General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.

GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.

As it reorganizes, the fallen icon of American industrial will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That's on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.

Chevy Announces the 2010 Corvette Grand Sport! It's one of the most illustrious racing heritage Corvettes and it is returning to the lineup. Chevrolet is announcing the new, 2010 Corvette Grand Sport today as part of the C5/C6 Corvette Birthday Bash!

Jeremy Clarkson, the bombastic host of the hit BBC show Top Gear, has run down his short list of best and worst cars of 2008 -- and surprisingly for the man who has a known unfavorable taste for American cars -- he has picked the 638-hp 2009 Chevrolet Corvette ZR1 as his car of the year.

To start, Clarkson outlined some of the year's disappointments in his Sunday Times column .