Apr 13, 2011

Bail out FAIL - The Deal to Sell GM to China

http://4.bp.blogspot.com/_LUbspKPMw-Q/SlskRbzpjeI/AAAAAAAADM4/GZiji5LYSmQ/s400/gm-made-in-china-logo.jpgGeneral Motors' Chinese partner, Shanghai Automotive Industry Corporation (SAIC) will take a controlling stake in GM by purchasing the equity sold to the U.S. and Canadian governments during the bailout. HTML clipboard

"Shanghai Automotive Industry Corporation (SAIC) and General Motors (NYSE: GM) are announcing today that an agreement has been reached with the governments of the United States and Canada that will allow SAIC to purchase the shares of GM owned by the respective governments.

The sale is expected to be completed by this time next year pending approval from U.S., Canadian and Chinese government regulators." - Read full at