As I talked about last night, it is amazing to me how interwoven Obama is with the operation and running of Chrysler. This is not the pres turning to a titan of industry and telling him to save the company, this is the pres trying to be a direct part of the leadership of private companies. Ok, all that said, here is the autoblog breakdown of what happened today for Chrysler, with my commentary. Blame it on the creditors – President Obama cited Chrysler's creditors' refusal to accept a debt-for-equity swap as the main reason filing for Chapter 11 was the only option left. (Yes - but the deal was terrible for creditors, and would have royally screwed them. The UAW had to give up some benefits, the creditors would have to have given up over 90% of their debt - I think that was the number). Chrysler divided – 55% will be owned by the Voluntary Employee Beneficiary Association (VEBA), 10% shared proportionally between U.S. and Canadian governments, 20% owned by Fiat. (Again, true...