Car Talk

Obama Scraps Car Czar Plan

Maybe he's finally had enough of appointments. According to The New York Times, President Obama has dropped his plan to appoint a "car czar" to oversee the auto industry's bailout. Instead, Treasury Secretary Timothy Geithner and National Economic Council chair Larry Summers will oversee a panel charged with the massive revamping project in Detroit. The Times' anonymous source said Ron Bloom, a "restructuring expert" who worked with the troubled steel and airline industries' unions, will be a senior adviser to the Treasury for auto industry issues. GM and Chrysler are scheduled to file their plans for restructuring and cost-cutting—a requirement attached to their bailout loans—by Tuesday.