Chrysler Is Going To File For Bankruptcy Today

[Lee]

Looks like the talks they have been having with the treasury department have broken down and Chrysler will have to file bankruptcy before Midnight tonight, this could be the first large auto manufacturer to close its door.

Regards,

Lee

[TwinkTime]

Well, true enough, they filed under Chapter 11. I don't know what benefits they expect to get out of a deal with Fiat, but it looks like that's what everyone is relying on. Having worked for a Fiat dealership (way back when) I don't see that as a step forward, but I guess only time will tell. But as I said back in 1980 when Chrysler was in trouble, I can't imagine the feds allowing Chrysler (or GM or Ford, for that matter) to go under. There are WAY too many people who make their living either at dealerships, assembly plants, suppliers, transport companies, tire manufacturers, etc etc for the feds to actually let one of the big three take such a dump. At some point, they are simply gonna HAVE to help out. If the feds can support theives like AIG, then they simply have to support major manufacturing as well.......