Chrysler Building

News Report - Chrysler Building
"Chrysler made an early reputation for good, sound engineering," says Vance. Come again? That's right: Chrysler's cars were among the best in the world.
Chrysler, too, had a knack for extravagance, building the Chrysler Building, the tallest of its day. But unlike Durant, Chrysler never overextended his company.[Toronto Star]

According to the letter, automakers will have to explain their financial position, how they plan to spend the money and the assumptions behind their assurances that any loan will be paid back. General Motors Corp., Ford Motor Co. and Chrysler LLC consumed nearly $18 billion in cash last quarter, and analysts have said GM and Chrysler could run short of cash by the end of the year.[Detroit Free Press]

The three CEOs rejected filing for Chapter 11, a form of bankruptcy that would let them restructure and rewrite contracts. Even though Delta Airlines did it and emerged able to buy rival Northwest, the automakers said that flying passengers is not the same as building cars. They argued they might never emerge from bankruptcy.[Seattle Post Intelligencer]

dobiaslaw suggested that "The only thing that will save Detroit is to retool and start building mass transit systems and components. It ain't a B-24 but when the existential threat is from within, it's still a war."[Washington Post]