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Nelson calls for the Big 3 to bow out

Bill Nelson says the auto chiefs begging for a $25 billion loan should step down -- after telling Congress how they'd structure a bailout.

"We want to see a plan that doesn't say that it's pouring it down a rat hole, that the people are going to lose their taxpayer money," Nelson said this morning on MSNBC. "We want to see a plan that has those executives leaving their positions. They're the ones that got us in the first place. Where are the Lee Iacoccas today? I voted on that Chrysler bailout decades ago, but that's when Chrysler had a real leader. Where are the leaders? So they ought to go."

"Mr. Wagoner, Mr. Mulally?" the interviewer asked. "Absolutely," Nelson replied, adding he also wants the car makers to pledge to develop cars that get 50 miles per gallon by 2020.