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Auburn Hills, Mich., Dec 31, 2008 – “We recognize the magnitude of the effort by the Treasury Department to complete these multiple financial arrangements quickly and sequentially. The discussions relating to Chrysler LLC have been positive and productive, and we look forward to finalizing the details of our financial assistance in the immediate future.”
8 Comments on “Bailout Watch 317: “Statement Regarding Status of Federal Assistance to Chrysler LLC”...”
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Not done yet? What’s with the use of the words “arrangements” “finalizing” and “details”. $4b isn’t THAT much cash (yet), so all you need is a handshake from the upstanding and transparent wizkids at Cerberus surely?
Or it could mean Chrysler and Cerberus management are holidaying somewhere warm. Perhaps Australia? I’ll let you know if I see them.
Since I don’t give a damn about the people who are against the bailout…
…let me just say that I am so glad that the interwoven financial markets have made it so that if any one of the Big 3 go down, ALL OF THE AUTO MANUFACTURERS will be hurt – their suppliers will fold.
THEREFORE, it cannot be allowed to happen.
I’m not willing to see America’s manufacturing base dismantled simply because the “toyota republicans” sold us out to the Japanese and the Koreans.
@ Flashpoint
Since I don’t give a damn about the people who are against the bailout…
“Against” would appear to be the majority of people who are at this minute shifting their purchases to non-GM/Chrysler product.
I’m not willing to see America’s manufacturing base dismantled.
Bought anything from Dell, Apple or Nike lately??? Have you seen those massive cruise ships in Florida, almost all of them made in Italy. It’s already happened, you gave it away decades ago.
The USA needs companies to invest in local production, it doesn’t matter where they’re based or what country “owns” them. You should welcome Toyota investment plus plenty of people think the USA made Toyota product is just great.
Owning, operating and funding USA based car companies cost the USA $73billion in losses last year alone thanks to GM. Some estimates have the number as high as $175billion of capital destroyed by GM in less than a decade.
No country can afford that kind of manufacturing base.
What else could have been done with that money in another industry that would have been profitable and sustainable?????????????????????
Having said all that, you can’t run an economy on, service ie; coffee shops and Cafes as someone has to produce something.
It’s kinda like an infant crying for momma’s teat…but not.
Translation: “We understand you are helping GM after waiting God knows how long. They got their money by direct transfer. Where is ours? Obviously, Chrysler is not your first priority. We get the feeling we have no priority at all. You are making up procedural problems that don’t exist. JUST GIVE US THE GODDAMN MONEY! Do we have to refer you to Collections?”
Letting Chrysler die would be a late Christmas present to taxpayers. GM is a going concern, it just needs Chapter 11 to get rid of over $50 billion in private debt, 6 brands, thousands of dealers, and tens of thousands of excess union employees.
I would like to see the Chapter 11 sooner rather than later, but at least GM is something.
Chyrsler, on the other hand, is dead. They only employ about 50,000 people. They are nothing. Saving them is pure Cerberus kleptocracy.
Flashpoint:
You bought an Accord with your girlfriend’s credit, but that’s nice that you would like us to use our tax money to bail out some failed companies.
@Flashpoint:
Name calling only hurts your case… referring to those who disagree with you as Toyota Republicans is silly.
Since most people disagree with you, you are alienating people one would think you’d try to win over… or maybe not.
Didn’t Chrysler say they were fine until the end of January 2009 and then things would get critical? GM got the cash because they said they would not make it until the end of 2008 (after saying for many months that they were fine through 2009). Chrysler did not have priority because they said they could wait. What happened, didn’t figure the time and money that were available properly? That almost never happens…