The swine flu finally claims a worthy victim. It's a watershed moment for the auto industry, but I don't think many people will be stopping in their tracks to weep for Chrysler.
I hope they spin off Jeep. I'd love to see it become independent. I'd think they could make some really cool cars.
If there is any company in the world that can get Chrysler squared away financially and building excellent cars again it's Fiat.
I actually think this is good new overall. It will be far bigger news if GM needs to file bankruptcy. Will Chrysler survive bankruptcy?
People don't really understand bankruptcy -- the company will continue to operate. All that will happen is the creditors and the courts will determine how best to recover the creditors' losses. This could mean a sale of the company in whole or in part, the converstion of debt to equity and the continued operation of the company, and many options in between those two. Contracts are washed out and renegotiated, and hopefully the cost structure of Chrysler will be lower on the other side of BK. This represents a great chance to break the back of the unions. It will also make the CO2 cap and trade issue tougher, since any cap and trade scheme will significantly damage American manufacturing in the midwest.
This is such a red herring. Everything is about class warfare with the libs... Last I checked, the executives weren't banding together and bargaining collectively. They report to the board of directors and are employed at the board's discretion. Unions are totally different -- you can't fire those lazy, unproductive SOB's without a walk out. We should offer a one way bus ticket for willing Mexican immigrants to go do the union workers' jobs at a fraction of the cost and probably higher productivity.
When the Ceo is also chairman of the board there is a conflict of intrest. Many of these CEOs bought no value to the company. They just collected a fat pay check. With CEOs sitting on each other's board I guess its not really a whole lot different than a union. <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/GQnCFdjLJAM&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/GQnCFdjLJAM&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
Your guess is wrong. You have so many learning curves to climb before you can understand the issues. It's amazing how people have such uninformed opinions, yet feel qualified to discuss a topic.
You are being disingenuous if you are actually trying to say that the Good 'ol Board network isn't a back slapping cadre of self-interested blowhards just as much as any union. The difference is that the CEO cadre makes a LOT more money.
