General Motors is in such dire financial straits that it needs to line up a federal aid package before president-elect Barack Obama takes office in January, Rick Wagoner, CEO, said on Nov. 10. “This is an issue that needs to be addressed urgently,” Wagoner told Automotive News, adding that now is the time to “overshoot, not undershoot” the level of assistance.
GM is willing to offer the government preferred stock, speed the introduction of fuel-efficient vehicles and set limits on executive compensation in exchange for financial aid, Wagoner said.
Source: IndustryWeek
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