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Take it away, WSJ:

General Motors Corp., nearing a federally imposed deadline to present a restructuring plan, will offer the government two costly alternatives: commit billions more in bailout money to fund the company's operations, or provide financial backing as part of a bankruptcy filing, said people familiar with GM's thinking.

(Hat tip to Business Insider.)

As co-contributor Jim Manzi pointed out at the time, GM barely pretended to have a viable business plan in connection with the initial bailout talks late last year.  And those who remain convinced that GM has already taken the steps it needs to return to viability (such as Jonathan Cohn) should read this Fortune piece by Alex Taylor, who has covered the auto industry for over 30 years and, by his own admission, fallen for GM's promises of turnaround far too often over that span.

As with many aspects of the election season, the best summary of GM's business plan was presented by SNL. For some reason, it has not been posted on Hulu, but the crack staff of the Atlantic has spared no expense (in the form of Google searches) to bring you this example of cutting-edge business journalism.  (The key excerpt is from about 2:15-3:20.)

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Dr. Manhattan is the pseudonym of a lawyer in New York City who represents, among others, clients in the investment management industry. He started blogging in early 2002, when the entire NYC-based blogosphere could gather in one room (which they often did). In between his frequent retirements, he blogged about politics, baseball, Israel and autism (especially vaccine-related matters) at blissfulknowledge.com. With the regulatory system up for grabs, for this project he has decided to try the novel approach of blogging about matters which bear some relationship to the topics that come up in his day job (within the strict limits of professional obligations, of course). In case anyone was wondering, none of his opinions expressed on this blog are necessarily those of his clients, employer or colleagues.
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