General Motors Corp bankruptcy and additional $30 billion

General Motors Corp. (NYSE:GM) could file for bankruptcy as early as next week, and it is thought that the struggling automaker could get up to $30 billion in additional federal bailout funds, which comes straight out of our pockets.

According to the Washington Post, the sources close to the discussions have said that the Obama administration wish to steer the automaker to a bankruptcy filing as early as the first week in June. If the federal government were to invest a further $30 billion, then that would increase their total investment to almost $45 billion in GM.

If this were to go ahead, then the government would have a 50 percent stake in General Motors. They will then work on a new leaner and more competitive GM. In other news, it looks as though Chrysler LLC could come out of bankruptcy as early as the first week in June.

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