Chalk another one up for the economy, first Joe the plumber and now the General. By the time you read this Chevrolet’s parent company General Motors will be filing for Chapter 11 Bankruptcy. What will result is a substantial investment from Canada as well as the United States that will result in the U.S. Government owning about 60% of the American automotive conglomerate and out neighbors to the north receiving 12% as well. This might be good for vehicles like the Camaro that are produced in the Oshawa Plant, these operations should be getting some renewed interest after the deal.
New car buyers will be directly affected, GM choices will now be limited to their core brand Chevrolet, the luxury line Cadillac, their elderly targeted Buick and trucks for hard working Americans from GMC.
The President of the United States, Barack Obama, will address his nation in a press conference regarding the hearing at 11:55 A.M. Current GM CEO, Fritz Henderson, will then address the media about twenty minutes later.