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...forced to buy itself out of the cumbersome put option in its alliance with Fiat. The then brand-new CEO of the Turin company, Sergio Marchionne, emerged as a tough-as-nails dealmaker as he sat across the table from top GM executives. The Italian-born, Canada-raised Fiat chief told his American counterparts they would cough up the full value of the put option or battle it out in court. GM blinked, and the huge payout added to its accumulating troubles that today leave the American auto giant struggling to avoid bankruptcy...

Author: /time Magazine | Title: Fiat to Take 35% Stake in Chrysler | 1/20/2009 | See Source »

...Fiat, on the other hand, the sudden infusion of cash and the new chief executive's plans for streamlining management helped the Turin company begin a notable turnaround after its decade-long crisis and raised Marchionne to near mythical status in carmaking circles. Tuesday's joint statement notes that "Fiat would provide management services supporting Chrysler's submission of a viability plan to the U.S. Treasury as required. Fiat has been very successful in executing its own restructuring over the past several years...

Author: /time Magazine | Title: Fiat to Take 35% Stake in Chrysler | 1/20/2009 | See Source »

...Obama was instructed in the use of the nuclear codes, should he ever have to launch a strike. Once he was sworn in, once the 21 guns had saluted, the military aide in charge of the nuclear football quietly crossed the platform to stand beside his new Commander in Chief...

Author: /time Magazine | Title: Barack Obama's Inaugural Address: Humility, Gratitude, Sacrifice | 1/20/2009 | See Source »

...Senators who witnessed the event were optimistic about Kennedy's condition. "It was a difficult thing, but it looked to me as if he would be O.K.," said Hatch. "He was starting to do O.K. by the time he was being wheeled out." Later, Obama's chief of staff, Rahm Emmanuel, said Kennedy was doing better and "responding well to treatment." Senator Dodd, who noted that Kennedy had been having seizures in the recent past, reported that Kennedy was talking as he was put in the ambulance, saying, "O.K., see you later." (See pictures of celebrities at the Inauguration...

Author: /time Magazine | Title: Ted Kennedy Suffers Seizure at Inaugural | 1/20/2009 | See Source »

...families as her special concern. Perhaps that's why the so-called Kids' Inaugural on Monday night, featuring the Jonas Brothers, is being billed as a concert to honor military families. One of the 10 official balls the new President will attend on Tuesday night is the Commander in Chief's Ball (first held by George W. Bush); the largely enlisted crowd will get to attend free of charge in the National Building Museum in downtown D.C. As anyone who has ever served in uniform knows, that's a surefire way to win the grunts' support. (See pictures...

Author: /time Magazine | Title: How Obama Is Wooing the Military | 1/19/2009 | See Source »

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