Charles Wilson, GM’s president during the 1940’s and early 1950’s, who once told Congress “What is good for General Motors is good for America” could never believe that his GM, the global leader of the auto industry, would ever be in the position it now finds itself.

This once proud company, a pillar of American industry, is probably on the verge of declaring bankruptcy. Its new chief executive, Frederick A. Henderson, declared as much on Tuesday, while still hoping that he could restructure the company out of court.

Mr. Henderson, successor to Rick Wagoner, who had to resign at the request of President Obama over the weekend, hopes to recreate General Motors as it once was, an enterprise that can compete and win in the marketplace.

Head to this NY Times article for more…..