Chrysler Headed for Bankruptcy

I guess I’ve bought my last Chrysler.

Chrysler’s best assets would be sold to a new entity that would have an ownership structure similar to that envisioned in an out-of-court deal between the Auburn Hills, Michigan-based automaker and Fiat, based in Turin, Italy, the people said.

The Italian company would become a 20 percent owner of Chrysler, and a union retiree health-care trust fund would own 55 percent, with the rest of the company staying in the government’s hands initially, the people said.

When 80% of the company is owned by the union health-care trust fund and the government, I doubt that the consumers’ concerns are paramount.