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GM CEO Thanks The President

(AP)
Following President Bush's announcement that his administration would loan the automakers over $17 billion to keep them from collapse, General Motors CEO Rick Wagoner gave a press conference to thank the president and others and begin to explain their turnaround plan.

"On behalf of the entire GM team, I want to thank the administration for extending a financial bridge to the US auto industry and to our nation's economy," Wagoner said. "This action will help to preserve many jobs and support the continued operation of GM and the many suppliers dealers, and small businesses across the country that depend on our industry."

Wagoner said he the company had some big steps to take but he was confident the car company could meet the demands of the package to prove they are viable by March 31.

On the question of whether he should remain at the helm of the company, Wagoner said he "absolutely" wants to stay on. You might remember that a few weeks ago Sen. Chris Dodd, chairman of the Senate Banking Committee, said on Face The Nation that Wagoner and others should be replaced as a condition of federal aid. (

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"You think I would have gone through what I've gone through in the last two months is I didn't want to stay? If I didn't think this was important work?" Wagoner added.

As for reaction from the other automakers, Chrysler CEO Bob Nardelli also thanked the administration for the help in a statement and said the company would meet the requirements of the loan.

"The receipt of this loan means Chrysler can continue to pursue its vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again," the statement said.

Ford reiterated an earlier statement that they will not seek aid from this package, but desired the aid be given to the other Detroit giants in order to stabilize the industry.

You can read more on the bailout plan and reaction here.

You can see the basic details from the White House plan here.

And here are the exact terms of the loans as given by the Treasury to car companies (PDF): GM | Chrysler

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