I'm sure glad we dumped all those billions into General Motors so we could delay their bankruptcy for a few months.
The interim chairman of General Motors Corp. acknowledged Tuesday that the auto maker is running out of time to reach a deal with stakeholders and the federal government to restructure outside of bankruptcy.
Kent Kresa said the GM board remains convinced that an out-of-court restructuring is the preferred option, but several looming deadlines could impact that goal.
"The times are very, very short," he said in an interview. Mr. Kresa was installed at the end of March after Chairman and Chief Executive Rick Wagoner was ousted by the White House, which also handed GM a June 1 deadline to revise its restructuring plan or face bankruptcy.
"This is a very difficult thing to do," Mr. Kresa said. "We have some deadlines rapidly approaching and the probabilities are decreasing we can do [this] outside of bankruptcy."
GM is surviving on $13.4 billion in U.S. government funds, and Mr. Kresa said GM will need another loan infusion "very shortly."
I know we've given them more than $13.4 billion. I can't keep track of all the rounds of bailouts in my head, but isn't the total closer to $30 billion for GM and another $20 billion for Chrysler?
That money is completely gone, wasted. Those companies should have failed last year.