2007HemiCuda

Just announced on FOX News. This is good news.

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RoswellGrey

From the Washington Post story on the subject:

President Barack Obama is expected to unveil a plan today to prop up General Motors and Chrysler, offering them more money if the companies agree to shrink and refocus their businesses. Wagoner’s resignation was one of the White House’s conditions for more federal aid.
“He agreed and will do that,” a senior administration official
said Sunday evening.
The administration’s plan will give GM enough government aid to restructure over the
next 60 days, while Chrysler LLC will get up to $6 billion and 30 days to complete an alliance with Italian automaker Fiat SpA.

BLK 6050

And More..............

Frustrated administration officials, speaking on condition of anonymity ahead of Obama's announcement, said Chrysler has been given a 30-day window to complete a proposed partnership with Italian automaker Fiat SpA. The government will offer up to $6 billion to the companies if they can negotiate a deal before time runs out. If a Chrysler-Fiat union cannot be completed, Washington plans to walk away, leaving Chrysler destined for a complete sell-off.

Shawn Morgan, a Chrysler spokeswoman, declined to comment ahead of Obama's announcement.

KyChallengerR/T6spd

I didn't vote for Obama for many reasons. But didn't he have the support of the auto union's as well as other union's in his election. I don't live in Detroit . But in my town . We have one company ( union ) tha makes truck frames for Ford. A company that makes brakes for just about everyone , Honda , Toyota and GM plus others . Another Company that makes glass for all or most of the auto company's. Hundred's have already lost their job's . And many more stand to lose their job for good. I have purchased car's and truck's from all of the Big Three for years . Till a GM rep in 84 told me he hoped I never purchased a GM product again . After he had his rear end ripped by a Chevy engineer at Super Chevy that designed the 83 Monte Carlo SS I had and the dealers could care less about fixing all the problem's with it . I purchased many cars from Toyota , A truck from Nissian ( poor service ) as well as two new Mazda MX-5's and a new Mercury Grand Marque LS . My last three new vehicles have all been Chrysler products . 06 300C for my wife . New 07 Dodge Ram Quad Cab 4x4 and then traded it in on my new 09 R/T . I have been very happy with the Chrysler product's . The dealer can make or break if you will buy their product again . But they also have to have the support from the factory. I pray that Chrysler comes out of this even stronger and keep making the Challenger as it is now for many years. GM need's a change in their thinking from the factory down. I have had salesmen walk away from me just a few years ago when looking at a new Chevy truck . Didn't even want to talk . And I wasn't trading anything in . And it wasn't just one dealer . I asked what they'd take off sticker . And the guy said maybe $500.00 and walked away. I feel for all the worker's connected with the auto industry . I just read about the new Tank of a Limo made for Obama. With a Caddy nose on it . He should have to ride in one of those SMART CARS.

RoswellGrey

DETROIT (Reuters) – Chrysler LLC has reached an agreement on a framework of a global alliance with Italian automaker Fiat SpA (FIA.MI) that has the support of the U.S. Treasury, Chrysler's CEO Bob Nardelli said on Monday.

"We appreciate the willingness of the (autos) Task Force, along with industry and financial experts, to consult closely with us in order to achieve this significant step," Nardelli said in a statement.

Chrysler, owned by private equity Cerberus Capital Management, was deemed by the task force to be not viable as a stand-alone company and was given 30 days to complete an alliance with Fiat or be cut off from U.S. government funding.

If Chrysler can complete an alliance with Fiat and cost-saving arrangements with creditors and its major union, the U.S. Treasury would consider investing up to another $6 billion.

The boards of Chrysler and Fiat have given executives approval to complete an alliance that now hinges on the terms for additional aid for Chrysler, people with knowledge of the discussions have said.

Nardelli said that Chrysler has had a series constructive discussions, including weekly face-to-face meetings with the U.S. auto task force.

"I want to personally assure all of our customers, dealers, suppliers and employees that Chrysler will operate 'business as usual' over the next 30 days," he said.

RLSH700

I'm not sure if this is all a good thing. I agree that it was time for Rick to go as he had many years to correct GM and this is what he gets for keep whiny about wanting TAX PAYER money (I will not refer to it as "Government" anymore as it implies that those dictators own it and they do not it is our money), but considering how the Government hasn't run anything right in forever, this is not good. This is exactly what I was afraid would happen. They should have filed for bankruptcy to cancel their debts and restructured.

I have hopes for Fiat-Chrysler as I trust free people more than Dictators.

lear4406

How ironic. When I was a kid living in Italy for 3 years, I was run over by a Fiat 500. Thank GOD it was a 500. They were really small cars. Broke my wrist and my foot. Now we are in an alliance with them I hear they are a good company. I hope this works out for both.