There is a strong likelihood that GM will file for bankruptcy by their deadline on June 1. It was only nine months prior that Lehman went down that same path. But this one seems to be a different case. Oh, the creditors and shareholders are still left holding the bag for the most part. But the Lehman BK was somewhat unexpected as it was hoped some firm would step up to buy them. In GM's case, that is not happening. The gov't has 'prepared' the markets well for this news when it comes. The Lehman case was preparation, it was damage control. The lower VIX proves it.