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Thursday, April 30, 2009

Great Recession Roundup — April 30, 2009

Items of Interest:

President Obama forced Chrysler into federal bankruptcy protection on Thursday, April 30th, 2009Micheline Maynard / New York Times:
Surgical’ Bankruptcy Is Set for Chrysler -- President Obama forced Chrysler into federal bankruptcy protection on Thursday so it could pursue a life-saving alliance with the Italian automaker Fiat, in yet another extraordinary intervention into private industry by the federal government.

Flanked by his automobile task force of cabinet secretaries and business advisers in the White House’s grand entranceway, Mr. Obama announced a plan that would allow the United Automobile Workers, through their retirement plan, to take control of Chrysler, with Fiat and the United States as junior partners. The government would lend about $8 billion more to the company, on top of the $4 billion it had already provided...

discussion:
Room for Debate: Does the U.S. Need an Auto Industry?
Myglesias / Matthew Yglesias: The Chrysler Deal
Charles J. Brown / Undiplomatic: Chrysler in Bankruptcy: The Forgotten Villain
Felix Dennis / THE WEEK News & Opinion: Chrysler's road out of bankruptcy
Economist.com / Democracy in America: United we stand (to lose)
Steve Verdon / Outside The Beltway: Chrysler to File for Bankruptcy

Henry Blodget, Clusterstock:
With Chrysler in the Books, It's On To GM

related:
Micheline Maynard / New York Times: A Primer on a Chrysler Bankruptcy
Alex Taylor III, Fortune: Is Chrysler Better Off Dead...or Alive?
Paul Ingrassia, Wall Street Journal: The UAW Is in the Driver's Seat
----
Stephen Grocer / Deal Journal:
Statement From Non-Tarp Lenders of Chrysler -- As of last night’s deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the country’s teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combined, these loans total about $1 billion. None of us have taken a dime in TARP money...
discussion:
DealBook: A Road Map to a Chrysler Bankruptcy
----
Dealbreaker:
“Will The Employee Who Let Geoffrey Do An Interview With The WSJ Please Report to HR" -- It is entirely possible that a demographic defined by the terminally capitalist-guilt ridden figure of Geoffrey Gwin is responsible for the likes of the Chrysler tennis match we have been enjoying this morning...
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Calculated Risk

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naked capitalism - Yves Smith

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