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May 2009
- Obama's Economic Policies Skirt Abuse of Power
  
  Washington Post | May 14, 09 10:40 AM CDT
  
  (Newser) - It’s easy for President Obama to be a bold leader, given his administration's “careless regard for constitutional values” and burgeoning “tincture of lawlessness,” writes George Will in the Washington Post . Obama is pursuing a dependency agenda, he argues, “maximizing the number of people and institutions dependent on the federal government.” He recently threatened to withhold California’s stimulus money, for example, if the state didn’t reinstate a costly, corrupt program to care for the elderly. More »
- Chrysler Execs Dodge Bailout Pay Caps
  
  Detroit Free Press | May 13, 09 5:52 AM CDT
  
  (Newser) - Bankruptcy documents filed by Chrysler show that the chief executives of the bailed-out automaker will avoid executive pay restrictions—by declaring themselves employees of Fiat. Despite new Treasury rules that cap pay at $500,000 for execs whose firms received "extraordinary assistance," but Chrysler's top officers will be able to take pay from its new Italian owner. The automaker is nevertheless trying to cut 3,500 jobs, reports the Detroit Free Press . More »
- Nascar Fans Lament Chrysler's Decline
  
  Wall Street Journal | May 9, 09 6:59 AM CDT
  
  (Newser) - Chrysler's woes are making the Nascar faithful wistful for the days when Dodges ruled the track, the Wall Street Journal reports. The bankrupt automaker has promised to continue supporting the sport, but it has already cut funding by almost a third this year and its cars are now usually found at the back of the pack. "I'm a Dodge man," one fan said. "It's depressing." More »
- Judge Greenlights Chrysler Auction
  
  Detroit Free Press | May 6, 09 2:21 AM CDT
  
  (Newser) - A bankruptcy judge has given Chrysler approval to auction off most of its assets by May 27, the Detroit Free Press reports. The move—decided over the strenuous objections of some lenders holding Chrysler debt—is the first step toward the auto maker's proposed partnership with Fiat, which has offered some $2 billion for Chrysler's assets. More »
- Fiat Aims for GM's Opel to Forge Huge Carmaker
  
  Wall Street Journal | May 3, 09 8:00 PM CDT
  
  (Newser) - Already partnered with Chrysler, Fiat is intensifying its pursuit of GM's German Opel unit to forge one of the world's biggest car companies, the Wall Street Journal reports. Fiat's CEO Sergio Marchionne plans to meet tomorrow with German officials seeking an investor as GM restructures. Billions in debt, Fiat needs aid to complete the deal but could swap technology as it did with Chrysler. More »
- Chrysler Downfall Gives Obama Leverage With GM
  
  New York Times | May 2, 09 2:24 PM CDT
  
  (Newser) - Chrysler’s spiral into bankruptcy may give the Obama administration leverage in drastically reshaping General Motors, David E. Sanger and Bill Vlasic write in the New York Times . GM bondholders now know Obama isn't kidding about bankruptcy court, and could fear being stuck with paltry court payouts. Obama's offer of 225 shares for each $1,000 in debt “may not be such a bad deal in the end,” one auto expert said. More »
- Chrysler Halts Production to Lower Inventory
  
  Washington Post | May 1, 09 3:02 PM CDT
  
  (Newser) - Chrysler idled its plants today for 30 to 60 days to reduce inventory as the company’s lawyers appeared in a New York bankruptcy court, the Washington Post reports. The attorneys outlined a plan to emerge from bankruptcy within 2 months. “We are quite mindful of the view of many experts that no car company could survive in Chapter 11,” a Chrysler lawyer noted. “To that we say, 'yes, we can.’” More »
- Chrysler's Honeymoon With Fiat Won't Last Long
  
  Los Angeles Times | May 1, 09 10:36 AM CDT
  
  (Newser) - Chrysler is rushing into the arms of Fiat now, but it may be sorry later, writes Dan Neil for the Los Angeles Times. Fiat "pays next to nothing and now has instant access to US markets," which it’s been lusting after. "But in this new Italian romance, the relationship is distinctly one-sided," Neil cautions. More »
April 2009
- Fiat Has Long Shed 'Fix It Again Tony' Reputation
  
  New York Times | Apr 30, 09 9:11 PM CDT
  
  (Newser) - The last time Fiat tried to make a go of it in the US market, its unreliable cars earned it the nickname Fix It Again Tony, reports the New York Times . That was 25 years and another world ago. After a renewed focus on quality under CEO Sergio Marchionne, the Italian automaker is now hoping to rescue bankrupt Chrysler—it will have a 20% stake and three seats on the new company's board—through its new and improved technology. More »
- Bankruptcy 'New Lease on Life' for Chrysler: Obama
  
  Washington Post | Apr 30, 09 12:14 PM CDT
  
  (Newser) - President Obama said today that Chrysler’s impending bankruptcy is “not a sign of weakness but one more step” towards recovery, the Washington Post reports. The 1-to-2 month “surgical” bankruptcy—a time frame met with skepticism by experts—will give the automaker a “new lease on life,” Obama said. The president claimed that the filing and a partnership with Fiat would save “tens of thousands” of jobs. More »
- Chrysler Bankruptcy Faces Bumpy Road
  
  New York Times | Apr 30, 09 11:28 AM CDT
  
  (Newser) - The battle to restructure Chrysler is about to go public, and could get messy, Michael de la Merced writes for the New York Times . After failing to get all the automaker’s debt-holders in line, the government prepared a “prepackaged bankruptcy,” a Chapter 11 filing with a reorganization plan that has most of Chrysler’s creditors behind it. But dissenting creditors will be fighting hard for a bigger piece of the pie. More »
- Chrysler to Declare Bankruptcy: White House
  
  CNNMoney | Apr 30, 09 8:22 AM CDT
  
  (Newser) - Having failed to make a deal with the creditors to which it owes some $7 billion, Chrysler will declare Chapter 11 bankruptcy later today, a White House official tells CNN. The filing does not mean the company will cease operations—rather, it represents an opportunity to execute a merger with Fiat. President Obama expressed optimism during last night's press conference "that we can see a resolution that maintains a viable Chrysler auto company." More »
- Chrysler Talks Break Down; Bankruptcy Expected Today
  
  Wall Street Journal | Apr 29, 09 11:14 PM CDT
  
  (Newser) - Last-minute talks between the Treasury Department and Chrysler's creditors have broken down, making a bankruptcy filing nearly certain today, the Wall Street Journal reports. In other developments, the Detroit News says Italian automaker Fiat will still sign a deal today to forge an alliance with Chrysler. Under the bankruptcy plan being worked out by the government, Chrysler chief Robert Nardelli would be replaced by Fiat management, says the Washington Post . More »
- Last-Minute Chrysler Talks Hinge on Smaller Lenders
  
  Wall Street Journal | Apr 29, 09 5:03 PM CDT
  
  (Newser) - Chrysler is still preparing for bankruptcy in case the Treasury's last-minute negotiations with hesitant creditors crumble, the Wall Street Journal reports. Most big lenders have agreed to write down part of Chrysler’s debt in exchange for stakes in the company, but smaller hedge funds also have to agree for the deal to move forward. President Obama is pressuring the creditors to concede. More »
- Chrysler Creditors Strike Deal to Avoid Bankruptcy
  
  Washington Post | Apr 28, 09 10:07 AM CDT
  
  (Newser) - The Treasury Department struck a deal with Chrysler’s creditors last night to avoid what had looked like a probable bankruptcy, the Washington Post reports. The creditors, a disparate group of 45 financial firms, agreed to write down all but $2 billion of the $6.9 billion Chrysler owes them, in exchange for a 10% stake in the automaker. More »
- UAW to Own 55% of Chrysler
  
  Wall Street Journal | Apr 28, 09 8:07 AM CDT
  
  (Newser) - The United Auto Workers are about to own Chrysler. In exchange for a variety of concessions, the union will eventually get a 55% majority share in the automaker, according to a summary of the restructuring deal, which was sent to union leaders late last night and reviewed by the Wall Street Journal. Fiat will eventually own 35% of the stock, with taxpayers and creditors divvying up the remaining 10%. More »
- UAW Cuts Deal With Chrysler, Fiat, US Treasury
  
  Wall Street Journal | Apr 26, 09 8:00 PM CDT
  
  (Newser) - Auto workers cut a new agreement with Chrysler today that brought the automaker closer to a partnership deal with Fiat, the Wall Street Journal reports. Agreeing to lower health care benefits for retirees, United Auto Workers called the "concessionary agreement" painful but said it met President Obama's rigorous standards. The terms must now be put to UAW members. More »
- Chrysler Strikes Deal With Canadian Workers
  
  Globe and Mail | Apr 25, 09 4:05 AM CDT
  
  (Newser) - Chrysler has won concessions from its Canadian workers that may help keep it out of bankruptcy, the Globe & Mai l reports. The Canadian Auto Workers union—faced with the prospect of Chrysler abandoning its operations north of the border—agreed to give up a range of hard-won benefits and to accept rules making it easier for Chrysler to hire temps. More »
- Chrysler to Dealers: We're Not Going Bankrupt
  
  Wall Street Journal | Apr 24, 09 1:33 PM CDT
  
  (Newser) - Chrysler isn’t facing imminent bankruptcy, its vice chairman told the automaker’s dealers today. “Nothing has changed,” Jim Press said on a conference call, three participants tell the Wall Street Journal . Chrysler still plans to restructure outside of bankruptcy and cut a deal with Fiat. But Press did say that, should Chrysler not get concessions it needs, bankruptcy is still possible. More »
- Fiat Exec Would Gut Chrysler to Save It
  
  Economist | Apr 24, 09 10:38 AM CDT
  
  (Newser) - It may seem awfully cocky of Fiat chief Sergio Marchionne to assume that he can save Chrysler, generally written off in the industry as a lost cause. But there’s a reason Marchionne is optimistic, notes the Economist : He’s done it before. When he took over Fiat in 2004, the now-reborn company was bloated, in debt, overpowered by unions, and stuck with obsolete technology. “We tore it apart in 60 days,” says Marchionne. More »