GM's CEO Resigns, Reorganization Plan Rejected

CEO Rick Wagoner of General Motors Corp. (NYSE: GM) resigned at the request of the White House. In return, the company received 60 days of operating capital before a final restructuring or risked being placed into what many analysts expect to be a government-sponsored receivership. Privately-held Chrysler received $6 billion and 30 days to complete an alliance with Fiat. Shares GM plunged 75 cents to $2.87.