That's soothing BS. Any large organization, like any military or government, tries to look ahead and plan for possible scenarios. Somewhere in GM's most secret filing cabinet, at the very top of the Renaissance Center, is a stack of paper marked "bankruptcy Plan".
Wagoner said unlike the airline industry, where some bankruptcy filings haven't had a big affect on business, even speculating about bankruptcy hurts the auto business.
"When you're buying a car it's a very different thing," Wagoner said. "It's a massive financial commitment. You expect to own it for a long time, and (bankruptcy) is something that's going to have an impact in the consumer's mind."
However, it is true that a bankruptcy from a company the size of GM would be devastating, economically, to many people, and to GM as well. Billions of dollars of investment would be wiped out, and numerous suppliers as well. The amount of goodwill that GM would lose would be enormous.