Chrysler is filing for bankruptcy. Nardelli is out. Everything as it should be, with two small exceptions.
First of all, I don't like Obama and other Democrats attacking hedge funds. They do what they think is the best for their clients. Greed is not the right word here.
But another this is much worse. My heart bleeds for Chrysler workers, but UAW has no business controlling company. That creates huge conflict of interest and in the end destroys the company. I don't know why FIAT agreed for UAW to have 55% in the new Chrysler, only reasonable explanation is that they hope to get controlling interest later, when Chrysler would need more money. Maybe. But if UAW remains in control of the company, it's dead. We wouldn't wait long.