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Thursday, April 30, 2009

Chrysler to Merge with Fiat (and the American Taxpayer)

President Obama today announced struggling auto giant Chrysler would file for Chapter 11 bankruptcy. As part of the process, he pledged another 8 billion taxpayer dollars, and outlined early plans to merge America’s third largest auto manufacturer with the Italian car company Fiat, in a last ditch effort to save the company.

While criticizing Chrysler for failing to, “adapt to the future [while] designing and building cars that were less popular, less reliable and less fuel efficient than foreign competitors” the President blasted Chrysler’s creditors for failing to “work” with the administration to prevent today’s announcement.

Chrysler CEO Robert Nardelli announced his intention to resign his position after the company emerges from Chapter 11, which is expected to be sometime in the next 60 to 90 days. The AP reports the “government will be an investor in the revamped Chrysler and will help choose its new directors[.]”

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