GM has finally filed for bankruptcy. We've been talking about it for so long that you might think the actual event is anti-climatic -- it's not. It's historic, it's depressing and frankly, I'm sick of all of the nasty e-mails I've been receiving about how "nobody is suffering but me and my constituency!" Can't we agree that this is a bad chapter that must close and that the collateral damage is immense?
There are some winners and losers, as I discussed on the Saturday Early Show, but I think net-net, the losers far outweigh the winners.
The next phase has now begun. What lies ahead is unknown, but there may be some clues in "The Obama Administration Auto Restructuring Initiative." The government lays out the ownership structure, which we already knew. It also outlines the "Principles for Managing Ownership Stake". This is the part that has some interesting tidbits.
Go to Moneywatch.com for more on "Life After GM"