Chrysler sold!

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What is everyone's take on the sale? I'm a bit concerned that venture capitalists have bought the company. Generally that means within a little while, pieces get sold off and many workers lose jobs and benefits. My folks are retirees and are always the first targeted for benefit cuts. :wack:
 
Guitar Jones said:
To an American company thank God, Cerberus.

BTW Cerberus is a biblical three headed dog that guards the gates of Hell.

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-14-2007/0004587120&EDATE=
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Cerberus is the guardian of Hades, in Greek mythology. I dont think Cerberus is even mentioned in the Bible. According to Greek myth it guards Hades, which is not like the "Hell" in the Bible. Hades is were the all dead people go in ancient greek beliefs good and bad. Cerberus is supposed to prevent the dead from leaving and the living from entering. Hereckles was supposed to have, in one of his tales, gone into Hades to retrieve someones soul, but he had to trick Cerberus to get by. I love greek mythology, some of the older stories in the Bible are cool also. If you have seen a story about cerberus in the bible give me a heads up to were it is, because im curious as to what........what.......OH MY GOD Chrysler SOLD!
 
I hope this works out for the best. Something in the article about the sale makes me feel like Cerberus recognizes that Chrysler is part of America and deserves some respect. I hope they help the company continue and preserve some history. Time will tell. I'm glad my job doesn't rely on Chrysler.
 
Chrysler is finished. Draconian cost-cutting measures will be immediately implemented to bleed out every last cent as they chop it up to sell off piece-by-piece until there is nothing left.
 
dust said:
Cerberus Capital Management LP:

VP: Dan Quayle, Vice President of the United States under George H. W. Bush (1989-1993)

Chairman: John W. Snow, President George W. Bush's second United States Secretary of the Treasury

http://en.wikipedia.org/wiki/Cerberus_Capital_Management
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Can Dan Quayle even spell Chrysler? Seems to me he had trouble with a common veggie a while back. :sad:
 
Not sure the whole corporation is done, but I would full well anticipate a pension re-negotiation of airline bankruptcy proportions. It is the burden of pensions and health care which made the Daimler bean counters see Chrysler in an unfavorable light. The liability is transfered as part of the sale. As an automaker, Chrysler is in better shape than GM or Ford.

Rather than gutting the company, I anticipate these guys will reorganize the liabilities and take it public again in a few years. Of course they will make some money in the deal.
 
Chrysler will be gutted and it's body parts sold piece by piece starting in about 6 months. That's my prediction.

Terry
 
I am NOT a negative person, own my own business for 27 years, and generally try to see the positive in everything. I am happy an American group made the purchase. Having said that, I know venture capitalists do what they do for one reason and one reason ONLY and that is to make money. Unless they already were working some backroom deal with the union to handle the benefits debt, they will do what ever makes them a quick turn with as much profit as possible. I just hope it takes longer than 1) I live and 2) it takes for me to get one of those new Challengers! (Selfish bastard huh?)
Maybe we get really lucky and one of the most influential members of the group has some old Muscle Mopars and wants to preserve the heritage!
Darius
 
Dodgenut64, thanks for the lesson. I posted in haste this morning because I was late for work after reading that link. I took the word of another site on the origins of the name without doing proper research. Shame on me. :)

I really don't think this company is going to gut Chrysler and sell it off. The loss of Chrysler (or GM or Ford for that matter) would be such a blow to our economy that it would probably send this country into an even worse depression than the first one. Most economics and financial people realize this. This guy is 45 years old and has billions in holdings and cash, he's no dummy.
 
As I have heard commentary throughout the afternoon, it seems that the UAW will probably assume the pension and health care liability that made Chrysler show red on Daimler's books.

You must remember that in Germany, like most other industrial nations, health care and pensions are managed and guaranteed by their respective governments. We continue to not do this. We see those governments as subsidizing business while they see our companies as targets. If we are going to play on the world stage (and we certainly can't afford to stop doing so) we must level the playing field from our own end. So long as the cost of doing business is cheaper in other countries, we will continue to lose jobs.
 
Guitar Jones said:
Dodgenut64, thanks for the lesson. I posted in haste this morning because I was late for work after reading that link. I took the word of another site on the origins of the name without doing proper research. Shame on me. :)

I really don't think this company is going to gut Chrysler and sell it off. The loss of Chrysler (or GM or Ford for that matter) would be such a blow to our economy that it would probably send this country into an even worse depression than the first one. Most economics and financial people realize this. This guy is 45 years old and has billions in holdings and cash, he's no dummy.
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No prob, i was actually trying to be silly. But i do really enjoy Greek myth.
 
We read that Chrysler ''It is the burden of pensions and health care''

The pensions and benefits that are the responsibilty of the company is a strange set up from our point of view.

In Australia the Govenment is solely charged with providing the pension and a company has to pay any superannuation set at 7% of the weekly wage payable to the Govt every three months.

So if a company was closed down the workers generally would not be left in the lurch and likeways the money owning to creditors by the company as part of the balance sheet does not include employees.Still would not help if you did not have an income anymore.

Cheers

Benton
 
A360 said:
We read that Chrysler ''It is the burden of pensions and health care''

The pensions and benefits that are the responsibilty of the company is a strange set up from our point of view.

In Australia the Govenment is solely charged with providing the pension and a company has to pay any superannuation set at 7% of the weekly wage payable to the Govt every three months.

So if a company was closed down the workers generally would not be left in the lurch and likeways the money owning to creditors by the company as part of the balance sheet does not include employees.Still would not help if you did not have an income anymore.

Cheers

Benton
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Not a bad idea.
A360, i heard on the BBC that you guys are having a record water shortage. Seems some of the farmers were upset the government came and took some water that the farmers had stored away. Id be mad too.
 
I don't think it will get gutted. Cerberus owns majority stakes in both Delphi AND GMAC. The best thing for them to do is rebuild Chrysler, make them attractive again (will take a few years) and THEN put them back on the stock market to become a publicly traded company again. They got Chryler for for a fraction of what Daimler paid to get them in the first place. They know what Chrysler's potential is.

..and about government supplied retirement. It sounds like a "good" idea...but have you ever seen the TAXES in other countries? We couldn't even consider such a concept until we scrap the Social Security system.

I personally am drawn on this. The more the government does for people, the more they expect, and the less likely they are going to take responsibility for themselves. As it is, I am wasting money on SS, because I know it will be gone by the time I can retire. No one wants to fix it, and no oon ewants to get rid of it.
 
66prostreet said:
Here read this before you go nuts . this is from a guy that works at chrysler.
http://www.mopartech.net/showthread.php?t=3283
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I've read these also but take it with a grain of salt. The Germans have lied through their teeth before and as recently as 6 weeks ago Dieter denied Chrysler was for sale while he was actively soliciting offers. I don't believe a word they say.

This is not to say that I think this is a bad deal, just that you can't trust corporate people.
 
G/Day fellas

Couple of comments

Yep the east coast of Australia has a major drought and the allocations of water for irragation has been slashed and yes many farmers not too happy about that.

Govt S/S
Superannuation is paid by the employer for the employee at 7% the weekly wage that you select what fund in goes in.
Govt also supplies a pension if your superannuation does not meet the minimum

Taxes 30% up to $120 000 Au PA appox $99 000USD
No State tax as such there is though 10% GST (Sales Tax) Country wide

FYI in Western Australia we have a 2.4% unemployment rate and 4.1 % rate for the rest of Oz

Clear as mud :thumbup:

Cheers

Benton
 
Why not ask this:

How long before FORD goes "belly up" and is purchased by Chrysler????

Those "Chrysler" commercials (a few months back) where they bragged about "German Engineering" pissed me off....
Seems a bit strange that Chrysler products are "kickin Butt" overseas, but losing money in the USA....(Liars figure, and figures lie)

I'm gonna be positive about this deal. Where can I buy some stock?

BUY AMERICAN (At least NORTH American) :thumbup:
 
You can't buy stock as there is none. It will be a privately held company.

The Germans are liars and I'm glad they are gone. Chrysler didn't lose money this year, they just didn't make as much as in previous years. After the Germans got done raping them though there wasn't anything left. I say good riddance! I'm glad they'll be gone.
 
Guitar Jones said:
The Germans are liars and I'm glad they are gone. Chrysler didn't lose money this year, they just didn't make as much as in previous years. After the Germans got done raping them though there wasn't anything left. I say good riddance! I'm glad they'll be gone.
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Amen brother!!
 
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