US Auto Industry "Changes", Please Help Me Understand!

I just read about the US Govm't firing the GM's CEO then establishing some sort of consortium that will judge where the "US auto industry" is going (all, of course, heads of some federal bureau or another).

My question is: How does the government have the "right" to do this? BEFORE YOU ANSWER, I already agree with all posts saying they DON'T have the right. But more realistically, by what power are they claiming they have this power? Did I miss were the "big 3" took federal bailout money and this is now the justification for the takeover? Or is Obama and supporters just "preemptive striking" this one?

This is not a thread to troll or drum up any rhetoric. I think MOST of us are on the same page as far as Constitutionality/Big Gov't stances. I just would like to know where I missed a vital step of theirs in the socialization of yet another American industry.