Published on Monday, November 17, 2008
By Daily Bulletin Staff Writer
WASHINGTON - Democrats and Republicans alike want to impose stiff conditions on any bailout of the auto industry, from limiting executive compensation and outlawing dividends to demanding union concessions.
That's a sharp contrast to the big bank bailout, in which Congress and the Bush administration set few restrictions.
Under the $700 billion financial rescue plan enacted last month, some large banks were even pressured by the administration into accepting money they didn't need or particularly want.
Some banks hoarded the money rather than making new loans. The nation's financial arteries remained clogged.
Loans are still hard to get and home-mortgage rates have barely budged. Then the Treasury Department did an about face and announced it was abandoning the original plan to buy bad mortgages and other toxic assets and was investing taxpayer money directly in banks and other financial institutions instead
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