GM says it needs $12 billion loans by late March

There isn't a plan B, there never has been a plan B in the way these companies operate. All they work with is cash flows and a vision for the future or what might be is not part of their strategy. It's time these enterprises sink and the money they demand spent on creating jobs elsewhere.

Plan B is to come back to the government next summer and ask for more money. They can keep pulling that stunt until the economy recovers or the Democrats lose control of the Congress.

The Dukes of Moral Hazard are in town again!

"GM chief executive Rick Wagoner will work for $1 per year"

How about a quarter?

GM's situation is getting worse not better, within 12 months they're really going to need $50Billion. Which makes the total bailout to be $75B-$90B.

$12Billion is merely the down payment. Once the government makes the first payment, it's hard to stop without appearing to blame.

His salary will be $1 but will he forgo his bonus for "turning the company around" as well? How about using some of his personal fortune to help out?

Nope, heads ought to roll and the CEOs should go first with the bored of directors next. Probably the first two layers of VPs as well. Then you can go to the unions and look for some sacrifices.

I'd apply the same logic to the banks as well but it looks like those clowns are going to get away with it and keep their overpaid jobs.

Snouts in the public trough. "Have you seen the little piggies in their starched white shirts?"

Can't say I have much sympathy for them.

Hey, if the government can give $780 billion ( actually it's over a trillion, isn't it? ) to the financial companies, surely it can give poor ol' GM a measly $12 billion...

bail out amount > market cap = bad idea (jeans)

Considering the outlook forecasted by GM, if they are given what they want they will cut their workforce by 1/3rd over the next 3 years, plus eliminate XYZ worth of dealerships, plants, parts suppliers, etc.

Th big bugaboo against Chapter 11 appears to be buying of cars from a manufacturer which may not be around for the life of the vehicle. The covering of various car warranties.

Since the Government is willing to guarantee the Toxic assets of others, why not have them just guarantee the Warranties, the car toxic waste do to speak.

Would sure cut down the overall Bailout. IMHO

after producing what amounts to trash in the 70's, 80's, and 90's, why does gm still exist? because a few neo-nationalists insist on gm. it's a waste.