How can General Motors seriously consider bankruptcy?

It's not at all reassuring to hear that directors of General Motors Corp. are considering declaring bankruptcy if efforts to secure billions of dollars in subsidies from U.S. taxpayers prove unsuccessful. The ramifications for the U.S. economy would be dire, since the largest U.S. automaker employs thousands of people and has spawned entire industries of suppliers. But the implications would be even worse, since it seems nearly impossible that a multibillion-dollar corporation with partners and affiliates across the world should be caught unable to keep its doors open. Yet, in a statement released Friday, members of GM's board said a bankruptcy filing was still an option for the company that has seen its share price drop from $42 last year to $3 Friday, according to the Wall Street Journal. What's worse, the board's statement seemingly contradicted comments by Chairman and Chief Executive Rick Wagoner, who told Congress this week that GM management does not consider bankruptcy a viable option. In other words, GM management and directors don't know what they're doing. And that figures, considering how they drove what was the world's most powerful automaker to the brink of collapse. GM spokesman Tony Cervone told the Wall Street Journal that the company would do everything in its power to avoid bankruptcy. The automaker is said to be spending $5 billion a month to keep operating and will be out of cash in a few months.