It used to be that what's good for General Motors (GM) was good for America. But that was in the 1950s and a few things have changed since then. Instead of dominating the North American vehicle market with 50 percent share, GM now controls a mere 19 percent. And then there are the little matters of losing $74 billion, slashing its stock 98 percent and being two weeks away from a bankruptcy filing.
Meanwhile, GM is proposing a new structure in bankruptcy that would give the U.S. government 50 percent of the company for its loans. After getting $15.4 billion in loans from the U.S., GM has said it will need another $2.6 billion in May and $9 billion more for the remainder of 2009.