General Motors is in such dire financial straights that it needs to line up a federal aid packaged before president-elect Barack Obama takes office in January, the automaker's chief executive said Monday.
"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.
But Wagoner did not think it would be "a very smart move" for him to resign.
"It's not clear to me what purpose would be served" Wagoner said. "I think our job is to make sure we have the best management team to run GM."
On Friday the biggest US automaker warned it would run out of cash in the first half of next year and appealed to the US government for help to save it from collapse.
Another case of a poorly managed company now seeking a handout. Let them go bankrupt, get re-organized, bring in new management, renegotiate with the unions and build better cars!
AIG's handout is now double. Who is next? Starbucks?
I can not agree with Obama on this one.