VIDEO: Wagoner attempts to explain gov't loans to automakers

Over the past few weeks, we've heard how badly Detroit automakers needed $25 billion in government-backed loans, but very few of us know exactly who gets the money. GM CEO Rick Wagoner got in front of a camera to answer some of those questions, and to talk about some of the challenges the General faces. Some of the interesting comments from slick Rick include the fact that the $25 billion is available to all automakers and suppliers that invest in the US, not just the Detroit companies. Wagoner also explains that the loan money was part of the bill passed in 2007 to increase fuel economy by 40% over the next decade, and not just some handout from Washington. Hit the jump to view the video.

[Source: GM Fast Lane]

The video meant to be presented here is no longer available. Sorry for the inconvenience.