General Motors filed for bankruptcy on Monday as the Obama administration took the first steps to try to revive a failed icon of American industry by extending unprecedented federal funding and oversight, reports Reuters. The bankruptcy filing was the third-largest in US history and the largest ever in US manufacturing. The decision to push GM into a fast-track bankruptcy and provide $30bn of additional taxpayer funds to restructure the automaker is a huge gamble for the Obama administration.

This entry was posted by Gwen Robinson on Tuesday, June 2nd, 2009 at 5:09 and is filed under Capital markets. Tagged with gm. Edit this entry.