GM is being bankrupted by two fundamental facts: high labour costs (primarily health care for current employees and retirees) and the to-my-mind far more salient fact that it makes shitty, shitty cars.
The US government, under Pres. Clinton in the 1990s, proposed two things that would have solved both of GM's problems: national health care and subsidies (through the Partnership for a New Generation of Vehicles) to develop more fuel-efficient cars. GM lobbied against health care and never developed the cars the Clinton administration gave them cash for. So even though we need no further evidence of this fact, it's clear that GM's management is totally unable to recognize what's in its own best interests. Now, having brayed "socialism" like every other corporate giant when the government offered them a hand, and having defrauded the public when the PNGV was closed down, I'm supposed to believe that a bailout from at least three separate governments (US, Canada, Ontario) is going to help matters?
What, pray tell, am I missing?