Crysler Filed For Bankruptcy Protection card
4/30/2009

The Dow Jones Industrial Index gave up an early gain and closed a bit lower than yesterday, after learning that Chrysler - the nation's third-largest car manufacturer - filed for Chapter 11 bankruptcy protection in New York. Chrysler decided to take such an action, after a group of creditors - many of them hedge fund managers - walked out of the negotiation meeting last night defying government pressure to wipe out Chrysler's debt.

To calm the markets, President Obama said of Chrysler's bankruptcy filing "not a sign of weakness, but one more step on a charted plan of Chrysler revival." He added, "I recognize the path we're taking is hard, but as is often the case, the hard path is the right one.