My Zen Arcade

Great…

The government wants the automakers reduce their debt load
by two-thirds via a debt for equity exchange with current bondholders
and get the United Auto Workers union to agree to wages and work rules
competitive with non-union plants operated by Asian auto manufacturers
by the end of next year.

In addition, the government is calling for GM and Chrysler to use
their stock to pay for half the funds needed to cover future retiree
health care expenses, which will be paid by union-controlled trust
funds, rather than the automakers themselves, starting in 2010.

But there is flexibility for the companies and the incoming Obama
administration to allow the loans to continue even if these targets
are not reached, as long as GM and Chrysler can provide an explanation
as to why they are viable without hitting those
targets.

So, just like with the banks, there’s no real accountability.
Goodie. That has worked pretty well, so far.