General Motors Corp. may turn to salaried job cuts, as well as more extreme measures such as shelving a brand or borrowing from the UAW, to stanch North American losses in this year’s sinking auto industry, according to reports. The company isn’t commenting.

After falling to a half-century low last week, GM shares jumped Monday morning on a Wall Street Journal report about the possibility of job cuts and brand sales. But the shares fell back to a modest gain when spokespeople declined to comment on the job cuts and denied that any brand other than Hummer was under strategic review.

GM Chairman and CEO Rick Wagoner announced June 3 that the company is considering “all options” for the brand.

But GM has many options.

The automaker may be able to raise $5 billion to $6 billion from banks and another $6 billion by persuading the UAW to let it borrow some money pledged to a retiree health care fund, Brian Johnson, a New York-based Lehman Brothers Inc. analyst, said Monday.

NOW, that last statement is the one I zeroed in on…the Corporation will go to the Union, it has spent so much time trying to destroy, and ask for money, a loan.  Here is the chance to get even.  But will they?