Just saw on the Dow Jones Newswire that some sort of agreement has been made for Chrysler to enter Chapter 11 Bankruptcy. Not sure if the deal was struck between the company and auto-task force and with the bondholders or the company/auto-task force and the UAW. More to come.
UPDATE: Just as I was to hit the post button, CNBC is now reporting the same thing. CNBC (and now updated Dow Jones Newswire) is that it is a deal between the Treasury and the UAW. It will be a prepackaged bankruptcy.
FIAT a bust
then. On top of it, I saw another report that FIAT is going after GM "best" cars and jilted Chrysler.
This is beyond belief bad. Can you imagine what the U.S. will look like without an auto industry (if you want to call Ford an auto industry)?
Now, Now
We Still have Tesla
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Executive compensation is inversely proportional to morality and ethics.
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Maximum jobs, not maximum profits.
prepackaged bankruptcy
Are any of the terms disclosed? How exactly they do this makes all the difference.
New York Times:
So, I was wrong about Fiat and the workers aren't going to get royally screwed (we think, that would be unusual!)
Might be a way to simply get out of the incredible debt?
So where is the bailout money going?
www.motorauthority.com/despite-troubles-at-home-chryslers-overseas-sales-on-track.html
Dana
Globalization is a LIE!
Dana
Globalization is a LIE!