In a notice published in the specialist journal “Automotive News”, the American manufacturer of vehicles General Motors (GM) admitted that “disappointed” and sometimes “betrayed” U.S. consumers.

The initiative distunes the position that the company was adopting so far, the claim that the company’s executives could not have foreseen the effects of financial crisis on the company.

The text also says that the company found itself facing the risk of running out of money, despite the plan to reduce its spending by more than $ 20 billion. “Unfortunately, like all Americans, we were hit by a storm. Last year, all we had to deal with volatile energy prices, the collapse of U.S. real estate market, the decline of financial institutions, the decline of the stock market and complete freezing of the credit. ”

The memo from GM says the company needs to borrow the money of taxpayers, because if running out of money, will not pay bills, maintain its operations and investing in technology.

“A collapse of GM and the domestic auto industry will accelerate the downward spiral of an already anemic U.S. economy. This will be devastating for all Americans, not just for those who have a part in GM: it will bring millions of American jobs at risk and further deepen the recession” says the text.

Via: Yahoo News.