The Book Of Chrysler - Chapter 11, Verse 1

And thus it was spoken : No agreements shall be made outside of the protection of the bankrupt. Only shall concessions be found when protection is granted via bankruptcy. The number of thy counting shall be 3, and 3 shall be the number of thy counting.

Thanks go to whichever parties stopped Chrysler from staying out of bankruptcy. This is much better. With Chapter 11 being declared by the automaker, they can more easily shut down dealerships in their far-too-vast network of lots full of cars nobody wants. They can clear out lawsuits and claims that hang over them. Fiat will now partner with them (20% goes to Fiat). The government gets 8%. Canada gets 2%. Ontario gets 2%. GMAC is now their financial arm (why this wasn't done ages ago when Cerberus bought controlling interest in GMAC, I'll never know... oh right, they couldn't possibly share like that). The unions have made some decent concessions, but there are still some swords hanging over their heads. Chrysler may actually survive.

Which means that GM should be soon to follow. This will be a case of waiting for the first person to leave the party so everyone else can follow. The banks should be right behind, but I have a feeling they'll stick around long after the hosts are asleep on the couch... as long as there are still pretzels in the bowl an a beer or two to mooch.