A Look at the Auto Bridge Loan Plan
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Here's a copy of the draft plan. It closely resembles what we've been hearing: the designation of an "auto czar" (AC--though it is called a President's Designee) who will dispense funds to those auto companies that need it, with the requirement that by March 31, the companies restructure with the oversight of the AC. The AC is empowered to assist in negotiations with retirees, unions, dealers, and creditors right now, but can come back to Congress and ask for more authority if need be (presumably, in case this person had to make bankruptcy court type decisions). The taxpayers get warrants and or a piece of Cerberus in exchange for their trouble.
Note, the AC must be picked by the first of the year. In other words, George Bush, not Barack Obama, will get to choose the AC.
Here are the other interesting details: