So, General Motors, 101 years old and once the largest and most powerful industrial entity in the US is filing for bankruptcy in around an hour (UK time).  It’ll be asking for protection from creditors after running up losses of $81bn (£50bn) over four years.  Read more after the jump.

In a televised speech from the White House the Obaminator will detail GM’s rescue plans this afternoon.  GM’s chief executive, Fritz Henderson, is hoping for a slimmed-down version of the Detroit manufacturer to emerge from bankruptcy within 60 to 90 days.

Better start making some less shitty cars GM because “buying American” now looks rather ironic.