US president took a harsh step by asking Rick wagoner, CEO of GM to quit from his job citing his inability to negotiate with bond holders to reduce the Debt which GM is under burden of.......This was necessary to get more aid from US Govt. after GM already got assurance for 13.4 billion USD......
Also Chrysler has been given 30 days warning to explore merger with Fiat SpA italy..for better synergies then only itwould get more help from US govt.....
All this signals send the stock markets crashing globally....GM is now under serious threat of bankruptcy......
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