Senate Democrats Propose $25B Auto Bailout Bill; Limits On Executive Pay and Bans Dividends

Senate Democrats proposed and auto bailout bill. The bill will provide $25 billion in loans to automakers, with 5% interest in first five year and 9% thereafter.

The bill also mandates limits on senior executive pay, bans bonuses for executives making more than $250,000.

The bill also bans dividend payments during the period of loan repayments.

Stocks: GM (NYSE: GM), Ford (NYSE: F), Lear (NYSE: LEA), American Axle & Manufacturing Holdings Inc. (AXL), Magna (NYSE: MGA).

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