This post is one in a series on prominent company nicknames. See all 25, and share your thoughts and memories about The General below in the comments.

"The General" does not deserve its nickname any longer. Founded in 1908, General Motors (NYSE: GM) was the largest car company in the world for almost seven decades. It lost that distinction to Toyota (NYSE: TM) during the last year.

GM has 50% of the U.S. car market at one point. That is now down to 20%.

"The General" still maintains a number of the most successful brands in the world: Cadillac, Buick, Chevy, and Pontiac. Years of neglect have pushed the company into a position where it does not make competitive cars in its home market. It greatest current sales successes are in the Chinese market and Latin America.

In 1955, "The General" was the No.1 company in the Fortune 500. It held that position until 2000.

Alongside General Electric (NYSE: GE), GM is probably the most important American corporation of the last 100 years. That won't be true going forward.

Douglas A. McIntyre is an editor at 247wallst.com.

MAJOR PAPERS:

• The books of Fannie Mae -- Federal National Mortgage Association (NYSE: FNM) -- and Freddie Mac -- Federal Home Loan Mortgage Corporation (NYSE: FRE) -- are being examined by the Federal Reserve and the Office of the Comptroller of the Currency to review their financial condition, according to the Wall Street Journal.
• The Wall Street Journal also reported that the Chevy Volt, an electric car from General Motors Corporation (NYSE: GM), is slated to roll out in two years and it received a major boost from 36 utilities that operate in 40 states who agreed to work together to make the plug-in vehicle possible. Among the utilities are American Electric Power Company Inc (NYSE: AEP), Consolidated Edison Inc (NYSE: ED), Duke Energy Corporation (NYSE: DUK), and Edison International (NYSE: EIX).
• Struggling mortgage lender Paragon is reportedly in talks with The Blackstone Group LP (NYSE: BX) about a potential takeover by Blackstone, the Financial Times reported.

• The New York Times reported that TiVo Inc (NASDAQ: TIVO) will today introduce a "product purchase" feature in partnership with Amazon.com Inc (NASDAQ: AMZN). Under TiVo's plan, the television remote control will be turned into a tool for buying products that are advertised and promoted on talk shows and commercials.

General Motors Corp. (NYSE: GM) wants to capture more market share for its imported passenger cars in South Korea. To do this, the automaker is considering launching its Chevrolet brand in that country after examining the results of a recent Korea-specific feasibility study.

GM, which already sells its Cadillac and Saab brands in South Korea, wants to make sure that rival Toyota Motor Corp. (NYSE: TM) doesn't get into South Korea with its extremely popular passenger cars and beat it in that market, much like it's doing in many national auto markets. Toyota is now public enemy number one for GM, and it's not getting any easier for the iconic U.S. auto brand. Although its latest quarter was somewhat disappointing, Toyota is still very much on top of its game.

Another motivation for GM is the fact that imported car sales in South Korea increased to 6.2% of all car sales in April of this year, up from 4.9% from a year ago. GM hopes that it can double its South Korea sales this year, which sounds like a pretty hefty goal. GM is facing some headwinds though: the big three Detroit automakers saw their first-quarter car sales in South Korea shrink to 11.7% of the market, down from 2004's 15% first quarter total.

This post is part of our Battle of the Brands feature. Let us know which brand you prefer, and check out other Battle of the Brands posts.

When it comes to comparing the pick-up trucks of Ford Motor Co. (NYSE: F) and Chevrolet by General Motors Corp. (NYSE: GM), I can honestly say that I've owned both brands. I bought one F-150 off the showroom floor. I also bought one that was very well used. Both my Chevy Silverados were low-mileage, used models. I leased one of them from my dad and the other one I bought from my brother. I have also had opportunities to drive multiple specimens of each brand that were owned by friends or associates. I like both brands as far as their trucks go. Their cars are a story for another day.

To me, Chevy trucks always seem a bit more solid, with interior appointments a little more lush and inviting. Ford trucks seem to focus more on utility and usability within a bit roomier interior. The Chevy trucks always exhibit deep power, easily delivered upon demand. Fords trucks always seem a bit more spunky with their aggressiveness always close under foot. Chevy trucks appeal to the gentleman in me but they've always done any job I asked of them. Ford trucks appeal to the workman in me and they sometimes seem immortal.

GM (NYSE: GM) now has eight car brands. Since some models are built off similar platforms, a sedan from Saturn may not be much different from one sold by Chevy. The problem is GM may not be taking sales from Toyota (NYSE: TM). It may be taking sales from itself.

Last year, GM introduced three crossovers, according to The Wall Street Journal-- the Saturn Outlook and GMC Acadia, which are all but identical, and the more luxurious Buick Enclave. There are, of course, only a limited number of crossover buyers. Strong sales for the GMC crossover may hurt Buick.

GM thinks it can manage all of its brands but in a falling domestic car market there is little evidence to show that the company's plan will work.

It is time to kill some of GM's brands, save marketing money, and stop most of the competition among cars built by the same parent company. The firm's weakest brands by sales and falling units are Buick and Saturn. Most of their models are matched by cars in the Chevy, GMC, and Pontiac lines.

Shutting down brands is hard, an admission of defeat. But it is time for GM to let some of its model lines go.

Douglas A. McIntyre is an editor at 247wallst.com.