ALERT: Chrysler to announce bankruptcy today
Pres. Obama is going to announce at noon today that Chrysler is going to file for bankruptcy. Talks to avert bankruptcy have failed. The White House is going to fast track the bankruptcy and still insist that Italian automaker FIAT eventually take control of Chrysler.
I will say it again, the plan to place Chrysler under the control of FAIT is a huge mistake. It will not work! There are other options.
What the FIAT takeover will do is possibly expand the reach of another foreign automaker in the United States. FIAT will suddenly have thousands of Chrysler dealerships to unload their FIAT's on.
FIAT recently scored dead last in a reliability test of 40 different carmakers by an independent tester. FIAT's are junk, plain and simple. And FIAT designers/engineers will be taking the lead on the creation of future Chrysler models.
The thought of Jeep, one of the most popular and profitable auto brands in the U.S., now being controlled by FIAT makes my stomach turn.
This is going to be another major blow to American manufacturing. Let's hope that somehow Chrysler can somehow limp along long enough after the bankruptcy and FAIT takeover for the company to eventually be bought back by an American company. However, I fear that Chrysler will not last long enough for that to happen.