General Motors' bankruptcy filing on Monday comes at no surprise, said Bob Doll, BlackRock vice chairman.
“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.
More Automotive News on CNBC.com:
- GM Files for Bankruptcy, Chrysler Sale Cleared