Chrysler Heading Into Bankruptcy!

Talks between bonds holders, Chrysler and the Federal Government has broken down and is forcing Chrysler into bankruptcy. The main reason for the break down is the Federal Government trying to take more of Chrysler than the bond holders. The bond holders have way more invested in Chrysler than anyone else. I read the bond holders own about 70 percent of Chrysler. And the Federal Government wants to give then pennies on the dollar, that’s not fair in my view. The U.S Government, my government needs to stay out of it. But the Obama administration wants to have their hands in everything we do, that’s not how our government is supposed to work. If I was a bond holder I would hold out as well. Now it’s going to be up to a bankruptcy judge to decide how much the bond holders will get. What I believe is that these bond holders have secure debt on Chrysler, so they may be able to take over Chrysler. Anyway, the same thing will happen with GM in about month. So depending how this one goes will set the mark how GM’s bankruptcy will go.