"For too long, Chrysler moved too slowly to adapt to the future, designing and building cars that were less popular, less reliable and less fuel efficient than foreign competitors." That's what Barack Obama said today when announcing, in what has to be an unprecedented move by a president, that Chrysler has filed for Chapter 11 bankruptcy protection.What makes Obama such an expert on cars? After all, until he was shamed into ditching the car two years ago, Obama owned a Chrysler gas-guzzler, a Hemi 300c.
Italian automaker Fiat may end up running Chrysler, although when the dust settles, the United Auto Workers union might control 55 percent of the the auto maker. Oh, how Obama likes to reward his labor pals! But majority ownership may not mean majority voting rights.
In the short term, it appears all of Chrysler's plants may close for a few weeks.
Related post:
Obama in full hypocrisy mode in comments about gas guzzlers
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