Dec. 5 (Bloomberg) -- General Motors Corp. Chief Executive Rick Wagoner told lawmakers he would accept strict conditions for a U.S. loan to stay afloat, including a promise to return the money and file for bankruptcy if his company doesn't fulfill the terms.
Senator Bob Corker suggested giving GM $10 billion as long as bondholders settle for 30 cents on the dollar, workers accept wages similar to those of foreign automakers' U.S. employees, and half of GM's scheduled health care payment is folded into the company as equity. If the automaker fails to take the steps by March 31, it would have to return the money and declare bankruptcy, he said.
'Take Our Money'
"Would you take our money?" with those conditions, Corker, a Tennessee Republican, asked Wagoner yesterday.
"Yes I would," Wagoner replied.
No shit. what other option does he have; bankruptcy?
Here Mr. CEO. You should get 9 BILLION dollars which will be given to you in smaller chunks until May. Then, in May, you'll be totally self sufficient. Your cars will be 100 miles to the gallon, and world peace will hit. it's going to be great.
Me, for one, will short oil because by may, our 60 million barrel a day addiction will be cured and crude will be $20 again.
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