After failing to make a deal with creditors, automaker Chrysler will file for Chapter 11 bankruptcy today in New York. The White House had been pushing for controlled bankruptcy if the automaker wasn't able to restructure in time; according to CNBC, "The talks for a restructuring of Chrysler had had the full support of the company's key stakeholders, including the UAW and the largest creditors, but the rest of creditors did not agree." Bloomberg News reports, "The president’s staff plans to use the filing to pave the way for Fiat Spa to take a 20 percent stake in the Auburn Hills, Michigan-based automaker." President Obama spoke about the bankruptcy filing just now, noting that it would be a "quick, official and controlled" process" that "will give Chrysler not only a chance to survive but to thrive in the global auto industry... I have every confidence that Chrysler will emerge from this process stronger and more competitive."