GM's troubles are top-to-bottom. Those that have been taking what they can, while they can, abound throughout the organization, from board member to sweeper. And most all of them know it. Their suppliers have been seeing it for a long time, and aren't surprised, just preparing to hurt worse now that the fan is spewing solids. Sad for America. Caused by Americans.
The very best thing for GM would be bankruptcy. It'd suck to be stockholder or retiree (depending on how the courts divvied up the corpse) but a leaner, better-financed company could spring from the grave of the old corpse. It's time to stop bailing out the losers and let the winners take the field.