Chrysler hits the wall

President Obama will announce the bankruptcy of Chrysler Corp. tomorrow. This according to a variety of “sources said” stories circulating, including this one from Bloomberg. The filing will coincide with an alliance with Fiat.

The Italian company would become a 20 percent owner of Chrysler, and a union retiree health-care trust fund would own 55 percent, with the rest of the company staying in the government’s hands initially.