I suppose it’s par for the course. The company that was first overhauled by Walter P. Chrysler in 1925 is now undergoing a metamorphasis the likes of which no American company has ever seen. Forced onto life support by President Obama, it will now be owned jointly by the United States government, Canada, Fiat, and the UAW, while GMAC will handle its financing to customers. Chrysler stockholders and its major debt holders, who aren’t beholden to the government’s TARP, have been handed the very short and pointed end of the stick, while the rest of America will join them in pouring more good money after bad. Though with all of Chrysler’s auto manufacturing being idled as part of this government takover…errrr…”bankruptcy restructuring”, I can’t imagine how the government thinks Americans involved in the auto industry won’t be negatively impacted to the point their contributions in the form of taxes becomes a moot point?
With its long and storied history, the company is far more deserving of a dignified death.