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Sen. Carl Levin, D-Detroit, told reporters that a GM collapse would have immediate impact.

"If GM falters, they are all going to falter," he said, adding the prospects for Congress approving aid next week were uncertain.

He urged both President Bush and President-elect Barack Obama to more publicly prod Congress into quick action.

3.5 million jobs are at stake, and Congress seems reluctant to get off it's ass and do anything...

"GM has made mistakes in the past -- in now-untenable provisions from prior collective bargaining agreements, and insufficient investment in smaller, more fuel-efficient vehicles for the U.S," the plan said. "Even so, GM still supplies one in five vehicles sold in the U.S. today. In fact, 66 million GM cars and trucks are on this country's roads today, 44 million more than Toyota."


"Pontiac will be more of a high-value performance brand, like Corvette to Chevrolet," said Mark LaNeve, GM's North American vice president of sales.


Henderson would not speculate about what might happen to the Saturn brand, sales of which are down 20.9 percent this year.

"We need to do something...because it's not been successful," he said.

I don't like this...

CEO Rick Wagoner will take a $1 salary next year, and the top four senior executives will see their cash compensation slashed by about 50 percent next year. Neither Wagoner nor top executives will receive bonuses this year or in 2009.

Wagoner already has seen his compensation cut in recent years and has not gotten a bonus in three of the last four years.

Wagoner had a $1.65 million salary in 2007 and has a $2.2 million salary this year. He took a 50 percent cut in pay in 2006, and his total compensation has been reduced sharply since he took the helm of GM in 2000.

Henderson, who was paid $1.9 million last year, will take a 30 percent cut in salary while three others --Vice Chairman Bob Lutz, Chief Financial Officer Ray Young and Tom Stephens, executive vice president of GM powertrain and global quality --will take 20 percent cuts.

And GM's Board of Directors will reduce their annual retainer to $1 next year.

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Comments by GuionM on cz28.com:

(I think they hold a lot of weight)

Pontiac isn't a niche brand. It may be run in a less than ideal way, but you can still get something of a product line out of Pontiac's lineup.

What GM seems to be planning is to have the G8 line, this new 4 cylinder Holden sedan, the Solstice line, and perhaps the G6 in GXP form.

In short, it seems they'll get rid of the crossovers they said they'd lose 7 years ago, backtrack on the G3, lose the current G5 as well, and sell them all in Buick showrooms.

Why did Buick survive intact despite far less sales?

In a word: China.

Why is Saturn getting the axe?

Beyond low sales, name a Saturn that isn't sold by another GM division (if you said Astra, consider the Cobat coupe's replacement is going to be very similar to it).

So, essentially, just as Corvette is to Chevrolet, Pontiac will apparently be to Buick & GMC. And, FWIW, I support the idea of marketing Chevrolet as Chevrolet & Corvette again (Just like it used to be)

Me like!

Edited by FUTURE_OF_GM
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