Dave Shepardson of Detroit News has written a fantastic, in-depth article on the government bailouts of Chrysler and General Motors. Here’s some of the juicy key parts:
- Chrysler had been trying to desperately to merge with GM all the way through 2008.
- In April, as both automakers were surviving on government aid and fighting bankruptcy, Obama administration officials spent two weeks working on a plan for GM to acquire Chrysler’s best assets and keep the doors open on a third of its factories.
- GM told the government it couldn’t exit bankruptcy until the end of August or September, but was pressured by the task force to exit in early July.
- The White House tried to have Carl Icahn buy parts-supplier Delphi.
- Chrysler almost left to fail after the auto task force setup by Obama voted 4-4 on whether to save the company.