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Both ABC's David Muir and CBS' Anthony Mason emphasized the historic nature of GM's bankruptcy. "A dramatic downfall for an American giant," ABC's Muir called it; "the end of the road for an American icon," according to CBS' Mason, reminding us of GM 's peak in 1979 when it was the country's largest employer, with 600,000 on its payroll.
ABC's Muir went down the check list of the carnage: eleven factories will be shuttered; 29,000 workers given pink slips; a "staggering" 2,600 dealerships discontinued. CBS' Dean Reynolds illustrated the damage with visits to a dealership, a parts supplier and a Saturn plant in Tennessee. "It may turn out to be a new beginning for GM but for many who helped build it today is a sad ending." On NBC, CNBC's Phil LeBeau looked ahead to that potential new beginning. GM "may be a publicly-traded company, perhaps by the middle of next year, and when that happened the government plans to slowly sell its 60% stake." ABC's Muir pointed to the federal government's $50bn stake in the firm and noted that even in its best years, GM's annual profits amounted to "a couple of billion."
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