General Motor's (GM) CEO, Wagoner, Addresses Capitol Hill

General Motor's (NYSE: GM) CEO, Wagoner, addresses Capitol Hill.

Wagoner says the company has learned from its past contribution and mistakes and has developed a strong plan going forward. Wagoner says he wants to keep 'In-line' the goals of the company and country.

Some key points in the plan include: Cost alignment, renewed interest in new technologies, reduction in brands, cost reductions, working with the UAW for labor competitiveness, and suspension in dividend and extra corporate compensation.

Wagoner is requesting an immediate $4 billion loan, along with an additional $4 billion in January. He says repayment would start in 2011 and be fully paid by 2012.

General Motors Corporation (GM) is engaged in the worldwide development, production and marketing of cars, trucks and parts. [SM]

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