DETROIT BAILOUT

GM Lost $30 Billion Last Year

Auto giant wants more government assistance.

General Motors, the top American automaker, reported this morning it lost $30.9 billion last year (including a $9.6 billion loss in the fourth quarter). Now, CEO Rick Wagoner is lobbying the Obama administration for an additional round of government bailout funds—to the tune of $16.6 billion. Wagoner is meeting with Obama's auto task force today to plead his case. Without $2 billion in loans, the company will run dry. Though GM hasn't been profitable since 2004, fourth quarter sales dropped a whopping 52 percent. "The size of the loss matters not only because it impacts what it will cost to restructure the company, but also the kind of bill for which the taxpayer is on the hook," an analyst told Bloomberg.