Obama May Announce Chrysler Bankruptcy Thursday

[85 Cutlass Brougham]

I think the honest truth is that both major parties have betrayed us. Things are being done behind the scenes to set us up for a single, super-national government and currency. It is becoming more out in the open now, but they are using the current financial and health crisis in order to force the public to allow it. In the end, it will be a fascist sort of corporate/government synergy, with the public being essentially a slave workforce subject to "the good of the state" and not the good of the individual. I frankly value the individual over the corporate good, so to me this is a horrible fate we face. Unfortunately, the lemmings do not think too hard and are willing to accept what they are told to think.

BTW, did anyone else catch Obama's quote stating that we should not expect to ever return to the lifestyle we had before the economic collapse? That is a telling little piece of propaganda there if you ask me.

 

[CaStylin]

Adding more information to the break down of whats going where for the chrysler company for those who want to read it.. here is a link tothenews artical posted on yahoo header

And some cliffs note done by a buddy in another fourm

Cliffs

• Blame it on the creditors - President Obama cited Chrysler's creditors' refusal to accept a debt-for-equity swap as the main reason filing for Chapter 11 was the only option left.
• Chrysler divided - 55% will be owned by the Voluntary Employee Beneficiary Association (VEBA), 10% shared proportionally between U.S. and Canadian governments, 20% owned by Fiat.
• Fiat's got goals - Remaining 15% of company will be distributed to Fiat in three 5% increments for meeting the following goals: creating U.S.-built 40-mpg vehicle platform, providing a U.S.-built fuel-efficient engine family and giving Chrysler access to global distribution network.
• Nardelli nixed - Current Chrysler CEO Robert Nardelli will leave after the alliance with Fiat is completed and the company emerges from bankruptcy, though he has stated that he was not asked to leave.
• GMAC gets the job - Chrysler Financial has been replaced by GMAC as Chrysler's preferred lender for wholesale and retail transactions.
• In-and-Out - Chrysler and the U.S. Auto Task Force estimate the company will emerge from bankruptcy in 30 to 60 days.
• Business as usual - Chrysler will largely run as normal in the interim, being funded by government-backed debtor-in-possession financing; warranties will be honored, suppliers paid and dealers supplied with inventory, but no new vehicles will be built until bankruptcy terms are finalized.

Over all i see fiats only getting 35% or 40% which is less then i orginaly thought... I also see that fiat got rid of the Chrysler CEO as a condition of investment

 

[pontiacgp]

I think the honest truth is that both major parties have betrayed us.

I think this waste of taxpayers money falls solely on the backs of the Democrats....it was Obama and other democrats to force the start of sub-prime loans .....when the auto industry crashed Bush put the plan that Obama wasnted forward and the Democratic house passed the bill.....and only a couple of months ago Obama used scare tactics with the people and got the Democrat controlled house to pass it.....now Obama is saying it's a great thing that Chrysler is filing bankruptcy...what is he doing being the spokesman for a private company anyhow...and what about all those supply businesses that loose millions due to the bankruptcy, Obama doesn't say anything about that...meanwhile the unions since they are a secured creditor get 50%........oh and say goodbye to the $4 billlion Obama has already given Chrysler...

 

[Tony_SS]

For those who don't know, John Elkann, Vice Chairman of Fiat S.p.A. was an attendee last year at Bilderberg.

For those who don't know what Bilderberg is... google it!

To be fair so was the Texas governor was also (or was that in 07 :?... really i don’t remember), and in the recent past officials from BP and Halliburton have been seen... but i guess Halliburton can’t be really consider a US company since they officially moved there head quarters and most if its labor forces from Houston to the middle east

So what's your point? It's a big wig club with worldwide members from all walks. There's 100's of attendees every year. And the TX governor can go suck eggs with his fake patriot talk. Side issue though.

I think you hit it right nail on the head of the point was trying to make... attendance does not mean very much, so the fact fiat attended did not give Fiat the upper hand in the buying of the fallen company.

To the contrary, the fact that the Fiat chairman is a Bilderberg attendee is in fact reason for concern and raises a flag, just like every other personwho attends, they're all suspect. Just not the ones that you brought up pertaining to this discussion. The others are suspect for completely different issues. Nice try though.

If I had to guess, I'd say that someone owed someone (or is going to) owe someone a favor and their minion Obama is making it happen. And he can do so, seeing that Chrysler did in fact accept the bailout funds.

However, I would like to know exactly where in the Constitution it gives the president powers to replace a CEO of a private company and/or force a company into a merger or bankruptcy.