Senate Testimony Begins with GM's Rick Wagoner

The chief executives of Detroit's Big Three automakers -- GM's Rick Wagoner, Ford's Alan Mulally and Chrysler's Bob Nardelli -- are just begining their testimony before Sen. Chris Dodd's (D-Conn.) banking committee, as the auto magnates ask for $34 billion in direct loans to stay in business.

We'll highlight the testimony they plan to deliver, starting with Wagoner. You can read his entire testimony here:

-- "We made decisions that were right for the times," Wagoner plans to say. "But we made mistakes, as well, such as failing to build sufficient flexibility into our operations, and not moving fast enough to invest in smaller, more fuel-efficient vehicles for the U.S. market."

-- He will promise "full labor competitiveness" with foreign automakers by 2012.

-- Wants: An immediate loan of $4 billion, a second $4 billion in January, for a total of $12 billion in short-term loans and an additional $6 billion line of credit.

-- Frank Ahrens
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