Congratulations, taxpayers...Chrysler is now a 100% Italian company

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“Seven Days In May”

Since: Oct 13

Hilliard, OH

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Jan 5, 2014
 

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At the beginning of 2014, Detroit may be bankrupt, but they’re cheering the five-year-old U.S. auto bailout in Italy. That’s because after being the beneficiary of billions in U.S. taxpayer largesse, Fiat, the leading Italian auto company, is going to buy its final stake in Chrysler from that other big bailout recipient, the United Auto Workers (UAW).

“Chrysler’s Now Fully an Italian Auto Company,” reads the Time magazine online headline. But wait a minute! Wasn’t the bailout supposed to be about saving the American auto industry?

As Mark Beatty and wrote in The Daily Caller in November 2012, after presidential candidate Mitt Romney made the controversial claim that Fiat would be expanding production of Chrysler’s Jeep in China (a claim that turned out to be correct),

"The real outrage arising from the 2009 Chrysler bailout is not that its parent company, Fiat, is planning to build plants in China. It’s that the politicized bankruptcy process limited Chrysler’s growth potential by tying it to an Italian dinosaur in the midst of the European fiscal crisis. The Obama administration literally gave away ownership of one of the Big Three American auto manufacturers to an Italian car maker struggling with labor and productivity issues worse than those that drove Chrysler to near-liquidation."

As we noted in the piece, much of Chrysler’s profits from its overhauled line are going to prop up Fiat’s failing, money-losing Italian business, rather than to expanding production and jobs in the U.S. Moody’s had downgraded Fiat’s credit rating to “junk” even before the Obama administration arranged for it to acquire a Chrysler stake, and in Autumn 2012, Moody’s gave Fiat another downgrade that the Financial Times described as even “further into ‘junk’ territory.”

Around this time, Barron’s put it like this in a headline,“This time, Chrysler could bail out Fiat.” Actually, the Barron’s headline is slightly misleading in one respect — Fiat didn’t contribute much of anything to the Chrysler’s bailout.

In the 2009 deal overseen by the Obama administration’s auto task force, Fiat paid no money to acquire its initial 20 percent stake in Chrysler — only contributing some of its intellectual property, instead. Fiat would later pay $2.2 billion to raise its stake in the company to 58.5 percent.

Continuing the bailout shell game, Fiat will now pay fellow bailout recipient UAW $4.4 billion for its stake in Chrysler. All the while, the U.S. government has pitched in more than $12 billion in taxpayer infusions.

In “saving” the American auto industry, Obama gave an American company away. And he gave it away at the expense of pension funds and other secured creditors, which were given a much smaller stake in the new company than they would have been given under traditional bankruptcy proceedings. American manufacturing workers also lost out on the deal; many are now hostages to the woes of Fiat and the Italian economy.
http://www.openmarket.org/2014/01/01/the-grea...
Geronimo

Columbus, OH

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#2
Jan 5, 2014
 

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Then don't buy Fiat.
Big Johnson

Columbus, OH

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#3
Jan 5, 2014
 
Trayvonius Martinez wrote:
At the beginning of 2014, Detroit may be bankrupt, but they’re cheering the five-year-old U.S. auto bailout in Italy. That’s because after being the beneficiary of billions in U.S. taxpayer largesse, Fiat, the leading Italian auto company, is going to buy its final stake in Chrysler from that other big bailout recipient, the United Auto Workers (UAW).
“Chrysler’s Now Fully an Italian Auto Company,” reads the Time magazine online headline. But wait a minute! Wasn’t the bailout supposed to be about saving the American auto industry?
As Mark Beatty and wrote in The Daily Caller in November 2012, after presidential candidate Mitt Romney made the controversial claim that Fiat would be expanding production of Chrysler’s Jeep in China (a claim that turned out to be correct),
"The real outrage arising from the 2009 Chrysler bailout is not that its parent company, Fiat, is planning to build plants in China. It’s that the politicized bankruptcy process limited Chrysler’s growth potential by tying it to an Italian dinosaur in the midst of the European fiscal crisis. The Obama administration literally gave away ownership of one of the Big Three American auto manufacturers to an Italian car maker struggling with labor and productivity issues worse than those that drove Chrysler to near-liquidation."
As we noted in the piece, much of Chrysler’s profits from its overhauled line are going to prop up Fiat’s failing, money-losing Italian business, rather than to expanding production and jobs in the U.S. Moody’s had downgraded Fiat’s credit rating to “junk” even before the Obama administration arranged for it to acquire a Chrysler stake, and in Autumn 2012, Moody’s gave Fiat another downgrade that the Financial Times described as even “further into ‘junk’ territory.”
Around this time, Barron’s put it like this in a headline,“This time, Chrysler could bail out Fiat.” Actually, the Barron’s headline is slightly misleading in one respect — Fiat didn’t contribute much of anything to the Chrysler’s bailout.
In the 2009 deal overseen by the Obama administration’s auto task force, Fiat paid no money to acquire its initial 20 percent stake in Chrysler — only contributing some of its intellectual property, instead. Fiat would later pay $2.2 billion to raise its stake in the company to 58.5 percent.
Continuing the bailout shell game, Fiat will now pay fellow bailout recipient UAW $4.4 billion for its stake in Chrysler. All the while, the U.S. government has pitched in more than $12 billion in taxpayer infusions.
In “saving” the American auto industry, Obama gave an American company away. And he gave it away at the expense of pension funds and other secured creditors, which were given a much smaller stake in the new company than they would have been given under traditional bankruptcy proceedings. American manufacturing workers also lost out on the deal; many are now hostages to the woes of Fiat and the Italian economy.
http://www.openmarket.org/2014/01/01/the-grea...
The Dodge rebellion wants you.
Pope Che Reagan Christ I

Medina, OH

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#4
Jan 5, 2014
 

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Trayvonius Martinez wrote:
At the beginning of 2014, Detroit may be bankrupt, but they’re cheering the five-year-old U.S. auto bailout in Italy. That’s because after being the beneficiary of billions in U.S. taxpayer largesse, Fiat, the leading Italian auto company, is going to buy its final stake in Chrysler from that other big bailout recipient, the United Auto Workers (UAW).
“Chrysler’s Now Fully an Italian Auto Company,” reads the Time magazine online headline. But wait a minute! Wasn’t the bailout supposed to be about saving the American auto industry?
As Mark Beatty and wrote in The Daily Caller in November 2012, after presidential candidate Mitt Romney made the controversial claim that Fiat would be expanding production of Chrysler’s Jeep in China (a claim that turned out to be correct),
"The real outrage arising from the 2009 Chrysler bailout is not that its parent company, Fiat, is planning to build plants in China. It’s that the politicized bankruptcy process limited Chrysler’s growth potential by tying it to an Italian dinosaur in the midst of the European fiscal crisis. The Obama administration literally gave away ownership of one of the Big Three American auto manufacturers to an Italian car maker struggling with labor and productivity issues worse than those that drove Chrysler to near-liquidation."
As we noted in the piece, much of Chrysler’s profits from its overhauled line are going to prop up Fiat’s failing, money-losing Italian business, rather than to expanding production and jobs in the U.S. Moody’s had downgraded Fiat’s credit rating to “junk” even before the Obama administration arranged for it to acquire a Chrysler stake, and in Autumn 2012, Moody’s gave Fiat another downgrade that the Financial Times described as even “further into ‘junk’ territory.”
Around this time, Barron’s put it like this in a headline,“This time, Chrysler could bail out Fiat.” Actually, the Barron’s headline is slightly misleading in one respect — Fiat didn’t contribute much of anything to the Chrysler’s bailout.
In the 2009 deal overseen by the Obama administration’s auto task force, Fiat paid no money to acquire its initial 20 percent stake in Chrysler — only contributing some of its intellectual property, instead. Fiat would later pay $2.2 billion to raise its stake in the company to 58.5 percent.
Continuing the bailout shell game, Fiat will now pay fellow bailout recipient UAW $4.4 billion for its stake in Chrysler. All the while, the U.S. government has pitched in more than $12 billion in taxpayer infusions.
In “saving” the American auto industry, Obama gave an American company away. And he gave it away at the expense of pension funds and other secured creditors, which were given a much smaller stake in the new company than they would have been given under traditional bankruptcy proceedings. American manufacturing workers also lost out on the deal; many are now hostages to the woes of Fiat and the Italian economy.
http://www.openmarket.org/2014/01/01/the-grea...
You have an odd way of hailing the greatness of capitalism.

“Seven Days In May”

Since: Oct 13

Hilliard, OH

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#5
Jan 5, 2014
 

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Geronimo wrote:
Then don't buy Fiat.
I've never seen a dime of federal taxpayer money go to a Japanese, German or Korean automaker.

“Seven Days In May”

Since: Oct 13

Hilliard, OH

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Jan 5, 2014
 

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Pope Che Reagan Christ I wrote:
<quoted text>
You have an odd way of hailing the greatness of capitalism.
You seem to miss the part about $12 billion in government cash and the screwing of bondholders and pensioners. But knowing you, you probably think that's capitalism.
Pope Che Reagan Christ I

Medina, OH

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Jan 5, 2014
 

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Trayvonius Martinez wrote:
<quoted text>You seem to miss the part about $12 billion in government cash and the screwing of bondholders and pensioners. But knowing you, you probably think that's capitalism.
Explain what that has to do with Fiat's current purchase of stock from the UAW trust. You could also explain what prohibited any other person in the world from making a better offer to buy Chrysler than the one made by Fiat.
Jerseyboy For Life

Elkhart, IN

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#8
Jan 5, 2014
 
DETROIT!!...The failings of Socialist Democrats in charge of most ever City in AMERICA......Broke or going broke.!......Detroit was built on Capitalism,destroyed by Socialist Democrats.......When the takers out number the givers,things go broke,and collasp!!....Just like all Socialist hope they dooooooooo!!,and eventually do!......Obama shut down a coal fired power plant along the Ohio river,a company had to get its power from another State,the cost was to high,the company Ormett said we can't afford this rate,the power Company said no deal,,a thousand "UNION" employees are now Obama unemployed.....What a anti-Capitalist he is,and what a Union guy he is toooooooo!!,just keep voting in those Socialist Democrats,maybe Ohio will be the next "DETROIT"......

“Queen of my domain”

Since: May 10

Location hidden

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#9
Jan 5, 2014
 
Jerseyboy For Life wrote:
Ohio will be the next "DETROIT"......
We already have Cleveland and Toledo.
http://247wallst.com/special-report/2014/01/0...
http://www.huffingtonpost.com/2013/01/19/wors...

“Seven Days In May”

Since: Oct 13

Hilliard, OH

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Jan 5, 2014
 

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Pope Che Reagan Christ I wrote:
<quoted text>
Explain what that has to do with Fiat's current purchase of stock from the UAW trust. You could also explain what prohibited any other person in the world from making a better offer to buy Chrysler than the one made by Fiat.
How stupid are you?
"All the while, the U.S. government has pitched in more than $12 billion in taxpayer infusions."
Pope Che Reagan Christ I

Medina, OH

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Jan 5, 2014
 

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Trayvonius Martinez wrote:
<quoted text>How stupid are you?
"All the while, the U.S. government has pitched in more than $12 billion in taxpayer infusions."
Right. You fail to connect that with Fiat's purchase and how any other person on the face of the Earth was prohibited from beating Fiat's offer. You are a mile wide and an inch thick.

“Paper Or Plastic?”

Since: Nov 11

Albakoikee

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#12
Jan 5, 2014
 
Pope Che Reagan Christ I wrote:
<quoted text>
Right. You fail to connect that with Fiat's purchase and how any other person on the face of the Earth was prohibited from beating Fiat's offer. You are a mile wide and an inch thick.
I would have, but didn't get my 401k converted in time.
They cannot kill a Spook

Clayton, MI

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Jan 5, 2014
 

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Fix It Again Tony. Just wait until the biggest Ram truck will be the size of a clown car with a quarter sheet of plywood on the trunk as a bed.
Neutral Party

Prospect, KY

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Jan 5, 2014
 

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Billions of taxpayer $ go to save jobs to see it eventually purchased by a foreign company that will send jobs to China because of cheaper labor.

I thought only Romney and his evil Republican friends did things like this?

Where is the outcry from the left? Further eroding of American manufacturing. Expect more to go as healthcare costs skyrocket.

“Seven Days In May”

Since: Oct 13

Hilliard, OH

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Jan 5, 2014
 

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Pope Che Reagan Christ I wrote:
<quoted text>
Right. You fail to connect that with Fiat's purchase and how any other person on the face of the Earth was prohibited from beating Fiat's offer. You are a mile wide and an inch thick.
I repeat: Are you that stupid? There was no need for $12 billion in tax money to keep Chrysler afloat to make it a foreign company.
You're as bright as a bag of hammers.
Pope Che Reagan Christ I

Medina, OH

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#16
Jan 5, 2014
 
Trayvonius Martinez wrote:
<quoted text>I repeat: Are you that stupid? There was no need for $12 billion in tax money to keep Chrysler afloat to make it a foreign company.
You're as bright as a bag of hammers.
Do the people who work for Chrysler, or those counting on the pensions they paid into for 30 years, care if Chrysler is now a foreign company? If it is so important that Chrysler be a domestic company, why didn't an American buy it?

“Seven Days In May”

Since: Oct 13

Hilliard, OH

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#17
Jan 5, 2014
 

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Pope Che Reagan Christ I wrote:
<quoted text>
Do the people who work for Chrysler, or those counting on the pensions they paid into for 30 years, care if Chrysler is now a foreign company?
As it is now subject to the vicissitudes of Italian and EU laws and regulations, not to mention the instability of the Eurozone economy, they should be terrified.
[QUOTE who="Pope Che Reagan Christ I"
If it is so important that Chrysler be a domestic company, why didn't an American buy it?[/QUOTE]Even a moron could see a soon to be defunct company. Chrysler should have been allowed to die in 1979.
Big Johnson

Columbus, OH

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Jan 5, 2014
 

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Trayvonius Martinez wrote:
<quoted text>I repeat: Are you that stupid? There was no need for $12 billion in tax money to keep Chrysler afloat to make it a foreign company.
You're as bright as a bag of hammers.
So what is the problem there sport? Foreign-owned companies pay salaries too; many Columbusites have lived well on Honda paychecks.

What was your plan to help the Chrysler stakeholders?
Duke for Mayor

Akron, OH

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#19
Jan 5, 2014
 

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Trayvonius Martinez wrote:
<quoted text>I've never seen a dime of federal taxpayer money go to a Japanese, German or Korean automaker.
Then you haven't been paying much attention.

woof

“Seven Days In May”

Since: Oct 13

Hilliard, OH

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#20
Jan 5, 2014
 
Big Johnson wrote:
<quoted text>
So what is the problem there sport? Foreign-owned companies pay salaries too; many Columbusites have lived well on Honda paychecks.
What was your plan to help the Chrysler stakeholders?
My plan was for US bankruptcy court, where there was some protection.

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