Wagoner: We need help pre-Obama

In the midst of all of the automotive companies making estimates as to how far they can last on their initial cash reserves, General Motors has made it clear that it won't go past mid-2010. According to analysts, GM needs at least $10 billion to operate until 2010. On Friday, GM said that its cash reserves have fallen to $16.2 billion. Wagoner told Automotive News that the automaker needs to maintain a reserve of $11 billion to $14 billion.

GM CEO Rick Wagoner has therefore made it loud and clear: the company needs federal assistance before president-elect Barack Obama takes office, who has clearly made an agenda to giving additional assistance to the Big Three. There has been discussion that there may even be preferential stock given in lieu of aid that the government will give GM as soon as possible. Heck--even the executives may end up taking a flyer on capping their own personal salaries.

I like the fact that Wagoner is not afraid to swallow his proverbial pride and put the urgency call out to the public. I understand once again that a sorrowful song and pity should not be given to these auto maker who unfortunately are a victim of their own circumstance, but this is definitely a public statement that should be of note and at least given some type of credit.

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Wagoner: We need help pre-Obama

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