http://www.msnbc.msn.com/id/29958784
Quick results here for the White House. Obama said he'll consider loaning $6 billion to Chrysler if they can make this happen.Chrysler has reached agreement on a global alliance with Fiat, the ailing automaker said on Monday not long after President Barack Obama set it a one-month deadline to link up with the Italian automaker.
"We are pleased that Chrysler, Fiat and Cerberus have reached agreement on a global alliance, supported by the U.S. Treasury," Chrysler, which is owned by Cerberus Capital Management, said in a statement.
Earlier Monday, Obama refused further long-term federal bailouts for General Motors Corp. and Chrysler LLC, saying more concessions were needed from unions, creditors and others before they could be approved. He raised the possibility of controlled bankruptcy for one or both of the beleaguered auto giants.
