Supremes Stall Chrysler Deal

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Supremes Stall Chrysler Deal

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The Supreme Court has put the brakes on President Obama’s plans to bail out the auto industry, ordering a stay of the sale of Chrysler to Fiat. Before the ruling, the administration said blocking the deal would have “grave consequences” for Chrysler. Also, it could threaten the government’s plans for the much larger and more complicated GM.

Update: The Court has lifted the stay.

BBC:

Solicitor General Elena Kagan said that blocking the sale could force Chrysler into liquidation.

Chrysler had filed for bankruptcy protection on April 30 and had aimed to complete the sale and alliance with Fiat within 60 days.

The Chrysler case could also set a precedent for General Motors, which entered bankruptcy protection on 1 June.

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TAGS: auto industry bailout barack obama cars chrysler detroit fiat government supreme court

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By samosamo, June 9, 2009 at 1:24 pm Link to this comment

By Blackspeare, June 9 at 3:34 pm
““they can’t be influence by SCOTUS or can they??!!”“
**************************************************

I didn’t think 5 members of the supreme court could traitorously take the 2000 election away from the voters of america but they did and got away with it.

And what other evidence does one need to see what the new ‘corporate’ supreme court is capable of, after all the people appointed are more on the corporate pay than on the people’s pay because corporations pay mo’ betta money.

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By Blackspeare, June 9, 2009 at 12:34 pm Link to this comment

More interesting is that Magna International,a Canadian car parts manufacturing company has acquired the rights to buy Opel from GM. Since Opel is a German car company, they can’t be influence by SCOTUS or can they??!!

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By C Ronk, June 9, 2009 at 11:32 am Link to this comment
(Unregistered commenter)

None of this would be happening if our car companies made a decent car that could compete in a world economy. I hope this sale goes through. Maybe, just maybe they can make some affordable cars that are made well and look good for a change.

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