GM expected to file for bankruptcy Monday

General Motors, the nation’s largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday. A bankruptcy petition will be filed at 8 a.m., according to a source with direct knowledge of the bankruptcy proceedings. President Barack Obama will address the nation shortly before noon on Monday to explain the rationale for the filing, and his hopes that this is the best route for a turnaround, two officials close to the situation told CNN.

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Bankruptcy For General Motors, Chrysler?

— Call it a bankruptcy in disguise. Although General Motors and Chrysler are scrambling to pull together plans by Tuesday showing that it makes sense for the government to support them without invoking the dreaded “B-word,” the efforts look like a classic case of reorganization

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