After years of losses, the troubled car manufacturer is forced into bankruptcy. GM is set to close a dozen facilities and cut more than 20,000 jobs. General Motors filed for bankruptcy protection earlier today, a move that became inevitable after years of losses and market share declines capped by a dramatic plunge in sales in recent months. President Obama today announced that General Motors was entering bankruptcy protection, and that the federal government was giving it an additional $30 billion, making taxpayers a 60% owner of the auto giant. “Understand we’re making these investments not because I want to spend the American people’s tax dollars, but because I want to protect them. Instead of taking so much stock in GM, we could have simply offered the company more loans.”

According to MSNBC, The president also stressed that he has no interest in running GM. “GM will be run by a private board of directors and management team with a track record in American manufacturing that reflects a commitment to innovation and quality,” he said. “They — and not the government — will call the shots and make the decisions about how to turn this company around.”