On monday, General Motors, the largest automotive company that has been part of American life decided to take chapter 11 bankruptcy protection, marking the biggest failure of an industrial company in US history.
GM, once the largest company in the world, has been losing market share since the early 1980s. It has been driven to bankruptcy by high production costs and the collapse in credit markets and consumer spending. It made losses of $30bn last year. It has been driven to bankruptcy by high production costs and the collapse in credit …

NEW YORK - The upheaval in the American financial system sent shock waves through the stock market Monday, producing the worst day on Wall Street in seven years as investors digested the failure of one of its most venerable banks and wondered which domino would be next to fall. (more…)