Is it a shock to anyone that GM needs more money? This is one of many outrages as of late but this unlike alot of other financial situations was/is easy to see.
I am on record saying that back in 2008 that the government should not be bailing out the carmakers. Instead, they should have assisted in an orderly bankruptcy, this would have allowed them to wipeout billions of crushing debt but the unions that run Detroit and their politicians would not let it happen. It was also an election year and republicans were hoping for the blue collar vote.
Instead we gave them billions (GM got 13 billion) and now they are back for more (GM wants 30 billion), continuing with a failed business model at our expense. Incidentally, GM's market capitalization is just over 1 billion. Now the democrats, house, senate and President Obama could show everyone that they are indeed willing to look at the BIG picture and do something very politically unpopular but I am not holding my breath.
The only problem with bankruptcy is that we the taxpayers will be on the hook for the pension for every past and present employee through the Pension Guarantee Trust Fund and what about the employees healthcare bills? Argh!!!
Looks like we are screwed either way.