While the nation's attention was focused on that other bailout, Congress and the President awarded automakers $25 billion in taxpayer-subsidized loan guarantees. The money is supposed to pay for up to 30% of the costs of retooling factories to make vehicles that get at least 25% better gas mileage than similar cars.
But this auto industry salvage package lacks some of the features of the Wall Street bailout. There is no financial equity for taxpayers, no CEO pay caps. And...
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