Chrsler Recall-Chrysler Recalls 24000 With Faulty Brakes

As if things aren't bad enough for our friends over at Chrysler, they now have a brake recall to contend with. The Chrysler recall includes more than 24,000 late model Chryslers, Dodges and Jeep vehicles. The recall was announced by the Chrysler Group and the National Highway Traffic Safety Administration. The vehicles are being recalled for repair due to the possibility of defective or absent brake booster rod retaining clips. Without the clips, an automobile would be more likely to experience brake failure, which could lead to serious automobile accidents.

The vehicles involved in the Chrysler recall include some 2010 models of the Chrysler Sebring, Dodge Avenger, Dodge Nitro, Jeep Liberty, Jeep Commander, and Jeep Grand Cherokee. Dodge Ram trucks manufactured in 2009 and 2010 are also included in the recall.

Chrysler owners with the model and year vehicles listed in the Chrysler recall can contact the company at (800) 853-1403 for additional information. Consumers can also contact the National Highway Traffic Safety Administration’s vehicle safety hotline at (888) 327-4236 or visit www.safercar.gov.

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Taxpayers Face Heavy Losses On Auto Bailout

Here's a story from the Fileunderi "Super Sarcasticly Said No Kidding?" File:

Taxpayers face heavy losses on auto bailout

Taxpayers likely to face significant losses on $81 billion auto bailout, watchdog report says:


WASHINGTON (AP) -- Taxpayers face losses on a significant portion of the $81 billion in government aid provided to the auto industry, an oversight panel said in a report to be released Wednesday.

The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.


Read the rest of the story at Yahoo! News


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Barack Obama is now CEO of General Motors and Chrysler

Barack Obama is now CEO of General Motors and Chrysler.

Barack Obama has taken over operations of General Motors and Chrysler Corporation and has issued ultimatums to both corporations...Do it my way or hit the highway.

GM CEO Rick Wagoner has "resigned" and is now the former CEO. Mr. Obama has installed a figurehead and told execs at GM to go back to the drawing board on their "viability plan". They have 60 days to comply. If, at that time, Lord Obama is not satisfied with the plan...he will "ALLOW" them to file for bankruptcy protection.

On the Chrysler front, the ultimatum from the all powerful Wizard of Washington is this: Merge with Fiat by April 30th.

An excerpt from Reuters:

"The president's plan for General Motors and Chrysler, announced yesterday, continues to get top billing in the press. Obama took a hard stance with the struggling automakers, giving GM 60 days to come up with a viable, not to mention drastic, restructuring plan, and Chrysler 30 days. If the companies fail to do this, he would allow them to file for bankruptcy. The New York Times reports that, as a result, the United Automobile Workers, which along with bondholders has thus far "balked" at the GM's demands, "will be asked to make even bigger concessions on a new wage and benefits contract and health benefits for retirees. Bondholders will most likely be forced to accept a deep discount on the price of their debt as well as agree to take GM stock in lieu of debt repayments." In addition, Chrysler must merge with Fiat by April 30, Obama said."

A revolution is taking place. The Constitution of The United States has been removed from a protective enclosure and placed in one of the White House storage closets. We have watched one President who seemingly had mastered the art of Abuse of Power go about his dismantling of The Constitution, and now watch another President who apparently wrote The Book on the subject trek further down the road than Bush would ever dare to travel.

We the People thought our loan (Yes, it was our money) to the automakers was just that...a loan. Now we discover that we are , in fact, the money folks in a Venture Capital firm and our CEO has taken over two of the companies that we are backing. Unfortunately, we don't seem to have any say in the day to day operations of AIG or the numerous financial firms that we "stimulated" to open up the credit markets and kick this "Economic Crisis" in the ass.

We are being duped on a scale that FDR could never imagine.

As we concern ourselves with the mundane and trivial, the power of the Federal Government grows in leaps and bounds.

Are you concerned?

You should be.

Meanwhile, in related news, executives at AIG could not be reached for comment concerning recent events with the automakers...the AIG execs were too busy laughing their collective asses off.

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Quick Hits: Stanford Financial, Rip Fuel,Chrysler Wants More, US Bank CEO speaks Out

Today's quick hits from Fileunderi:

The SEC charges Stanford Financial and Robert Allen Stanford with "massive, ongoing fraud" in an $8B dollar scam. Also named in the suit were two other executives and some affiliates of the financial group. Apparently, about 40 armed authorities raided their offices in Houston today...And yet another financial firm charged with fraud. Imagine that.

At the Alex Rodriguez press conference today, A-Rod said he used Rip Fuel which was easily obtainable at the time. He denied using HGH (at least knowingly).
Our take? Who gives a damn? Asterisk all these guys. Make Aaron the Home Run King again. And for God sakes...put Pete Rose in the Hall of Fame. He's the All-Time Hits leader. And Play Ball.

Chrysler Corp asked for ANOTHER FIVE BILLION DOLLARS today. Folks, their sales are down 50% from last year. They build crap. Sorry. Let it die. This firm is privately owned...let them self-rescue.

Finally...the US Bank CEO, Richard Davis, said today that TARP is "a lousy program".
He informs us that his bank has been forced to participate in the program and that the program is a drain on healthy banks.

“There’s no A, R or P in TARP,” Davis said, adding that “troubled” is the only word in the phrase that’s accurate. “The ‘asset relief program’ has yet to occur.”
Davis said he would be “darned” if U.S. Bank would suffer collateral damage from the government’s “sloppy attempt at nationalizing the industry.”

And the Insanity continues...