Let 'Em Fail
I'm against bailouts all together. Be it banking industry, auto industry, or any other industry. The government is not your safety net. If you can't figure out a way to run a business for profit, then you don't need to be in business. Why should the government prop you up only to see you fail again?
What is really annoying though is automobile CEOs pandering for money, pulling off stupid PR stunts by suddenly using hybrid transportation then doing an about face and saying, "Meh.... we really don't need the money. Buuuut in a couple months, when we DO fail, we want the option to then tap into that government reserve money."
I say let 'em fail.