Bankruptcy judge OKs GM sale plan

Bankruptcy judge OKs GM sale plan

news.yahoo.com

A bankruptcy judge has ruled that General Motors Corp. can sell the bulk of its assets to a new company, potentially clearing the way for the automaker to quickly emerge from bankruptcy protection.

U.S. Judge Robert Gerber said in his 95-page ruling late Sunday that the sale was in the best interests of both GM and its creditors, whom he said would otherwise get nothing.

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GM goes down to recession !

The employees are atleast saved because liquidation would have resulted in loss of jobs.

This is a watershed in American economics. Obama was thinking about bailing out GM, but now it goes through the bankruptcy route and selling of it's assets.

What most do not know or realize is that the US govt will own 61 % in the 'new' GM.

Obama is on the way to nationalize the economy...Socialist America (Communist?)

news.yahoo.com
(visit the link for the full news article)