GM isn't considering bankruptcy protection as a way out of its financial problems according to CEO Rick Wagoner. Nearly three days after GM reported a $1.6 billion third-quarter loss, GM's executives don't think bankruptcy protection is a good option. Wagoner cited the sheer reach of its organization and its constituents as part of the reasoning. GM is also reporting its executives will take a 40 percent cut in compensation that Wagoner seems to use to shield from the usual union complaint about what 'the suits' get paid. What does it all boil down to? GM is one Big Fish and they're not going under anytime soon. Still, the past few reporting periods have not delivered any hope for GM's financial situation.
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