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U.S. to Steer GM Toward Bankruptcy

By Implode-Explode Heavy Industries

" The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens of billions of dollars more in public financing as the company seeks to shrink and reemerge as a global competitor, sources familiar with the discussions said."

Full post as published by Mortgage Lender Implode-o-Meter on May 22, 2009 (boomark / email).