Sen Nelson to Detroit 3: You can have the money, but you're fired

Senator Nelson is on record now saying that any cash the Detroit automakers get will come with a very big string attached:

Sen. Bill Nelson of Florida said a $25 billion bailout of the industry may be necessary given the state of the economy but it must be conditioned on the loans being paid back and the senior management of General Motors, Ford Motor Co. and Chrysler LLC being removed.

He said there needs to be assurances the money is being used to create a new, sustainable auto industry in the U.S. and that means “new eyes, new ears to steer us out of this mess.”

Nelson also said executive compensation must be limited, sweetheart deals for retiring or departing executives curtailed and a halt to dividends while the companies are still losing money.

- excerpt from: "Sen. Nelson: New auto leadership should be among loan conditions", Detroit Free Press, 2008.


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