A new report by the Detroit Free Press traces more than 60 years of city government decisions that culminated in the city's bankruptcy filing in July. It could have been avoided, and the causes aren't quite what most people think.
General Motors filed for Chapter 11 bankrupcy protection on Monday. Shortly after the announcement, President Obama tried to reassure taxpayers, who are effectively shelling out an additional $30 billion in return for a 60 percent stake in the company, according to the new restructuring plan. The "new GM” will shed 21,000 more employees and shut down 12 factories and 2,600 car dealerships.