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Rescue plans for carmakers under fire

Posted Thursday, Jun 18, 2009, 3:10 pm in Employee News

Members of Congress, on separate fronts Wednesday, took new aim at the government-led restructuring of General Motors Corp. and Chrysler Group LLC, demanding additional restrictions on the two ailing automakers, The Detroit News reported.

Sen. Bob Corker, R-Tenn., a frequent critic of Obama administration auto policy, said he will propose giving control over the government’s stake in GM and other companies part-owned by the government to an independent board, the News said. And a Michigan lawmaker, Rep. Pete Hoekstra, R-Holland, leveled sharp criticism of the two companies’ controversial dealership closings, the paper reported.

Corker and Sen. Mark Warner, D-Va., issued what they called a bipartisan effort to address that issue and protect taxpayers by putting an independent, three-member board in control of any government ownership stake of 20 percent or more in bailed-out companies, the paper said. Right now, that would apply to GM—the government has a 60.8 percent stake in the automaker—and financial giants AIG and Citigroup, the story said. (The Detroit News)
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