Rick Wagoner and his big talk.

Rick Wagoner, CEO of General Motors, SAYS that GM will turn around and repay it's loans.

Well, let him put his money where his mouth is, and I bet you he will tell a different story.

Ask him to put in 75% of his networth into GM as a loan... which will be BELOW the American taxpayer in seniority, of course! In fact, the US should make this loan on of the lowest in terms of seniority.

Fact of the matter is, it is now becoming a certainty that GM bondholders will be making huge losses on the loans they gave GM. So, why would we assume that any other creditors would not?

The ONLY way GM can turn around is if everyone that GM owes money to forgives a huge bulk of those loans.
It's essentially insolvent.