Chrysler or GM could file for bankruptcy, even with concessions, in order to shed bad assets.

"It was explained to us that Chrysler is getting ready for Chapter 11 filing," Ken Lewenza, president of the Canadian Auto Workers union, said... "The company could be split into the new company and the old company. The old company would be liquidated."

With no small measure of uncertainty still lurking, and with UAW workers facing the prospect of making a concession or two, many continue to consider a buyout offer from the automaker but that option expires at the end of the day, according to the Ivory Tower.

And over at GM, major changes begin this morning.  So long Grand Prix.  Buh-bye G6. MLive reports that Pontiac disappears today.  

General Motors Corp. has announced GM Chief Executive Fritz Henderson will hold news conference at 9 a.m. Monday to present an update on GM's revised viability plan.

That plan is likely to include the widely reported shutdown of the Pontiac brand and possible permanent plant closings. GM said in its Feb. 17 viability plan that it intended to close 14 factories over the next several years.

The Obama administration rejected that plan.

Because it didn't kill enough Michigan jobs.  And they're well within their right to reject it, too. </sarcasm>  I mean, the Obama administration runs GM these days.  They have their own guy in the CEO's office and their own leadership team in the board room.

The company's former boss was the first scalp on the President's wall and Pontiac is going to be the second.  Still unclear how many UAW jobs will join it by the end of the week but if 14 plants were too few for DC Democrats they'll probably need to build an expansion onto the White House to create enough wall space.

And the banks?  The bad players?  The rotten lenders and the crooked CEOs outside of Michigan who started this whole mess?  They should check their mailbox.  Ten will get you twenty they'll either find a fresh bailout check or an invitation to their local Congressional Democrat's next fundraiser.