After teetering on the edge for months, General Motors Corp. (GM), the world’s second-largest auto maker filed for bankruptcy this morning, according to the New York Times. Citing a $172.8 billion debt, the bankruptcy leaves the federal government in charge of the large car manufacturer and President Obama will speak about the deteriorated auto industry later this morning. The decline of Motor City Detroit has hit Blacks the hardest, and will have a major impact as more than 20,000 union workers will be let go. The government hopes after restructuring private investors will take back ownership in 6 to 18 months. -CJ
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