Obama Press Conference Live Blog
12:12 p.m. ET: Chrysler and Fiat have formed a partnership that has a strong chance for success. The government will make additional loans to the company, as will the government of Canada.
12:13 p.m. ET: The alliance will give Chrysler a chance to survive and thrive.
12:15 p.m. ET: A group of investment firms and hedge funds were less than cooperative, Obama says.
12:16 p.m. ET: The bankruptcy process will be “quick” and will not “disrupt the lives of people who work at Chrysler.” And it won’t affect those who buy Chryslers and need to get them serviced.
12:17 p.m. ET: Chrysler FInancial on its own will require an unacceptable amount of money to keep it going on its own. GMAC will finance Chrysler sales.
12:19 p.m. ET: Community liaison Ed Montgomery will travel to Michigan next week to reach out to those still struggling.
12:20 p.m. ET: We have made great progress. We can make great American cars. Chrysler and GM are going to come back.
