General Motors will need to raise as much as $15 billion in cash to shore up liquidity and bankruptcy is "not impossible" if the U.S. auto market continues to slump, Merrill Lynch said on Wednesday.
Although other analysts have suggested GM needs to raise funds to ride out the downturn in the U.S. auto market through 2009, Merrill's estimate of GM's financing needs was the highest yet. It also carried the most stark warning of the bankruptcy risk for the largest U.S. automaker.
That assessment comes in sharp contrast to the General Motors of yesteryear. When the company went public in the 1955 GM was a must for every portfolio. In fact it was sometimes said that "as GM goes so goes the nation."
And that leads to our Fast Money Reader Poll. As GM's goes so goes the nation - is the saying still true?
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