Fox News.com is reporting that General Motors will phase out the Saturn Division after a deal to sell it fell through.
General Motors Co. said Wednesday it would shut down its Saturn brand after an agreement with Penske Automotive Group Inc. to acquire it fell apart.
Penske, citing concerns of whether it could continue to supply vehicles after a manufacturing contract with GM ran out, ended talks with GM Wednesday to acquire the brand.
GM CEO Fritz Henderson said in statement that Saturn and its dealership network will be phased out.
Let's see, the government under King Barack I took over GM in exchange for bailout money. GM tried to sell Saturn to Penske, but that fizzled. So, the government-owned GM has to close down their Saturn division. The closure of Saturn will cause about 15,000 workers to lose their jobs.
Is this the "hope and change" you expected? Didn't think so.