GM should file for bankruptcy: Hedge fund manager

General Motors Corp, the biggest US automaker, should file for bankruptcy rather than taking money from the government, hedge fund manager Bill Ackman said.

"It has been hamstrung for years because it has too much debt and it has contracts that are uneconomic," Ackman, manager of the Pershing Square Capital Management LP hedge fund in New York, said. "The way to solve that problem is not to lend more money. They should do pre-packaged bankruptcy.''