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Auto bailout includes transit agency protections controversy
Washington reports that a $14 billion auto rescue would backstop transit systems via federal guarantees for complex sale and lease deals. Critics note tax-advantaged LILO schemes benefited banks, not riders, while transit groups warn defaults could cripple rail and bus services nationwide.
MENTIONED IN THIS ARTICLE
Washington
U.S
Congress
Senate Finance Committee
Max Baucus
D-Mont
Baucus
Charles Grassley
Iowa
Baucus and Grassley
House Transportation Committee
Jim Oberstar
D-Minn
John Mica
Florida
Highways and Transit Panel
Peter DeFazio
D-Ore
American Public Transportation Association
William W. Millar
Federal Transit Administration
Millar
Internal Revenue Service
American International Group Inc
AIG
D.C