$77 billion more to bail out bankrupt GM?


Thanks to decades of mismanagement, General Motors Corp. (GM) is on the brink of bankruptcy. For instance, under its recently fired CEO Rick Wagoner, GM's North American market share fell from 33 percent to 19 percent and between 2004 and 2008, GM lost $74 billion . It now has about six weeks to accept the outlines of a Treasury plan and fill in its blanks.

And GM will not simply be liquidated. Instead, $77 billion more in taxpayer money -- on top of the $13.4 billion it has already received -- will be needed for GM to die a good death and be reborn as a smaller company.