Yesterday was “a defining moment for American capitalism,” writesÂ The Associated Press, as President Barack Obama guided giant automaker General Motors Corp. into bankruptcy–the largest U.S. industrial company to ever go broke, triggering 21,000 layoffs and the elimination of 2,600 dealerships around the nation.
Obama seeks to get GM on solid ground by holding a majority of its shares, but plans “to get out quickly,” although experts say the government could be a vested player in GM’s affairs for years to come. The Detroit-based company anticipates launching a smaller, leaner GM within three months that is separate from the current GM, reports theÂ Denver Business Journal.
Doug Moreland, who sells GM-brand vehicles at Grand Automotive in Thornton, sought to calm customers’ concerns, saying “we can’t forecast the future but we’re here and we’re going to be here,” according toÂ 9News. Meanwhile,Â The New York TimesÂ fields questions and answers on GM’s bankruptcy.