According to MSNBC: Chrysler just struck a deal with Fiat.

[backscatter712]

Amazing how fast things get done when Obama uses the Darth Vader School of Motivational Management.

Now if only Obama would take some action to save the unions, and go Darth Vader on Wall Street...

[HiFructosePronSyrup]

1. This was an action to save the unions.

And Wagoner was wall street.

[backscatter712]

4. I still need to figure out what's going on...

The biggest concern is that with a bankruptcy, the judge will tear up the union contracts, though on the bright side, after that's done and GM's done with bankruptcy restructuring, the unions won't have that hanging over their heads, and they'll be able to fight back.

Correct me if I'm wrong on this. I am genuinely curious as to the effects this will have on the unions.

Yeah, and Wagoner did need to go. Excellent use of a Force Choke, Darth Obama!

[Fire1]

17. If this is true, why was he quoted as saying the unions (among

others) have not made enough concessions??

[blue_onyx]

20. Wagoner can't be Wall Street...

he's walking away with nothing. If he were truly Wall Street, he would be walking away with a million dollar bonus.

[Fire1]

21. Thirty one years and 'nothing?' I think not. He is well

connected and invested. Wagoner's pride has been affected, more than anything. He should be glad to get outta that shit, frankly.

[thewiseguy]

2. CNBC is not reporting it

I found your news very doubtful.

[marketcrazy1]

6. they tried this in january

in THAT deal Fiat would put up NO CASH and take a 35 percent stake........ wow what a GREAT DEAL!!!! :sarcasm: I forgot to add that the deal would have been conditioned on Chrysler getting an additional 3 billion from the government.................http://online.wsj.com/article/SB123245224622497573.html

[Adelante]

10. Fiat transfers technology to Chrysler and will build fuel-efficient cars in US

Taxpayer money has to be repaid.

According to Obama's remarks for today.

The situation at Chrysler is more challenging. It is with deep reluctance but also a clear-eyed recognition of the facts that we have determined, after a careful review, that Chrysler needs a partner to remain viable. Recently, Chrysler reached out and found what could be a potential partner — the international car company Fiat, where the current management team has executed an impressive turnaround. Fiat is prepared to transfer its cutting-edge technology to Chrysler and, after working closely with my team, has committed to building new fuel-efficient cars and engines here in America. We have also secured an agreement that will ensure that Chrysler repays taxpayers for any new investments that are made before Fiat is allowed to take a majority ownership stake in Chrysler.

Still, such a deal would require an additional investment of tax dollars, and there are a number of hurdles that must be overcome to make it work. I am committed to doing all I can to see if a deal can be struck in a way that upholds the interests of American taxpayers. That is why we will give Chrysler and Fiat 30 days to overcome these hurdles and reach a final agreement — and we will provide Chrysler with adequate capital to continue operating during that time. If they are able to come to a sound agreement that protects American taxpayers, we will consider lending up to $6 billion to help their plan succeed. But if they and their stakeholders are unable to reach such an agreement, and in the absence of any other viable partnership, we will not be able to justify investing additional tax dollar to keep Chrysler in business.

http://www.npr.org/templates/story/story.php?storyId=102502639

[backscatter712]

7. Linkage:

http://www.msnbc.msn.com/id/29958784/

It's still an early breaking-news item. But of course, we know that the mainstream news outlets are infallible and incapable of reporting inaccurate stories...

[thewiseguy]

8. I think there is a difference between an "alliance" and a merger

[dan_32]

12. MERGER Vs ALLIANCE

Not really, it is just a soft way to say we just bought your
company.
Dan...who is writing from experience

[ddeclue]

3. Did he choke a succession of CEO's using the Force?

http://www.youtube.com/watch?v=vTnj-pkWN18

[backscatter712]

5. Apology accepted, Captain Wagoner... n/t

[Name removed]

9. Deleted message

Message removed by moderator. Click here to review the message board rules.

[dan_32]

13. bailou

Who is going to bail out the American government when it is
done bailing out those corporate hacks? Do these defecits
worry anyone?
Dan...a guy who knows you cant spend your way out of economic
struggles

[ogneopasno]

15. Y'mean loans, right?

Right?

[butterfly77]

11. I believe he is working on it..

[Contrary1]

14. CNBC: Chrysler agrees on framework of alliance with Fiat

DETROIT (Reuters) - Chrysler LLC has reached an agreement on a framework of a global alliance with Italian automaker Fiat SpA <FIA.MI> that has the support of the U.S. Treasury, Chrysler's CEO Bob Nardelli said on Monday.

"We appreciate the willingness of the (autos) Task Force, along with industry and financial experts, to consult closely with us in order to achieve this significant step," Nardelli said in a statement.

Chrysler, owned by private equity Cerberus Capital Management, was deemed by the task force to be not viable as a stand-alone company and was given 30 days to complete an alliance with Fiat or be cut off from U.S. government funding.

If Chrysler can complete an alliance with Fiat and cost-saving arrangements with creditors and its major union, the U.S. Treasury would consider investing up to another $6 billion.

The boards of Chrysler and Fiat have given executives approval to complete an alliance that now hinges on the terms for additional aid for Chrysler, people with knowledge of the discussions have said.

Nardelli said that Chrysler has had a series constructive discussions, including weekly face-to-face meetings with the U.S. auto task force.

"I want to personally assure all of our customers, dealers, suppliers and employees that Chrysler will operate 'business as usual' over the next 30 days," he said.


http://www.cnbc.com/id/29959060/for/cnbc/

[freddie mertz]

16. Fiat makes some great cars.

Also Mercedes, with its very efficient A-class cars and micro-minivans, which I have rented in Italy.

This MAY turn out to be good news.

[marketcrazy1]

18. I dont see how they do this deal

if the deal has to include the repayment of government cash infusions I think Fiat walks away......

[TheMightyFavog]

19. But, will they be good cars here?

Italian cars such as Alfas and Fiats don't have a good track record concerning quality here in the states, particularly in northern climes. (Fix It Again, Tony)

Had a sports car afficianado once tell me to never buy an Italian sports car that was heavily used in areas that see a lot of snow and ice; as the salt they use on the roads plays serous hell with the undercarriage.

[freddie mertz]

22. They have a lot of mountains over there.

I've driven in them over some pretty rough terrain.

Depends which model you use of course.

The Mercedes A class is even better. I think some version of that could actually sell here.