The plan pumps $13.4 billion by mid-January into the companies from the fund that Congress authorized to rescue the financial industry. But the two companies have until March 31 to produce a plan for long-term profitability, including concessions from unions, creditors, suppliers and dealers.
In February, another $4 billion will be available for G.M. if the rest of the $700 billion bailout package has been released.
The auto bailout plan sets “targets” rather than concrete requirements about what those concessions may be, meaning that Mr. Obama and his advisers have enormous latitude to decide how to define long-term viability.
While Mr. Obama has broadly insisted that the automakers radically increase the fuel efficiency of their fleets, reduce carbon emissions and save the maximum number of jobs possible, he will have just nine weeks after taking office to press for a detailed transformation of an industry whose problems have been building for three decades.
http://www.gadsdentimes.com/article/20081220/ZNYT01/812203000?Title=Bush_Aids_Detroit__but_Hard_Choices_Wait_for_Obama
For the present however, none of the above matters to the masters of these antedeluvian auto companies. What matters in the here-and-now is the fact that Christmas did indeed come early.
Picture this scenario:
The camera pans a long boardroom table;
At the one end sit the company CEOs, fine cigars in one hand, and drink of choice in the other - well-aged brandy or scotch. They are toasting one another, and they are holding their glasses up to a third figure, at the other end of the table.
The camera moves down the table, to focus on the third member, and we find that it's none other than Dicken's Tiny Tim - who holds up his own glass in toast, saying:
"God Bless Us Everyone!"


I saw a passing reference on the news today (you know that scrolling across the bottom of the screen) that the CEOs of Wall Street and of the Big 3 auto makers made salaries, plus other benefits, bonuses, etc in the past year alone that equalled the US government bailout.