UPDATE: Fox is now reporting that a WH announcement is due noon, EST… Chapter 11 still pending. (I wish these reporters would get their stories straight.)
UPDATE: 12:20 PM EST… President Obama just spoke… Chrysler will file for bankruptcy.
Fox News is reporting that Chrysler is filing chapter 11… And they just had on the WSJ reporter Stephen Moore who claims that he doesn’t think that the government will let the company completely fail and predicts another bailout of apx. $5 billion dollars.
Will update when possible.