New York magazine predicts General Motors will file for bankruptcy this year. “I know it will come as a gigantic surprise to those who still hold General Motors’ stock and bonds, but for GM, it’s time to go bankrupt and start over,” writes James Cramer. “I think the company will turn the world upside down with a prepackaged bankruptcy plan that puts its financial woes in the past.” Cramer says that right now, GM “actually makes decent cars, but it loses money on every one it makes, because GM provides better health-care and retirement benefits than any other company—or country—on earth.” He says that GM may be trying various strategies to improve its financial situation, but “only bankruptcy will solve its problems for good, as the frantic maneuvers just delay the inevitable cash crunch.”
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