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04/30/2009 03:51 PM ID: 78490 Permalink   

Chrysler Files for Bankruptcy

 

After several attempts by the Treasury Department for smaller lenders to reduce the amount of debt Chrysler owed them, an Obama administration official confirmed today that Chrysler LLC, will file for bankruptcy.

The confirmation comes during Chrylser's deadline to negotiate a $7billion dollar debt, which had previously been loaned to the auto giant. After reduction from major banks such as Citigroup and JP Morgan Chase, their debt was only reduced to $2.25b.

The administration official went on to add that the failure to act by all other key stakeholders would not diminish the accomplishments made recently between Fiat and Chrysler. He also noted Chrysler would emerge "stronger going forward".

 
  Source: money.cnn.com  
    WebReporter: NicPre Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  21 Comments
  
  Next Up:  
 
GM!
 
  by: slavefortheman     04/30/2009 05:07 PM     
  Arrrrr  
 
it begins...
 
  by: Korzen   04/30/2009 05:33 PM     
  This will be interesting to see what happens  
 
If they dont sign a deal with Fiat now, I wonder if they are now heading down the path towards Chapter 7 and liquidation.

Lets wait and see. If the Fiat deal goes flat I imagine them pretty much dying off.
 
  by: slavefortheman     04/30/2009 05:52 PM     
  Sweet...  
 
I wouldn't mind seeing that. I could probably get one of those Challenger's a bit cheaper then. Everyone will be afraid to buy cars that might not be covered.
 
  by: pcXXXtreme   04/30/2009 06:41 PM     
  how about  
 
making cars that the average joe can afford? Oh wait, they can't because they have to pay their workers $75 an hour.
 
  by: John E Angel     04/30/2009 06:52 PM     
  @John E Angel  
 
Find me an auto worker that actually makes $75 and hour and I will retract this statement.

Thats a Bull Crap lie!

According to the Indianapolis Star:
Base wages average about $28 an hour. GM officials say the average reaches $39.68 an hour, including base pay, cost-of-living adjustments, night-shift premiums, overtime, holiday and vacation pay. Health-care, pension and other benefits average another $33.58 an hour, GM says.
 
  by: slavefortheman     04/30/2009 06:59 PM     
  @JEA  
 
I did want to add one thing. The main reason why auto industry is hurting so much is simple:

Health Insurance.

The US unlike Japan does not have universal health coverage and therefore to compensate, companies that wish to be competitive must offer very good health benefits. Japanese auto workers can go to their doctor any time they want with either no or little out of pocket expense. Try going to a doctor here and telling them you dont want to pay and see what happens...

My point is, if we change our health care systems, all of a sudden all that money invested by auto manufacturers is profit instead of loss.

On average americans pay 6x more for admin fees and expenses than europeans.

http://www.nchc.org/...

Other factors include the fact that health care in the US costs around 2-4 times more than europeans. And services here have less quality to boot...

Just Google for sources.

But still it doesnt add up to 75/hr. Technically if you look at it, US auto workers are essentially near the same level as Japanese and Euro counterparts.
 
  by: slavefortheman     04/30/2009 07:10 PM     
  n/t  
 
Yeah, the right wing likes to inflate everything. (except global warming) 'Automakers make $75 and hour.' 'Obama's stimulus will cost 7 trillion dollars.' And so on.
 
  by: Lurker     04/30/2009 07:15 PM     
  @Lurker  
 
About that stimulus and related spending. Well... So far TARP, the stimulus and other spending and pledges adds up to around $13T.

http://www.bloomberg.com/...


Of course the so called "Right" side of the spectrum dont like to mention the fact that Bush started this mess and also the fact that Bush contributed to part of that $13 Trillion right before he left.

Basically both Dems and Repubs (Republicrats) have both screwed Americans at large and so far Americans seem to be quite happy with this screwing they received... Im still baffled as to why we as a people take so much of a beating and dont revolt???
 
  by: slavefortheman     04/30/2009 07:26 PM     
  my finger slipped  
 
I did not mean $75 an hour which is about what I make but that is a different story. Is someone calling me right-wing? I am so far of the left they dont even have a word for it. The only time that someone might think of me as right wing is when I agree with 100% of what crayola says even before he says it.
 
  by: John E Angel     04/30/2009 07:53 PM     
  and Obama stimulus will cost 7 trillion?  
 
Someone better take inventory of Fort Knox because I heard from a reliable source that Obama's black ops is moving gold out of there, one bar at a time.
 
  by: John E Angel     04/30/2009 08:01 PM     
  @John E Angel  
 
Im pretty leftist too. I do have some right viewpoints though. I have to agree with Chuck Heston on one issue:

FROM MY COLD DEAD HANDS!

The day they try to take my guns away, they will be waking up to revolution the next morning!
 
  by: slavefortheman     04/30/2009 08:18 PM     
  A revolt.  
 
It would never happen, not on a scale to grab power anyway.
The patriot act puts a stop to that with no meetings or protests etc.
Calls and the internet are monitored.
And most people are just too lazy and brain washed from the TV to think anything different.
Those in power don't give a rat's about anyone that's not part of their agenda.

 
  by: thinking   04/30/2009 10:32 PM     
  not 75 but you were close  
 
GM officials say the average reaches $39.68 an hour, including base pay, cost-of-living adjustments, night-shift premiums, overtime, holiday and vacation pay. Health-care, pension and other benefits average another $33.58 an

33.58 + 39.68 = 73.26



 
  by: zortona   05/01/2009 04:20 AM     
  @zortona  
 
Incase you can't count, or are too dumb to figure this out. That's still not $75 per hour of work. Only the wages are taken into consideration in The States, and most other countries. Health packages and compensation are not taken into consideration.

Point stands, no auto worker makes $75.00/hr. Enough said.

-np-
 
  by: NicPre     05/01/2009 04:30 AM     
  Whaaaa...?  
 
Is the auto industry one of the more lucrative industries to be in the US? There is absolutely no way the average hourly pay in the auto industry in Australia is US$39.xx. That's over A$50....and we get by with higher tax rates than you do too.
 
  by: yreulogy   05/01/2009 05:31 AM     
  @nicpre  
 
Nothing is free - even healthcare in a country with nationalized health care. It dont really matter, the govt taxes the businesses or comapny pays a private insurerer on your behalf, thay are still Paying. SO Not only are wages important its the whole cost if your too dumb to figure it out.
 
  by: zortona   05/02/2009 03:37 AM     
  @zortona, @nicpre  
 
Okay--let's settle this now.

My brother works in the automotive industry. His base wage is $12.74/hr. His insurance, which is partially covered, costs the company $300/month. He works 40 hours a week, no overtime. That brings the total additional that they have to pay him to $1.88/hr, which comes to $14.62/hr.

Add in his 401k matching--they match up to 3% of his base pay, yearly. That's $794.98 per year, if you calculate at 40 hours staffed per week, 52 weeks per year. This includes vacation--he gets two weeks. If you break that down by hour, that is an additional $0.39/hr, bringing that hourly total to $15.01.

This is all pre-tax.

His income is in the middle of the spectrum. The upper end of the spectrum at his place of employment is more like the $28/hr "average" that people are posting.
 
  by: vanillaskye   05/02/2009 06:03 PM     
  Heh  
 
brought it on themselvs with crap products, and bad management of the company.

My sis used to have a PT Cruiser. I called it the PT Crapper made by Christ-ler, cause when I got in it, I always held onto the oh shit handle for dear life because it felt like it was gonna fall apart.
 
  by: Jediman3     05/02/2009 08:56 PM     
  @vanilla  
 
your brother or whoever is a newer employee thats why, we are talking about the older union employees that have been sucking the company dry for years now, thats who

@nicpre, yes health care is factored in and matters, because the US nation health care that is being proposed doesnt even have a price tag and will cost trillions and result in worse health care then we have now, worse doctors and bureaucrats making decisions based on if your "worth enough" for a medication or hip replacement.

@jedi

i will not disagree with you on the bad business decisions(uaw contracts) but i will say American automakers make great cars, Chrysler offers a LIFETIME warranty now, while GM has new cars out as car of the year, best quality and so on for cars like the malibu, and other makes, with buick topping the list of most reliable, its not about the cars they make, its their business decisions and debt they owe that has brought them down.

getting too big is a problem too, it has nothing to do with the cars they make.


 
  by: cray0la     05/03/2009 01:21 PM     
  @slave  
 
theres 10 bills going through congress right now that pretty much lets them ban any gun they want at any time =)


 
  by: djskagnetti     05/03/2009 03:23 PM     
 
 
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