The wooden but plucky CEO of GM, Rick Wagoner, told the press that if his company is allowed to go into Chapter 11, it will end up being a simple liquidation. GM will be torn into pieces and sold off as scrap. He made one good point to support his point of view. If a bankruptcy of the No. 1 U.S. car company drags on for several months, potential auto buyers will purchase vehicles from competitors that they view as ...

Asian markets slumped Friday, latching onto Wall Street's bear market slide to levels not seen since 1997. Tokyo's Nikkei average was off 3.5 percent in afternoon trading and the All Ordinaries index in Australia tumbled 1.2 percent. In Seoul, the KOSPI fell 0.3 percent, while Hong Kong's Hang Seng index dropped 1.3 percent. On Wall Street, stocks plunged to fresh 12-year lows Thursday as investors waded through another day of grim news. The Dow Jones industrial average fell 281 points, ...

Swedish car manufacturer Saab, a fully owned subsidiary of General Motors, announced Friday that it will "file for reorganization ... to create a fully independent business entity." Under the Swedish court system, an independent administrator will be appointed to work closely with the Saab management team to formulate a reorganization proposal, which will be presented to creditors within three weeks of the filing. Saab said it will continue to operate as usual and in accordance with the formal reorganization process, ...

In a Facebook video, the screen is filled with a sea of 20-something men and women cruising on sleek black motorbikes, all of them Harley-Davidson's Sportster Iron 883. It's part of marketing campaign to generate buzz around the newest Sportster. "That's hot!" one woman declares on Harley-Davidson's Facebook page, where other mini-documentaries promoting the bike are posted. Back at Harley's Milwaukee headquarters, one can only hope for heat. At roughly $8,000, the Sportster is positioned to ...