM KUHNHENN and KEN THOMAS, Associated Press Writers Jim Kuhnhenn And Ken Thomas, Associated Press Writers – 9 mins ago


WASHINGTON – General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection on Monday in a deal that will give taxpayers a 60 percent ownership stake and expand the government's reach into big business.

It would be the largest industrial bankruptcy in U.S. history, and the fourth-largest overall. In addition, a GM bankruptcy would be unprecedented as the federal government would pump billions more into the company.

Underscoring the government's extraordinary role, President Barack Obama planned to announce his support for GM's restructuring strategy at a midday appearance at the White House, much as he did in April when Chrysler sought court protection.

GM president and CEO Fritz Henderson planned to hold a press conference in New York immediately following Obama's announcement.

Administration officials said late Sunday the federal government would pump $30 billion dollars into GM as it makes its way through bankruptcy court. That's besides the $20 billion in taxpayers' money that the Treasury already lent to the automaker.

The money would come from what remains of the $700 billion rescue fund for the financial sector.

The officials, speaking on condition of anonymity in advance of Obama's public remarks, said the administration expects the court process to last 60 to 90 days. If successful, GM will emerge as a leaner company with a smaller work force, fewer plants and a trimmed dealership force. The company will stick with its four core brands — Chevrolet, Cadillac, Buick and GMC.


for the rest of the article.....
http://news.yahoo.com/s/ap/us_automakers

[Seashore]

Originally Posted by Dantheman62

...deal that will give taxpayers a 60 percent ownership stake and expand the government's reach into big business...

This is a characteristic of "fascism."

Dictionary definition (-Ologies & -Isms. Copyright 2008 The Gale Group, Inc. All rights reserved.):

1. the tenets of a centralized totalitarian and nationalistic government that strictly controls finance, industry, and commerce, practices rigid censorship and racism, and eliminates opposition through secret police. [emphasis mine]
2. such a form of government, as that of Italy under Mussolini. — fascist, n. — fascistic, adj.

***

David Icke's expression "the totalitarian tiptoe" comes to my mind while thinking about this...