Dec. 4, 2008
We're sorry to be asking for this support. We wish the market conditions were better. They're not, so this is what we need to do."
— GM Chairman Rick Wagoner
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December 4, 2008; 1:51 PM ET
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Posted by: UnPatriotic | December 4, 2008 7:50 PM | Report abuse
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Wagoner receives millions when the company is in trouble. GM hedged a bet that people would buy gas-guzzlers. While gas was cheap that paid off. However, when gas got more expensive, the demand for fuel-inefficient cars tapered off. Nonetheless, GM failed to keep with the shift towards more fuel efficient vehicles.