From Bloomberg:
"For General Motors Corp., the question is no longer whether it will get a government loan or if Chief Executive Officer Rick Wagoner will be replaced. It’s whether anything can prevent the largest U.S. automaker from sliding into bankruptcy... GMAC may now have to file for Chapter 11 protection, with or without a loan...'GM already is bankrupt and should file for bankruptcy,' said David Littman, senior economist for the Mackinac Center for Public Policy..."
Read the entire story here. (It is a rather lengthy article that explains GM's history in arriving at this sad crossroads.)
