U.S. Is Said to Prepare Filing for Chrysler Bankruptcy

The New York Times ^ | April 23, 2009 | By MICHELINE MAYNARD and MICHAEL J. de la MERCED

[MortMan]

The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler ...

Words fail me... Treasury - the GOSHDARN MOTHER-PUSS-BUCKET SUMNABATCH GOVERNMENT - is custom designing bankruptcy for a freaking company?!?

[TSgt]

I don’t know how many more job losses we can absorb and still climb out of this mess.

I expected 10% unemployment by the end of the year...it's looking more like 15% by the day...

Not good for sure...

[nyconse]

Fiat will buy/take over Chrysler.

[org.whodat]

Have you read the plan?

Maybe you have a link to it since you read it!!

[Vaquero]

FUBO

[nyconse]

I’m thinking this also. We bail out all sorts of companies-banks, autos, suppliers...but still people are getting laid off.

[iopscusa]

This smells very stinky...it should be called the UAW Pay for Play, the Chitown Way. And where does the US Treasury find that $5 BILLION to dump into the UAW Pension Funds, oh right from the US Taxpayers who have refused to buy the crappy Chrysler products produced by the UAW thieves.

[LizardQueen]

The UAW parasites have finally killed their host and are now latching on to the US taxpayer.

LQ

[TurtleUp]

How about Chrysler itself, did 0 discuss this with them at all? Or better yet, have they discussed it with the American people...

Your questions make no sense. Obama is Chrysler, the new, improved, neosocialist Chrysler, so he doesn't have to discuss it with anyone else. Didn't you learn about the efficiency of national socialism when you studied history?

As for discussing this with the American people, he doesn't need to. He won. Obama and Pelosi tell us what we will do, and our place is to obey, not to question our betters. I think maybe you need a bit of re-education.

How'd I do? Am I ready for a leadership post in Obama's civilian forces?

[TChris]

Chapter 11 is a good sign.

Perhaps they can slice off thick slabs of UAW fat from the business plan.

[TSgt]

And now there will be the bailed out and those that paid for the bail-outs and then lost their jobs.

Not good for American civility if you ask me…

[Big_Monkey]

Bingo.

This pre-packaged bankruptcy is just this side of fascism. When the government reaches their hand into the wallets of taxpayers to subsidies a company (only because that company employs a massive DNC lobby), it's fascism.

[TSgt]

And the taxpayer payeth and then payeth some more and so goes their children and grandchildren if we still have a country by then...

[MeanWestTexan]

Bush? Carter should have let it go down the drain in 1977.

[AceMineral]

I have a dime.

[Anti-Bubba182]

They will be back at the trough again.

[nyconse]

I was just reading details...half the legacy will be stock given to union and the other half will come from Chrysler profits or from government...it was on HuffPO.

[nyconse]

My husband works for GM as some of you know...the plant is horrible right now...people who are getting laid off vs those who are not, some forcing out of the plus 40 crowd and younger workers vs older workers...it’s not pretty and that’s one plant.

[DTogo]

The Treasury has an agreement in principle with the United Automobile Workers union, whose members’ pensions and retiree health care benefits would be protected...

Protect by who, the Taxpayer? Wonder if the bankruptcy judge could nullify this "agreement in principle" anyway.

If the taxpayer is on the hook any further just to support the UAW, there should be a nationwide tax revolt.

UAW = AIG

[tc45a]

The accomplishments of Obama's first 100 days continue to mount...

Chrysler was in deep do do way before obama was even nominated. As another poster mentioned they should have declared bankruptcy last year.