On course or rushing down a dead end?

You’ve got to take your hat off to General Motors. At the end of last month the embattled US auto company raised about $47 billion. The banks stumped up $29.5 billion in syndicated loans, bond market investors handed over $13.5 billion, and a $4 billion convertible bond accounted for the rest. Proceeds from the bonds and convertibles were explicitly earmarked for sorting out GM’s pension fund liabilities.

That GM needed to do something is beyond question.