Chrysler declared bankruptcy, despite President Obama's attempts to avoid that outcome.(The Week)(Chrysler L.L.C, Barack Obama)(Brief article)

Chrysler declared bankruptcy, despite President Obama's attempts to avoid that outcome. The administration's auto task force attempted to browbeat Chrysler's creditors into taking a terrible deal in order to spare the United Auto Workers union as much pain as possible. The large banks, which owe their continued existence to the $700 billion Troubled Asset Relief Program (TARP), caved and agreed to take a massive haircut. But a group of smaller firms, calling themselves the Committee of Chrysler Non-TARP Lenders, refused to play ball. "I stand with the millions of Americans who own and want to buy Chrysler cars," Obama said--not "those who held out ...