chrysler files for bankruptcy

Chrysler files for bankruptcy

money.cnn.com...

So it is done.

What is done?

The word "bankruptcy" has always cyanide taste to it, but in the case of Chrysler, GM or any other large US corporation, bankruptcy means a government-sponsored reorganization/revitalization.

In remarks at the White House, President Obama said that the bankruptcy filing is not a failure for the company but "one more step on the path to Chrysler's revival."

According to Obama, Chrysler's revival is not a consequence of the company's failure; it was just something comparable to a freaky accident that required reading from Chapter 11.

The future ownership looks like this:

As a result of that deal, the UAW will own 55% of Chrysler. Fiat will own a 20% stake with the option of increasing it to 35%. The U.S. government will own 8% and Canada will have a 2% stake.

So the decision what type of cars to design and make is up to Fiat, the world's specialists on "subcompact" cars. The invasion of small cars from overseas was always opportunistic when OPEC misbehaved or so, but large-butted Americans never liked the ride. The next time around, the union of Chrysler-Fiat-Lean Cousine could strike gold.

Coming to the freeway near you:

www.zcars.com.au...

Nice make-up.

When the bailout bill was being shoved down our throats, we were told that it was necessary because the auto industry was "too big to fail". If we let things take their natural course, it would be "catastrophic", or so Obama told us.

So we pumped tens of $billions$ of dollars into GM and Chrysler. And guess what? They *STILL* failed.

Wasted money. We shoulda let them go bankrupt much earlier.

So the decision what type of cars to design and make is up to Fiat, the world's specialists on "subcompact" cars. The invasion of small cars from overseas was always opportunistic when OPEC misbehaved or so, but large-butted Americans never liked the ride. The next time around, the union of Chrysler-Fiat-Lean Cousine could strike gold.

Coming to the freeway near you:

www.zcars.com.au...

Nice make-up.

nearly crapped my pants laughing.
Now what I'd like to see is the new Hummer-Twinkie-Dunkin Donuts concept car.

Originally posted by jsobecky

When the bailout bill was being shoved down our throats, we were told that it was necessary because the auto industry was "too big to fail". If we let things take their natural course, it would be "catastrophic", or so Obama told us.

So we pumped tens of $billions$ of dollars into GM and Chrysler. And guess what? They *STILL* failed.

Wasted money. We shoulda let them go bankrupt much earlier.

I couldn't agree more.

WHat a waste of money......again....and yet another lie from Obama.'

I almost feel bad 4 the guy.

After this movie, everything had to go. You simply cannot empower the US citizen as much as this. Even the name of the car is obvious: Challenger.

I was raised with a bowtie above my bed but some of these Mopar cars will live forever. This movie is now the greatest movie ever, aside from Amazon Women and the Avocado Jungle of Death.

Why can't we make cars as art but have them be simple? Why can't Chrysler just use the same design outside but re-mold the guts? I've seen Chip Foose do it with old cars --and he steals the victims car todo it!

Chip Foose should be the Car Czar.

reply to post by stander


How does the UAW end up with a 55% take. Did they put a bunch of money up? I heard on the radio that the people are still going to get their pensions. I thought when you filed bankruptcy you wiped all that stuff out. This is a freaking mess.

Originally posted by dashen

Now what I'd like to see is the new Hummer-Twinkie-Dunkin Donuts concept car.

www.hummerguy.net...

Note the hook anchors mounted on the hood. Fiat mechanics love the feature when the hood lock breaks due to the frequent hood-up-hood-down-wtf-is-wrong-with-that-fuel-injector handling.

Sorry I just read the article you linked to. So they are going to form a new company that buys the assets and the UAW contracts. Who in their right mind would want a UAW contract? Why they use the bankruptcy to throw out the union contracts and hire non-union employees? How did the UAW get a 55% stake? I will tell you how because Obama is paying off the unions for their support. This is ridiculous.

One more thing. This investment group that owned Chrysler until now only paid 27 billion for the whole company and yet the governments going to dump 12 billion into it for a 20% stake. Great investing strategy guys.

Originally posted by justsomeboreddude
reply to post by stander

 

How does the UAW end up with a 55% take. Did they put a bunch of money up? I heard on the radio that the people are still going to get their pensions. I thought when you filed bankruptcy you wiped all that stuff out. This is a freaking mess.

I don't know how UAW got the largest wedge from the pie cutting.

This is not an ordinary bankruptcy . . .

Q: What role is the government taking in the case?

A: The government's role in the case is unprecedented in bankruptcy history, according to Skeel.

www.google.com...

. . . so the knife that cut the pie might not have been ordinary either.

I dont know but I bet the UAW got the 55% for agreeing to take less pension or for the UAW to take over the pension fund. If so this is total BS, because you can wipe out those liabilties in bankruptcy court.

[edit on 30-4-2009 by justsomeboreddude]

Communism Pronunciation [kom-yuh-niz-uhm]
–noun
1. a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.

2. (often initial capital letter) a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.

dictionary.reference.com...

The workers of the labor union now own the means of production at Chrysler as a result of BHO's intervention in the affairs of a private entity.

So, on the one hand you have communism in play by taking tax payer dollars to essentially buy Chrysler for the labor union.

On the other hand, you have fascism in play in that the government is using tax payer money to buy Chrylser and give it as a gift to a foreign corporation.

When he is not enacting socialism in this country, he is dismantling what is left and selling it to Europe. I am now convinced, B. Hussain Obama hates America and is the Manchurian Candidate incarnate.