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That, or lousy management and crummy cars...

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April 30, 2009 – Comments (5)

Obama: Lenders Pushed Chrysler Into Bankruptcy

And I actually love my Chrysler minivan. But come on...

B.O. is engaged in some misleading word-smithery here. Those "speculators" were owed money. Lotsa dough. Chrysler was bankrupt already. Fixing deals with creditors in the absence of an official filing (had that worked) would not have altered that simple reality.

Sj

5 Comments – Post Your Own

#1) On April 30, 2009 at 2:05 PM, portefeuille (99.66) wrote:

That staring is worsening my headache. Si I hit the play button. 10 more seconds of staring and then this head pendulum. Can someone tell him to stop that please? I have to change the channel every time I see that and usually forget to switch back.

Apart from that he is an improvement from Bush.

I do not follow the U.S. media, so I am not aware whether I am no. 1000000 to mention this, but this head turning has got to stop!

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#2) On April 30, 2009 at 2:07 PM, portefeuille (99.66) wrote:

And more to the topic chrysler cars are ugly and almost impossible to sell here in Europe.

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#3) On April 30, 2009 at 2:07 PM, portefeuille (99.66) wrote:

at almost any price that is

 

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#4) On April 30, 2009 at 2:11 PM, hall9999 (99.23) wrote:

  Yahoo headline - "Chysler will file...".  They could only squeeze $4B out of the govt before.  Now that they're going into bankruptcy they get another $8B?!  Bankruptcy sounds like a good deal to me.

  I also like the mistyped work in this Obama quote from the article:

"This is not a sign of weakness," he said. "I have eery confidence that Chrysler will emerge from this process stronger and more competitive."

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#5) On April 30, 2009 at 3:50 PM, leohaas (31.85) wrote:

The Hedge funds and other "investors" gambled and lost. Sure, they are owed money. But they have known for awhile that bankruptcy was a real option for Chrysler. So they had to make a judgment call: do we take what we have been offered (cash), or do we hold out for a fatter offer (while risking to lose everything). Now Chrysler is bankrupt, they are in the back of the line. They gambled and lost. Consequently, they are speculators.

Indeed, Chrysler's problems have more to do with an inept management team, lousy products, and a union with a history of asking for (and getting) more than their fair share. The chosen solutiong may fix 2 of these 3 problems. Let's hope FIAT management is a significant improvement and the bankruptcy voids all union contracts (including the idiocy of providing healthcare for retirees). Then all Chrysler needs to do is to get on par with Honda when it comes to quality...

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