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...firm marks the government's first loss stemming from the Troubled Asset Relief Program (TARP), designed to stabilize major businesses during the height of the economic meltdown. CIT says it hopes to emerge from bankruptcy by year's end. More government losses could follow as bailout recipients such as Chrysler and AIG continue to struggle. Still, analysts say it could have been worse: CIT sought more bailout funding last summer, but the government declined...

Author: /time Magazine | Title: The World | 11/5/2009 | See Source »

...Chrysler has introduced only one new vehicle this fall, the Ram heavy truck, and the next new vehicle, the redesigned 2011 Jeep Grand Cherokee, won't appear until next spring. Facing a dearth of new products, Chrysler hands blame the company's previous owner, Cerberus Capital Management LLC, for slashing the product development budget in a failed bid to reach profitability. But it's more than just a lack of new vehicles plaguing the automaker; it's also the vehicles it has in hand. "Chrysler continues to struggle," Consumer Reports said earlier this month. "More than one third of Chrysler...

Author: /time Magazine | Title: Amid Tumbling Sales, Chrysler Looks to Future | 11/4/2009 | See Source »

...Chrysler dealers are going to have to rely pretty heavily on selling minivans and trucks," says Brad Coulter, a consultant with O'Keefe & Associates in Bloomfield Hills, Mich. Minivans and trucks have been Chrysler's most successful and profitable vehicles for several years. But the uneven lineup is stirring anxiety among Chrysler's partners. "Suppliers are always looking for more volume but they are going to have to weigh the extra volume with risks inherent in working with Chrysler," Coulter says. Chrysler, for its part, is promising to pay suppliers faster...

Author: /time Magazine | Title: Amid Tumbling Sales, Chrysler Looks to Future | 11/4/2009 | See Source »

...Chrysler is also continuing to get support from credit unions. More than 2,000 credit unions in all 50 states have been promoting the "Invest in America" discounts on Chrysler products...

Author: /time Magazine | Title: Amid Tumbling Sales, Chrysler Looks to Future | 11/4/2009 | See Source »

...Meanwhile, the Government Accounting Office said in a new report issued this week that the Obama Administration should slow down any plans to dismantle the Auto Task Force it put together last winter. Given Chrysler's remaining challenges, that sounds like a good idea...

Author: /time Magazine | Title: Amid Tumbling Sales, Chrysler Looks to Future | 11/4/2009 | See Source »

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