The President yelled ‘JUMP’, GM and Chrysler asked ‘how high?’. Yesterday, Chrysler jumped as high as the Mr. Obama wanted them too.

Chrysler LLC has reached an agreement on a framework of a global alliance with Italian automaker Fiat SpA (FIA.MI) that has the support of the U.S. Treasury, Chrysler’s CEO Bob Nardelli said on Monday.

“We appreciate the willingness of the (autos) Task Force, along with industry and financial experts, to consult closely with us in order to achieve this significant step,” Nardelli said in a statement.

Chrysler, owned by private equity Cerberus Capital Management, was deemed by the task force to be not viable as a stand-alone company and was given 30 days to complete an alliance with Fiat or be cut off from U.S. government funding.

Sad, sad, sad. Almost as sad as the fact that the U.S. taxpayer is now paying for his/her own GM auto warranty.

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