Working for a dollar a year is a nice gesture, but if they really want to take the companies in a new direction(toward profitability, which they've been veering away from for decades) then the folks in charge need to go. Not just the top dogs, I say everybody with an office gets his or her walking papers. Some of those trapped in the cubicles will step forward with fresh thinking.
The bailout package needs to come with severe oversight from the folks writing the check. You don't like the idea of oversight? Tough titty, little kitty, you asked for the money because you can't stay afloat in the free market you've been so fond of.
Put the EPA in charge of the whole thing. Insist that the way to save the US auto industry is not through raising the CAFE standards. The Big Three have said that Obama's mpg goal of 40 by 2020 is impossible. Other companies around the world already reach that "impossible" goal.
Our auto industry has been passed by the rest of the world. Instead of playing catchup on mileage, we need to become the next fuel leaders.
Ethanol, hydrogen fuel cells, solar, whatever. The internal combustion engine powered on gasoline has run its course. Let's use government oversight of the bailout to bring us back to the forefront of the auto industry.