Today, General Motors Corp. (NYSE:GM) announced in a public statement its plans to combat its falling sales brought on by high fuel prices and the poor economic environment. In order to do this, GM suspended its stock dividend, for the first time since 1922, and plans to cut its salaried work force costs by 20%. The company also hopes to raise $15 billion in the next year and a half by selling some of its non-essential assets and taking out new bank loans. The dividend suspension and proposed job cuts are part of $10 billion worth of expense cuts the company announced today.

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