Toyota Takeover Could Save GM

Analysis: Toyota Takeover Could Save GM

In his prepared remarks before the Senate Banking Committee on Thursday, General Motors CEO Rick Wagoner Jr. spoke of the urgent need for federal assistance for the Big Three U.S. automakers.

Wagoner insisted that such funding is not only necessary for GM, but vital to the U.S. economy as well. He specifically requested that the federal government make available $12 billion in short-term loans, along with a $6 billion line of credit in the event the current severe market downturn persists, with an immediate loan of $4 billion and a second draw of up to $4 billion in January.