Detroit automakers say they'll kick in $26 million for DIA's part of the "grand bargain"
Detroit automakers say they will give $26 million to the Detroit Institute of Arts, to go toward toward the "grand bargain," an effort to hasten Detroit's trip through bankruptcy.
Ford and General Motors will each contribute $10 million and Chrysler offered $6 million.
How the money will be distributed, whether in a lump sum or over the course of 20 years, is still in the air. The DIA says it will raise $100 million toward the grand bargain, and that it has already secured commitments for $70 million
Michigan Radio’s Detroit reporter Sarah Cwiek says automakers and auto families have a long history of supporting the DIA. Cwiek also says there is a subtle, but persistent, expectation that the automakers will contribute because they got a helping hand in the past.
Pensioners are voting whether they want the grand bargain; Cwiek says its not clear if the automakers' contributions will have any effect on the votes.
*Listen to full interview above.