chrysler
Remember when Chrysler was America’s #3 car company, run by the can-do fraudery of Lee Iacocca, and not some terrible money pit owned in equal parts by Barack Obama and the Italians? Now it is exactly the sort of communist foreign enterprise that the “Tea Party,” the most important movement in American politics, is most [...]
QUITTERS: Chrysler will file for Chapter 11 bankruptcy after all. A small group of creditors didn’t want to negotiate on Chrysler’s $6.9 billion of secured debt, so now a judge will decide how much they get. Chrysler will still be teaming up with Fiat, though, so KEEP BUYING CHRYSLERS at the breakneck volume you’ve been [...]
Back when George Bush was the 36th best president of the United States, he suggested that the incoming administration appoint a Benevolent Despot Emperor of Automobiles, colloquially known as a “car czar,” to tend to the heaping pile of unsold inventory and feces that is the American automotive industry. And it seemed like Barack Obama [...]
UGH: “DETROIT — Chrysler says it will close all 30 of its manufacturing plants for a month starting Friday.” It’ll be like a vacation for auto workers, except they won’t travel anywhere and will enter poverty. We just couldn’t afford that $14 billion loan! [AP]
Reporter David Leonhardt at your liberal elitist rag the New York Times has a little thingy today about how nobody wants to buy American cars these days, and this is why Detroit finds itself in such an awkward no-cash-havin’ situation. While it is true that nobody wants to buy American cars, it is also true [...]
Hedge Funds That Bankrupted Chrysler Are Terrified Of Internet Commenters
by Jim Newell
Many blame last week’s Chrysler bankruptcy on the fact that Chrysler is a shit company. They are wrong! It was really a group of hedge funds, holding large swaths of Chrysler debt, that rejected the administration’s settlement offer of a 33 cents-on-the-dollar payout and thus threw the company into its current quickie “nooner” of a [...]