Watchman Newsletter: Mapping the Economy: Measuring Financial Strain

June 01, 2009

Mapping the Economy: Measuring Financial Strain

Stan Deyo (Link) - AP (June 1, 2009)

Jun 1, 2009 12:12:00 AM | America, Economic Crisis

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The 31-Year-Old in Charge of Dismantling G.M. It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism. But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.

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General Motors files for bankruptcy protection General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets. The plan is for the federal government to take a 60 percent ownership stake in the new GM. The Canadian government would take 12.5 percent, with the United Auto Workers getting a 17.5 percent share and unsecured bondholders receiving 10 percent. Existing GM shareholders are expected to be wiped out.

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