Numa atmosfera de medo e intimidação, os trabalhadores das diferentes fábricas da Chrysler representados pelo sindicato United Auto Workers (UAW) votaram quatro contra um, em 29 de Abril, a favor da aceitação de grandes concessões. Se não votassem, disseram-lhes, a empresa declararia bancarrota. Um voto favorável significaria a segurança de emprego e a protecção das pensões através de uma nova aliança com a companhia automobilística italiana Fiat.
Menos de 24 horas depois da contagem dos votos, a Chrysler atraiçoou os trabalhadores e apresentou o seu pedido de bancarrota ao abrigo do Art.º 11. A 4 de Maio, quase todos os trabalhadores da Chrysler nos EUA foram colocados em regime de lay-off, à espera que a «cirurgia» da bancarrota transforme a Chrysler LLC numa mais ajustada e cruel «New (Nova) Chrysler».
Depois de ter dito aos trabalhadores que o seu sacrifício garantiria a segurança de emprego, a Chrysler informou o juiz da bancarrota em Nova Iorque, Arthur J. Gonzáles, da intenção de encerrar oito das suas fábricas até final de 2010. Já se sabia do plano para encerrar quatro delas, mas os trabalhadores das fábricas de Wisconsin, Michigan, Missouri e Ohio foram apanhados de surpresa por estas unidades estarem agora classificadas como «maus activos» e serem postas à venda. Cerca de 88 por cento dos efectivos da fábrica de Twinsburg (TSP), no Ohio, votou a favor das concessões. Nem sequer imaginavam o que estava para lhes suceder.
Everybody and his uncle is in debt, And the bankers and the brokers are upset. Goldman Sachs's, Merrill Lynch's Saw themselves as lead-pipe cinches, Now they've landed in the biggest screw-up yet. Lehman Brothers and Bear Stearns and all their kind Have turned out to be the blind leading the blind. They are clearly the nit-wittest In survival of the fittest–– Let me modestly say what I have in mind
Chorus: I am changing my name to Fannie Mae; I am changing it to AIG. On this bail-out I am betting; Just a piece of what they're getting, Would be perfectly acceptable to me. I am changing my name to Freddie Mac; I am leaving for that great receiving line. I'll be waiting when they hand out Seven hundred million grand out–– That's when I'll get mine.
Since the first amphibian crawled out of the slime, We've been struggling in an unrelenting climb. We were hardly up and walking Before money started talking And it said that failure was the only crime. If you really screwed things up, then you were through; Now––surprise!––there is a different point of view. All that crazy rooty-tootin' And that golden parachutin' Means that someone's making millions––just not you! (to chorus)
Oh the price of gold is rising out of sight And the dollar is in sorry shape tonight What the dollar used to get us Now won't buy a head of lettuce No the economic forecast isn't right But amidst the clouds I spot a shining ray
I can even glimpse a new and better way And I've demised a plan of action Worked it down to the last fraction And I'm going into action here today
CHORUS: I am changing my name to Chrysler I am going down to Washington D.C. I will tell some power broker What they did for Iacocca Will be perfectly acceptable to me I am changing my name to Chrysler I am headed for that great receiving line So when they hand a million grand out I'll be standing with my hand out Yes sire I'll get mine
When my creditors are screaming for their dough I'll be proud to tell them all where they can all go They won't have to scream and holler They'll be paid to the last dollar Where the endless streams of money seem to flow I'll be glad to tell them what they can do It's a matter of a simple form or two It's not just renumeration it's a liberal education Ain't you kind of glad that I'm in debt to you
CHORUS
Since the first amphibians crawled out of the slime We've been struggling in an unrelenting climb We were hardly up and walking before money started talking And it's sad that failure is an awful crime Well it's been that way for a millenium or two But now it seems that there's a different point of view If you're a corporate titanic and your failure is gigantic Down to congress there's a safety net for you