After failing to make a deal with creditors, automaker Chrysler is expected to 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 said last night, "I am actually very hopeful, more hopeful than I was 30 days ago, that we can see a resolution that maintains a viable Chrysler automobile company out... It would be a very quick type of bankruptcy, and they could continue operating and emerge on the other side in a much stronger position." Obama will discuss Chrysler today at noon.