The GM and Pontiac Story.

In short, give us money and we're going to get rid of 21,000 jobs.

GM said that it will ask the government to take more than 50 percent of its common stock in exchange for canceling half the government loans to the company as of June 1. The swap would cancel about $10 billion in government debt.

In addition, GM is offering stock to the United Auto Workers for at least 50 percent of the $20 billion the company must pay into a union run trust that will take over retiree health care expenses starting next year.

If both are successful, the government and UAW health care trust would own 89 percent of GM stock, with the government holding more than a 50 percent stake, CEO Fritz Henderson said in a news conference at GM's Detroit headquarters.

The company that once declared, "What's good for GM is good for America," is now asking the American taxpayer to take ownership of the company.

The company said it would phase out its storied Pontiac brand no later than next year, and the futures of Hummer, Saturn and Saab will be resolved by the end of this year by either selling them or phasing them out.

One of the funniest comic strips I ever saw was a Get Fuzzy cartoon with the punch line, "You do worse things to plastic than Pontiac."

Still how can anyone that ever had gasoline in their blood stream not be nostalgic for the Trans Am


and the GTO.



And if you live in or are from the city of Pontiac, MI, sharing the name of the company, it has got to hurt.