Democrat: Gov't could revoke auto bailout loans | KXNet.com North Dakota News
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Democrat: Gov't could revoke auto bailout loansNov 17 2008 7:30PM
Associated Press By JULIE HIRSCHFELD DAVIS Associated Press Writer Washington (AP) A Key Democrat says a House auto industry bailout would require that U.S. automakers immediately repay $25 billion in government loans next year if they can't show they're financially viable. Rep. Barney Frank, D-Mass., who is drafting the plan, said it would forbid the carmakers from paying dividends or giving bonuses to executives making more than $250,000 a year while they're using the government lifeline. Frank told CNN that lawmakers want a plan that will show that the companies are viable and that the money should be repaid if they aren't viable. A Senate measure contains no such provision. (Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 11-17-08 1920CST |
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