[Tstag]

GM do not have $21 billion in available cash. They have $7-10 billion because they need roughly $14 billion dollars to keep the lights on and manage day to day affairs.

So with the $5 billion in available credit they actually have nearer $12 - $15 billion dollars to get them through to 2010 without any additional loans. So by the middle of 2009 they might be in big trouble if they continue to lose $4 billion a quarter. GM should really aim to raise another $10 billion in cash. That would see them through this. But I wouldn't lend these guys any money...