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Chrysler files for bankruptcy
In remarks at the White House, President Obama said that the bankruptcy filing is not a failure for the company but "one more step on the path to Chrysler's revival."
As a result of that deal, the UAW will own 55% of Chrysler. Fiat will own a 20% stake with the option of increasing it to 35%. The U.S. government will own 8% and Canada will have a 2% stake.
So the decision what type of cars to design and make is up to Fiat, the world's specialists on "subcompact" cars. The invasion of small cars from overseas was always opportunistic when OPEC misbehaved or so, but large-butted Americans never liked the ride. The next time around, the union of Chrysler-Fiat-Lean Cousine could strike gold.
Coming to the freeway near you:
Originally posted by jsobecky
When the bailout bill was being shoved down our throats, we were told that it was necessary because the auto industry was "too big to fail". If we let things take their natural course, it would be "catastrophic", or so Obama told us.
So we pumped tens of $billions$ of dollars into GM and Chrysler. And guess what? They *STILL* failed.
Wasted money. We shoulda let them go bankrupt much earlier.
Originally posted by dashen
Now what I'd like to see is the new Hummer-Twinkie-Dunkin Donuts concept car.
Originally posted by justsomeboreddude
reply to post by stander
How does the UAW end up with a 55% take. Did they put a bunch of money up? I heard on the radio that the people are still going to get their pensions. I thought when you filed bankruptcy you wiped all that stuff out. This is a freaking mess.
Q: What role is the government taking in the case?
A: The government's role in the case is unprecedented in bankruptcy history, according to Skeel.
Communism Pronunciation [kom-yuh-niz-uhm]
1. a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.
2. (often initial capital letter) a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.