Yet Another Auto Industry Update

First and foremost, it looks like GM will be dropped from the Dow Jones Industrial average, no surprise with GM trading at around a buck and a half.

For the same reason, GM is looking at a 1-For-100 reverse stock split, which is no surprise, as the troubled automaker was trading at over $50 a share just 2 years ago.

Seeing as how GM bled $6 billion in the last quarter, the reverse stock split is prudent.

Meanwhile, the Chrysler bankruptcy is proceeding rather smoothly, see here, and here.

The judge has generally ruled against the sanctimony of the "non-TARP lenders," whose numbers has dwindled, and the fact that their names will be revealed has made think twice about being jerks.

Meanwhile Fiat has been busy after having taken a stake in Chrysler, and is now looking to purchase GM Europe, aka Opel, and spin off its own auto manufacture in Italy to incorporate in their new larger auto manufacturing concern. (See also here)