Saturday Night Live has been on a roll of late, with a string of strong skits centered around the Presidential election and the ongoing financial crisis. So it was only a matter of time before SNL took on the auto industry to task, using last week's Congressional hearings as the backdrop. As one might expect, SNL writers showed no mercy for Allan Mulally, Bob Nardelli, and Rick Wagoner, and Congress didn't look too bright, either. The omnipresent joke of the entire eight-minute skit was a long, consistent shot at the quality of Detroit 3 products. Even though it's an obvious exaggeration, we're guessing the shots are a sure-fire sign that commercials touting the quality improvements at Ford and GM have fallen on deaf ears. Hit the jump to view SNL's latest.

General Motors' CEO, Rick Wagoner, who's been manning the helm for the last eight years and a part of its staff since 1977, has taken some heat for asking the Feds for a bailout. A possible condition for those funds may be the symbolic sacrificial death of its current leader, according to a slew of analysts polled by Bloomberg. Whether true of false, there seems to be a sense that the CEOs of U.S. automakers are some of "the dumbest people in the world," according to ex-Chrysler prez. Thomas Stallkamp. Ouch. Ford has stated that it doesn't need a bailout and Chrysler is actively looking for partners to keep itself alive.

Due to deteriorating market conditions and a dire cash crunch, General Motors CEO Rick Wagoner will be announcing "important changes" during his company's 3rd quarter earnings report on Friday at 11AM EST The Detroit News obtained an executive level email that foretells the bad news ahead but doesn't go into specifics regarding what actions the General will take. Wagoner did, however, send out an earlier email that stated cuts were necessary. Some cutbacks on the table include both voluntary and involuntary salary layoffs and the loss of certain benefits like 401k matching. GM spokesman Tom Wilkinson verified that change was coming by saying that the struggling automaker would need to make "additional adjustments."

Over the past few weeks, we've heard how badly Detroit automakers needed $25 billion in government-backed loans, but very few of us know exactly who gets the money. GM CEO Rick Wagoner got in front of a camera to answer some of those questions, and to talk about some of the challenges the General faces. Some of the interesting comments from slick Rick include the fact that the $25 billion is available to all automakers and suppliers that invest in the US, not just the Detroit companies. Wagoner also explains that the loan money was part of the bill passed in 2007 to increase fuel economy by 40% over the next decade, and not just some handout from Washington. Hit the jump to view the video.

At a press conference on Thursday, shortly after announcing plans for a new engine plant in Flint, Michigan, General Motors CEO Rick Wagoner said his employer, "should be able to put to good use its portion of a $25 billion government loan package."

General Motors CEO, Rick Wagoner, mentioned in passing that several parties have expressed interest in purchasing HUMMER and that GM is moving as quickly as possible to seal the deal. "We have some interested buyers," Wagoner told reports while attending the opening of a new GM engineering and development center.

The sale of HUMMER would help fund GM's attempt to boost liquidity to the tune of $15 billion by the end of 2009. Other brands could be cut or paired down, but Wagoner insists that Saab will continue to soldier on. "Saab is a critical part of our European portfolio and has the potential to be quite a good moneymaker for us." He went on to say that the next Saab will be built in North America, although it wasn't divulged what model would be produced or where.

An article in the Atlantic Monthly examines the genesis and gestation of the Chevy Volt, and concludes with an intriguing mix of potential hits and misses. Calling the Volt "the Barack Obama of automobiles-everyone's hope for change," even the Atlantic Monthly knows that this car currently means more to GM and perhaps the U.S. car buying public than anything else. There is a huge amount of emotion behind the Volt, and not all of it is supportive.

Considering the sorry state of financial affairs that GM appears to be in, it seems extremely unsurprising that the board would like to see some big changes made at the very top of the company. What is a little shocking, though, is just how soundly the specific proposals were rejected. For instance, a proposal sponsored by John Chevedden of Redondo Beach, California, which would have given shareholders an annual advisory vote on executive compensation and pay, found less than 38-percent of voters in support.