GM’s CEO Rick Wagoner is ready to admit and show remorse of wrongdoings if Congress demands it in exchange for at least $34 billion in federal loans for the Detroit Big 3.
“We made mistakes,” Wagoner told the Senate Banking Committee today, reports Automotive News.
He said that GM made many decision that may have seemed “right for the time,” but failed to build flexibility into its operations. Wagoner admitted that the General did not move fast enough to invest in its compact and fuel-efficient vehicle operations.
Wagoner said that the Big 3 have learned a lot from last month’s heated hearings after their request for loans and said that the process triggered an internal review of GM’s operations. GM is requesting a total of $18 billion in loans and CEO Wagoner has accepted to take a $1 a year salary and has agreed to forgo perks such as paid time-off and post-retirement health-car.