Why one man, when we can waste money on a new agency?

[OriginalWheelman]

http://www.google.com/hostedne...I-2Ig

WASHINGTON (AFP) — President Barack Obama will not now entrust a "car czar" with restructuring US auto giants but will launch a presidential task force on the crippled industry, an administration official said.

Treasury Secretary Timothy Geithner and White House economic advisor Lawrence Summers will oversee the task force, the official said, a day before General Motors and Chrysler must submit restructuring plans to the government.

The administration will also bring on Ron Bloom, a renowned restructuring expert to work at the Treasury, but the administration will not pick one single official to oversee the ailing "Big Three" auto giants.

"There will be no 'car czar,'" the official said, on condition of anonymity.

The task force will encompass a string of US government agencies including the departments of Treasury, labor, transportation, commerce and energy, as well as White House energy and economics officials.

Geithner will also be tasked with overseeing 17.4 billion dollars in federal bailout agreements between the automakers and the US government, under the plan.

Can he even do that? Wasn't this a bill that had to be passed by congress? How can he just change it at the drop of a hat?

[audtatious]

Cuz he's Obama, a Democrat (and NOT Bush)

[480sx]

Its really exactly what we need, more government.

[OriginalWheelman]

Its really exactly what we need, more government.

Before I respond, please indicate if you were sarcastic of serious.

http://www.dailytech.com/Repor...7.htm

This article added some new info.

A special panel will now reportedly monitor the distribution of loans and try to work with the automakers to help them regain viability. This panel will be led by the U.S. Treasury Secretary, Timothy F. Geithner, and the chairman of the National Economic Council, Lawrence H. Summers. Ron Bloom, a restructuring expert who has advised the labor unions in the troubled steel and airline industries is also expected to be named a senior advisor to the panel, according to sources. Mr. Bloom served as an “in-house” banker for the steel workers’ union, thus he brings valuable credibility to negotiations with both the UAW and the auto company's debtors.

The new panel will be called the Presidential Task Force on Autos. Top officials from multiple agencies including the Treasury, labor, transportation, commerce, and energy departments will be tapped for positions.

President Obama is reportedly reserving the final decision about letting the automakers go bankrupt to himself. Sources say he has not ruled out a controlled bankruptcy as a means of turning the automakers around. David Axlerod, a key advisor, alluded to the possibility of bankruptcy on NBC's Meet the Press this weekend, stating, "We’re going to need a restructuring of these companies. (Which would) require sacrifice not just from the auto workers but also from creditors, from shareholders and the executives who run the company."

[480sx]

[liquid_cool]

dude..no one wants this job..thats why there is no ONE guy or gal..noone wants to get the finger pointed at em when the big automakers fail and flounder..they want to stay as far away as possible...as would i...let obama have and eat that cake too!