BAILOUT DETAILS
How the $17.4 billion breaks down: General Motors will $9.4 billion and Chrysler will get $4 billion. They expect to get the first money by Dec. 29. GM would get another $4 billion in February, contingent upon the release of the second half of the $700 billion bailout plan.
What the tradeoff? Automakers must accept limits on executive compensation, eliminate corporate jets and allow the government to examine their books. The government has the power to block transactions of $100 million or more.
Restructuring required: The companies must prove they have become viable by March 31 or they will be required to repay the loans.
What about the union? The United Auto Workers will be asked to make wages comparable with those at nonunion U.S. plants owned by foreign automakers by Dec. 31, 2009 -- a condition that derailed bipartisan bailout legislation a week ago.
