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Comptroller: Big Three, Union 'Concessions' Needed

Gene Dodaro, the acting U.S. comptroller general, is testifying before Sen. Chris Dodd's (D-Conn.) Banking committee, and said that if Congress determines that the Big Three automakers get financial help -- some $30 billion in bridge loans -- there need to be "concessions" on all sides.

Dodaro said those concessions need to come from management, labor, suppliers, creditors and so on.

Yesterday, the United Auto Workers said it is willing to make concessions to the Big Three short of reworking the current contract.

Dodaro also said an oversight board should be set up to oversee the doling out of federal money to the Big Three and suggested it should come in installments, which the Big Three does not want to hear.

Dodaro also said the Treasury has the authority to help the automakers out of its $700 billion rescue/bailout plan, a strategy that Congress has been encouraging the administration to take with no success.

-- Frank Ahrens

By Frank Ahrens  |  December 4, 2008; 11:01 AM ET
Categories:  The Ticker  | Tags: automakers, bailout  
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