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That didn't take long: GM CEO says he might need more money

The ink is barely dry on the $13.4 billion in "loans" provided by the Bush administration at the end of 2008, but General Motors (NYSE: GM) is already talking about needing more. CEO Richard Wagoner says the company may look to secure additional government cheese in March -- earlier reports had suggested that GM believed the $13.4 billion would be enough to survive through 2009.

How does GM plan to demonstrate viability? It will need to secure broader concessions from the United Auto Workers union and, hilariously, try to convince bond holders to swap their debt for equity in one of the greater cash-burning machines in history. Good luck with that one!

Wagoner also said that GM is still looking to find a buyer for Saab. The company has denied problems in generating interest in the brand among potential buyers -- I'll believe someone is interested in buying Saab when there's a done deal. Similarly, GM has failed to generate any serious interest in Hummer, despite trying really, really hard to find a buyer.

GM's management has been extremely optimistic in terms of its "forward-looking statements," but so far it's all been bluster. Government officials should keep that in mind when GM brass shows up in March to demonstrate a plan for viability.

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Last updated: November 24, 2009: 08:15 PM

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