They want yet more money from Uncle Sam, and both a wary public and Obama's economic team are understandably reticent. Later today CEO Rick Wagoner will make a case to the President's autos team for receiving up to $16.6 billion more. GM already received $13.4 billion at the end of last year.
Big picture: GM has lost over $73 billion in the last four years. They've already eliminated 47,000 jobs this year, will close the doors of 14 manufacturing facilities in the next three years, and will "sell, shrink or kill" Saturn, Saab, Hummer, and Pontiac.
GM, of course, is blaming the recession and the credit crunch. Critics blame dated products, myopic management, and pricey contracts with the UAW.
Is it Chapter 11 time, or should the taxpayers keep GM on life support?
[source: Detroit News]