We’ll be liveblogging the Senate hearings on the bailout of the big three American automakers. We’ll sift through the oft-dull C-Span coverage so you don’t have to. Follow along after the jump.

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In a desperation move likely to help out its merger prospects, Chrysler has announced that the company will be cutting 25% of salaried workers. CEO Bob Nardelli said that “These are truly unimaginable times for our industry.” Actually Bob, the only news to come out of Chrysler that is “truly unimaginable” lately was that they were exiting the hybrid business until 2010.

General Motors and Chrysler have asked the U.S. government for a briefcase filled with money to help the sub-par, struggling automakers complete a merger to form one large mediocre company. In exchange for the bailout, the taxpayers would get $3 billion of preferred stock in the new company. Rad. What would employees get out of all this? Probably layoffs as the new company would be under pressure to cut costs quickly.

[CNBC] GM, Chrysler Ask for $10 Billion to Aid Merger

Chrysler has announced that it will be running over 1,825 employees when it “temporarily” exits the hybrid and large SUV markets. Yes you read that correctly — Chrysler is actually ceasing production of hybrids until 2010. There’s some forward thinking for you.

[Detroit News] Chrysler cutting 1,825 jobs with moves at 2 plants

Chrysler will be firing 250 salaried jobs possibly as soon as tomorrow. The company has had trouble lately: it announced layoffs of 1,000 employees last July, and has reportedly dropped 25% in sales. This is part of the company’s depressing “goal” of 22,000 employee firings for this year. I wish I were joking.

Details at Reuters

Cadence Innovation, an oddly-named auto-supplier, has filed for Chapter 11. The company had 4,000 employees worldwide and was in the unfortunate position of having G.M. and Chrysler as its top customers. The company will now attempt to liquidate its assets in bankruptcy.

So long, Cadence.

Chrysler sent a letter to employees today that said because of “the prolonged slump” in the U.S. auto industry, 1,000 workers will be cut by October.

Source: The Baltimore Sun

Poor Chrysler is closing a St. Louis factory because no one is buying these cars: Town and Country, Grand Caravan, Grand Voyager. Because the Chrysler suits weren’t able to foresee that people don’t want to buy large cars, 1,500 factory workers will lose their jobs.

Stating the fucking obvious, Chrysler president Jim Press had this to say to Automotive News:

“Consumer confidence has been hit by oil prices and the credit crunch. It has created a situation if we want to meet or exceed the targets we have to move responsibly.”

Thanks Jim for this valuable lesson on “responsibility.”