General Motors Corp. (GM) posted a $9.6 billion fourth-quarter loss and said it burned through $6.2 billion of cash in the last three months of 2008.

General Motors Corp.’s Swedish-based subsidiary Saab went into court protection from creditors Friday so the unit can be spun off or sold by its struggling U.S. parent.

Are GM shareholders already giving up on the stock and assuming General Motors is going bankrupt?

With no set concessions made by either debt holders or the UAW the auto makers are ever closer to bankruptcy. Restructuring plans are due today.

Even with the slowdown in advertising the Super Bowl this Sunday is set to post a record for advertising sales.

Discussions continue to flare tensions in Washington over what will happen to the US automakers. GM CEO Rick Wagoner received a 33% pay raise for 2008 yet still pleads for government help.

Both GM (GM) and Ford (F) released earnings today and the results were staggering. Everyone thought that $1 billion per month was GM’s burn rate. Guess again. Cash problems were finally admitted, and it’s about time.