The answer is Fiat. And so with that, the Italian auto giant is buying into not the Chrysler of today, but the one that will emerge from Chapter 11 bankruptcy, possibly in a matter of weeks.

The common utterance of loyal subjects of a monarchy applies as readily to General Motors changing of the guard as it did when being King of the Britons meant something. Out is GM lifer Rick Wagoner, in is GM lifer Fritz Henderson. Mr. Henderson is charged with pushing another restructuring boulder up the hill and keeping it from rolling off.

Automotive parts suppliers can now take their turn at the bailout trough. The Treasury Department has opened the spigot to the tune of $5 billion. Companies rejoiced. The backdrop, however, is much darker; more like a game of musical chairs with the lights turned off. A week before the parts-maker bailout was announced, an analyst with Grant Thornton warned that 500 auto suppliers were at serious risk of failing, and with them much of the supply chain.

Bloomberg reports today that General Motors has asked the FAA. to remove its planes from the voluntary tracking system that allows the public to follow an aircraft’s movements. This comes on the heels of criticism leveled at the chief executives of all three Detroit-based automakers for flying to D.C. in private jets to ask Congress for a publicly funded loan/bailout/monthly allowance.

The dire circumstances that General Motors finds itself in have been compared to the English-speaking peoples’ favorite epic failure–the sinking of the Titanic. While that tragedy and GM’s troubles to date share such similarities as the rush of water through the luxury liner’s hull and the gush of red ink from the Renaissance Center, the latest turn of events is more like a submarine sinking toward inevitable implosion.