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$15 Billion And A 'Car Czar'

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The Tampa Tribune

Published: December 9, 2008

Updated: 12/09/2008 12:34 am

A bailout plan designed to force General Motors, Chrysler and Ford to become more financially viable without risking too much taxpayer money was submitted to the White House on Monday. Here's a look at the plan:

•The proposal is to give the Big Three $15 billion immediately.

•An overseer would write guidelines, due on the first of the year, for restructuring the automakers.

•The companies - along with workers, bondholders, shareholders and others - would have to agree to restructuring plans negotiated by a monitor by March 31 or there would be no additional money.

•The companies would have to open their books to the government, including informing the overseer of any transaction of $25 million or more and any "material change" in their financial condition.

•The automakers would be required to get rid of their corporate jets, which became a potent symbol of the industry's ineptitude when the CEOs used them for their initial trips to Washington to plead for government aid.

The Associated Press and Los Angeles Times

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