Chrysler files for bankruptcy, about time?
This is probably the best news for Chrysler and long overdue. Propping a failed car company with taxpayer funding is utter nonsense and the Obama administration has wasted time and energy "fueling" GM and Ford. By filing for Chapter 11, Chrysler might have an opportunity to restructure and drop some of the dependencies that lead to the bankruptcy in the first place. The details are unclear as of now, but if Chrysler plans to exist and proceed further then it needs to completely shed itself of it''s union obligations. As of now, the United Auto Workers are holding Chrysler by the proverbial balls and until that hold is released then Chrysler or GM/Ford for that matter will squirm in place and howl in pain. Unions got their teeth and power during the Great Depression armed with legislation stemming from FDR's policies. Unions use strong arm tactics to leverage their demands and siphon profits out of the company's coffers. Worse still, domestic companies