With the economy in the doldrums, Barack Obama in the White House, and Elton John releasing a line of crystal encrusted Ipods for charity, it’s suddenly fashionable to talk about “Sacrifice” once more; a trend that senior management at General Motors seems to have picked up on.  Their December 2, 2008 proposal to the Senate Banking Committee calls for sacrifices no less than nine times in twenty four pages from everyone including stake holders, share holders, bond holders, management, senior executives and in one instance, even the GM balance sheet (it has been asked to sacrifice leverage).   That the Company wrangled out $13.4 billion from the TARP suggests an era in which nothing succeeds like sacrifice, but the accompanying term sheet suggests that the time for martyrdom has just begun.

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