DETROIT - General Motors Corp. filed for Chapter 11 bankruptcy early Monday, marking the humbling of an American icon that once dominated the global car industry and setting up a high-stakes gamble for U.S. taxpayers. President Obama is expected to defend General Motors' bankruptcy plan and the massive bailout, The Wall Street Journal reported.The reorganization
NEW YORK - General Motors Corp. and Citigroup Inc. will be replaced in the Dow Jones Industrial Average by Cisco Systems Inc. and Travelers Co., respectively. GM filed for bankruptcy Monday as part of a government-aided restructuring effort. Bankruptcy is an automatic disqualifier for membership in the benchmark stock index. Cisco Systems will replace GM
DETROIT - A very historic day in the auto industry as General Motors files for bankruptcy. Indeed, it is the president of the United States, Barack Obama, who is publicly making the announcement. Even though GM has been making serious cuts in employment and manufacturing facilities, it is now expected to still get rid of
LANSING - Bankruptcy for General Motors means the state is finally starting to hit bottom, a grim Governor Jennifer Granholm said Monday. While the action means more job losses for the state, Michigan can take some comfort in the idea that a viable auto industry will remain in the state once GM and Chrysler complete
KOKOMO, IND. ? The U.S. Small Business Administration will offer government guaranteed loans to finance inventory for eligible auto, recreational vehicle, boat and other dealerships under a new pilot program announced today by SBA Administrator Karen Mills. Dealer Floor Plan financing will be available beginning July 1, according to Mills. She announced the new program
DETROIT - The Butzel Long Taxation and Succession Planning Institute is hosting a half-day seminar June 4 designed for tax practitioners. The program will focus on Responding to the Challenges in the Economic Downturn. The half-day seminar will take place from 7:15 a.m. to 1 p.m. on June 4 at the Troy Marriott at 200
MACKINAC ISLAND - Michigan needs to restructure its tax system to help bring about economic growth again, five candidates for governor said Thursday at a forum at the Detroit Regional Chamber's Mackinac conference. Most said a new tax structure is more important than promising to not raise taxes, though Attorney General Mike Cox pledged he
MACKINAC ISLAND - The United States needs to seize on the opportunity to quickly transform to alternative domestic energy supplies from imported oil, T. Boone Pickens said Thursday, adding that the country is at an energy tipping point and Americans are ready for change. Gov. Jennifer Granholm made a strong pitch for alternative energy as
MACKINAC ISLAND - Oakland County Executive L. Brooks Patterson said Thursday he is open to some modifications of the Cobo Hall package, including a lease instead of transfer of the convention center to a regional authority. But he continued to warn that a continued stalemate on the bills that are now in the House will
DETROIT - Business leaders have a lesser view of the state's current business climate than they did a year ago, but are more likely to be expecting a turnaround in the next five years, according to the annual Detroit Regional Chamber Leadership Assessment Poll released Thursday. The poll, conducted by John Bailey and Associates Public