1997 Chrysler Sebring Jxi Convertible 2-door 2.5l on 2040-cars

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Revisiting the 2008-09 auto bailout that saved GM and Chrysler

The Federal Reserve stayed open late on December 31, 2008. There's almost no way you could remember that because barely anyone knew at the time. But General Motors had to pay its bills, and the Fed wired money so GM could still buy things in January. Without those funds, the nation's largest automaker wouldn't have seen much of 2009. It's one of many heart-stopping moments that illustrate just how close Detroit's Big Three came to extinction nearly a decade ago. They're chronicled in a new movie, Live Another Day, premiering in theaters September 16. Filmmakers Bill Burke and Didier Pietri interviewed nearly all of the key executives, federal officials, and union chiefs to recreate the auto industry's most perilous period. The movie begins in the aftermath of Lehman Brothers' demise amid the global financial meltdown. Things looked bleak for American carmakers, and their CEOs were laughed off Capitol Hill when they sought a Wall Street-style bailout. "It was a feeling that it was the end of the world," Pietri told Autoblog in an interview where he and Burke previewed the film. Saved by last-minute loans authorized by the Bush Administration after Congress refused to act, Detroit staggered into 2009 with a faint pulse. Live Another Day illustrates the downward spiral that played out that winter as President Obama and his task force – with little prior knowledge of the auto industry – wrestled over the fate of hundreds of thousands of jobs. GM's longtime CEO Rick Wagoner was fired in March. Fiat CEO Sergio Marchionne suddenly appeared as a savior for Chrysler, with his own motives. Obama rejected restructuring plans from the automakers. Chrysler declared bankruptcy on April 30. GM followed June 1. The sequence was very public, but Pietri and Burke showcase lesser-known events that shaped the outcome. They also seek to dispel the notion that the government rescued GM and Chrysler from incompetent leaders. "We never subscribed to the theories that the management structures of the companies were a bunch of idiots who didn't know what is going on," Pietri said. At one point, Chrysler executives were negotiating with Marchionne and Fiat. Unbeknownst to them, the government was having its own talks with the Italian automaker. The filmmakers also cast light on the bankruptcy process, which was shredded to shepherd two of America's industrial icons through reorganizations.

Ferrari families have 'agreement' to prevent takeover

With its initial public offering already a massive success, Ferrari is now officially a publicly traded company on the New York Stock Exchange. While anyone can buy those shares, don't expect investors to take control away from some of the top owners of the Prancing Horse anytime soon. To maintain their power, Enzo Ferrari's son, Piero, and Exor chairman John Elkann will sign a deal guaranteeing themselves nearly half of the automaker's voting rights, Bloomberg reports. As part of this arrangement, shareholders that agree to hang onto Ferrari stock for at least three years would receive additional voting rights in the company, and that would give Piero and Elkann a combined 48.7 percent of the automaker by banding together. While not quite complete control, the move should be enough to prevent a takeover of the business. "We have an agreement among the families to protect our interests in Ferrari," Piero said to Bloomberg. This agreement won't really become a concern until next year because only 10 percent of Ferrari will be traded for now. FCA will distribute another 80 percent to its shareholders in early 2016, and Elkann's Exor will be getting the largest portion of the Prancing Horse in the spin-off. Meanwhile, Piero holds the remaining 10 percent but has absolutely no intention to sell his stake in his father's business. The newly public Ferrari will push to grow volume with a goal of moving 9,000 vehicles annually by 2019. To reach that 30-percent boost, expect to see a new model every year, and some of them might use a new, modular platform that's reportedly under development. Related Video:

Junkyard Gem: 1990 Plymouth Laser RS Turbo

When Diamond Star Motors, a Chrysler-Mitsubishi joint venture, came online in the late 1980s, the first products to come out of the Normal, Illinois assembly plant were versions of the first-generation of the Mitsubishi Eclipse. There was the Eclipse itself, the Eagle Talon, and the Plymouth Laser. Here's a somewhat tattered example of the latter type, spotted in a Northern California self-serve yard. This car is unrelated to the Chrysler Laser of a few years earlier, which was based on the K-platform-derived Dodge Daytona. The Plymouth Laser was a pure Mitsubishi design. This one has the DOHC turbocharged 2.0-liter Sirius engine, rated at 190 horsepower. That was plenty of power by 1990 standards, a year in which the wildest possible Chevrolet Camaro (the IROC-Z, of course) packed just 230 hp under the hood. The IROC-Z weighed 3,149 pounds versus the Laser's 2,483, giving the Laser a slightly better power-to-weight ratio, not to mention a price tag more than $500 lower. CD players in cars were still uncommon in 1990; this Laser has the much more mainstream "computer controlled deck" cassette player, complete with nine-band graphic equalizer. Badging in futuristic typefaces was all the rage when this car was new. The all-wheel-drive Eclipse/Talon/Laser didn't hit dealerships until the 1991 model year, so all the '90s are front-wheel-drive only. The torque steer experienced in these cars could be exciting. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In the United States, Tina Turner pitched the Laser. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. North of the border, Celine Dion did the Laser's TV ads. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In Japan, the 1990 Eclipse featured "international breeze," whatever that is. Featured Gallery Junked 1990 Plymouth Laser RS Turbo View 23 Photos Auto News Chrysler Mitsubishi mitsubishi eclipse