The prediction from December is unfortunately coming true.  It is time for the politicians to open their eyes – GM was losing money in 2004, and essentially bankrupt in 2006.  those were the supposed good years.  The matter of GM is not a credit crisis matter, rather a matter of bad management, that deserves the obvious fate.  As far back as 2006 GM’s liabilities exceeded assets by $6bn.  By 2008 the deficit was $60bn.

The company is attempting to use the economic crisis as a smokescreen for their own deficiencies, and failure to re-engineer.

GM to Offer Two Choices: Bankruptcy or More Aid | Wall St Journal

General Motors Corp., nearing a federally imposed deadline to present a restructuring plan, will offer the government two costly alternatives: commit billions more in bailout money to fund the company’s operations, or provide financial backing as part of a bankruptcy filing, said people familiar with GM’s thinking.