Morning Reading

Chrysler has six days. There’s still the glimmer of hope for a deal with Fiat. But more than likely, Chrysler is going bankrupt.. Other things to read:

Who Killed Chrysler? (Fortune)
One executive described Chrysler as looking like an imposing castle from the outside, but actually being empty once you got beyond the front door.

Ford Loses $1.4 Billion in Quarter, but Beats Forecast (DealBook)
While General Motors and Chrysler march toward possible bankruptcy, Ford has managed to separate itself from their plight by forgoing federal aid and maintaining investments in developing new products.

Bank of America’s Lewis May Face SEC Probe (Bloomberg)
“Secretary Paulson does not take exception with the Attorney General’s characterization of his conversation with Ken Lewis. His prediction of what could happen to Lewis and the Board was his language, but based on what he knew to be the Fed’s strong opposition to Bank of America attempting to renounce the deal.”

Behind the scenes of imprudent bank loans (Forbes)
Speaking in Trinidad-Tobago, President Obama nonetheless complained, “Banks still are not lending at previous levels.” So what? Why would anyone expect banks to lend as much while the economy was shrinking as they did when it was growing?

A Report Card on Obamanomics (Robert Reich’s blog)
“The 10-year budget gets an A. It’s an extraordinary vision of what America can and should become, including universal health insurance and environmental protections against climate change. And the budget takes a little bit more from the rich and gives a little bit more back to the poor and lower middle class, which seems appropriate given that the income gap is wider than it’s been since the 1920s…

The last grade is for the bank bailouts. I give them an F.