To a degree I support this.
Then again – there is an argument to keep them afloat.
If they are subject to a binding credit constraint, and they would be profitable in the medium term, a loan to GM (at market interest rates) could be good for everyone – especially if they are unable to efficiently sell parts of their captial (eg the learning by doing associated with their workers).
Then again what am I saying – GM won’t be profitable in the medium term. Let them eat cake!
Update: Then again it depends how they do it – this doesn’t sound very good.