'GM Has Been a Small-Cap Stock for Some Time': Doll

General Motors' bankruptcy filing on Monday comes at no surprise, said Bob Doll, BlackRock vice chairman.

Bob Doll's Outlook for Autos   

“We’ve been in this rumor mill as it seems like months; in some sense that’s yesterday’s story,” he said. “From a stock market standpoint, GM has been a small-cap stock for quite some time, and while an important part of the U.S. economy, a lot less important than it used to be.”

Meanwhile, the government’s future role in General Motors remains uncertain, said Doll.

“When the government owns 60-70 percent of something, I think you have to think twice [about investing],” he said.

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