Well it looks like Chrysler is filing for bankruptcy, and GM isn’t far behind, despite the billions of dollars we taxpayers graciously bestowed upon them.

Chrysler is up against an April 30 deadline to submit a restructuring plan to the Treasury Department to qualify for more bailout money. The company has already received about $5 billion and is looking for more to keep assembly lines running.
If the company were to seek Chapter 11 protection, the Treasury would likely provide the day-to-day financing it needs to remain in operation, the Times reported. That would include covering commitments to the company’s unionized workers and retirees, giving Chrysler some financial leeway while it hammers out a restructuring plan with its creditors under the supervision of a federal bankruptcy-court judge.

Unfortunately, I think this is only the beginning.  Wait till the banks start falling apart, then things will get really interesting.

This entry was posted on Friday, April 24th, 2009 at 2:18 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.