Taxpayers to own 60 percent of GM

 
THE ASSOCIATED PRESS
Published: June 1, 2009

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

Underscoring the government’s extraordinary role, President Barack Obama planned to announce his support for GM’s restru...


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