Today is the due date for Chrysler LLC and General Motors to submit separate "Viability Plans" to the U.S. Treasury Department that demonstrate the tax payers' $15 billion in low-interest loans has and will be put to good use. Chrysler earns extra credit from teacher for turning its homework in first, as the Auburn Hills, MI-based automaker revealed this afternoon what progress has been made since the loans were granted in December and what will be done in 2009.
Chrysler still makes cars? Apparently so, and CEO Bob Nardelli was on Capitol Hill yesterday with his colleagues from Ford and General Motors, warning that the Pentastar is in serious danger of exhausting its reserves by early 2009. Chrysler's share of the $25 billion in aid the automakers are asking for stands at $7 billion, though at the current rate, that money wouldn't last long, possibly about one fiscal quarter. Senators are concerned that the automakers will turn into a monetary black hol