GM CEO Says He'll Work For $1

General Motors says $12 million will keep compnay operating. The CEO says he doesn't need more than a buck a year.

By: Emily Forrester | WKRG-TV
Published: December 02, 2008

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General Motors says it needs $4 billion in
government loans this month and a total of $12 billion by late
March to keep operating. The troubled automaker says it plans to
slash its numbers of workers, vehicle brands and plants by 2012.
Altogether, the auto giant is seeking up to $18 billion in
government funding - including a $6 billion line of credit in case
market conditions worsen.
General Motors Corp. would focus on 4 brands - Chevrolet, GMC,
Buick and Cadillac. By 2012, the plan calls for 20,000 to 30,000
fewer workers, a reduction of nine facilities and 1,750 fewer
dealers.
GM CEO Rick Wagoner is offering to work for a dollar a year and
top executives will take major pay cuts.