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Reuters – General Motors Co Chairman and Chief Executive Daniel Akerson received $2.53 million in total compensation in 2010.

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General Motors Corp., the world’s largest carmaker until its 77-year reign ended last year, filed for bankruptcy protection in the U.S. with a plan to create a 21st-century company that can compete in world markets.

GM reported $82.29 billion in assets and $172.81 billion in debt. The U.S. government will bankroll the transformation of the 100-year-old automaker, a victim of tumbling sales and higher gas prices. The U.S. plans to convert much of its $50 billion of loans to a 60 percent stake in the new entity, administration officials said. Today’s filing coincides with a deadline for GM to convince a government auto task force that it could reorganize out of court through debt and cost cutting.

President Barack Obama believes a quick, negotiated bankruptcy is the most likely way for General Motors Corp. to restructure and become a competitive automaker, people familiar with the matter said.

Obama also is prepared to let Chrysler LLC go bankrupt and be sold off piecemeal if the third-largest U.S. automaker can’t form an alliance with Fiat SpA, said members of Congress who were briefed on the GM and Chrysler situation before the president said two days ago that the automakers’ viability plans were insufficient.

Paul R. La Monica at CNN money talks about the effect of Obama and McCain on stocks. It was based from a research firm International Strategy and Investment (ISI). Andy Laperriere, a managing director of ISI’s policy research team in Washington, has put together a portfolio of 20 stocks for an Obama portfolio and 20 more for a McCain portfolio.

Here are the summary:

• Alternative energy companies could do well under Obama, since it is likely that an Obama administration would push for more subsidies for alternative energy. So he pick Covanta Holding (CVA), solar energy leader First Solar (FSLR) and Vestas Wind Systems (VWSYF). Other stocks which will do good under Obama: Vulcan Materials (VMC), Granite Construction (GVA), URS (URS), GM (GM).
• As for McCain, companies with exposure to nuclear energy could do well since McCain has consistently advocated nuclear as a viable alternative energy source. Shaw Group (SGR, Fortune 500), and Exelon (EXC), could both benefit from a McCain victory. Other stocks which will do good under McCain: Pfizer (PFE), Novartis (NVS), Unitedhealth (UNH), WellPoint (WLP), Aetna (AET), General Dynamics (GD), Northrop Grumman (NOC), KBR (KBR).