GM and Chrysler searching for Ch. 11 in textbook

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Obama and his administration have decided that GM and Chrysler's plans for returning to profitability were not up to snuff. They have decided they will still finance GM for another 60 days and Chrysler another 30... but then said that Fiat could not take a majority ownership of Chrysler until the pentastar paid back all the govt. money it has received so far.

This would have been like telling JP Morgan that it could take over Bear until Bear had paid back everything it borrowed from the fed. RIP Chrysler.

In related news, GM and Chrysler put out a press release stating they did not have confidence in the US $'s long-term viability and would henceforth be pricing their models in Euro's.

(Ok, that last one is not true)

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