Marchionne: Sh ... I Didn't Mean It

by Bertel Schmitt

Published: February 6th, 2011

Fiat CEO Sergio Marchionne stepped into a minefield by calling the high-interest bailout loans provided by the U.S. and Canadian governments in 2009 “shyster loans.” Some called him an ingrate, others branded him a racist. Yesterday, Marchionne apologized. Deep in the Chrysler website, Marchionne issued a statement that sounds like it was written by a team of lawyers and damage control experts:“Yesterday, in responding to a question about Chrysler’s government loans, I used a term in reference to the interest rate being charged on our government loans that has raised concern. I regret the remark which I consider inappropriate.“I have repeated on numerous occasions, on behalf of all the people at Chrysler, our gratitude to the U.S. and Canadian governments for the financial assistance that was critical to the recovery of our Group.“As the only parties willing to underwrite the risk associated with Chrysler’s recovery plan, the two governments levied interest rates that, although appropriate at the time, are above current market conditions. This was done with the full support and understanding of the members of Chrysler Group LLC.“Because of these changed market conditions as well as the improvements in our performance and outlook made possible through the support of the U.S. and Canadian governments, Chrysler intends to repay these loans in full at the earliest opportunity.”Reaction so far remains muted. Detroit’s hometown papers, the Detroit News and the Detroit Free Press report the statement matter-of-factly. Commenters on the Freep website mostly heap invectives on the “ARROGANT PR%&K.” Many went beyond that and were forcibly removed. No reaction from Germany, from where the scatological term allegedly originates.

#Apology #BertelSchmitt #Chrysler #Fiat #Italy #Marchionne #Shyster

Bertel Schmitt

Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.

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Zas on Feb 06, 2011

I actually laughed at his original comment only because it sounded like he was just talking out his ass and not giving any forethought to what he was going to say. If anything, people should calm down and just realise that his comment is more out of frustration than calling American's a crook (especially our government). Granted, some politicians are and that well may be deserved, but still, it's tongue-in-cheekiness on his part. Now, if he called Obama a financial-terrorist in bed with the oil-hogging Saudi's, maybe that would have been more eye-brow raising...but he didn't... well, at least not yet ;) (going back to watching the BBCAmerica Top Gear Marathon)

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Blowfish on Feb 07, 2011

Marchionne issued a statement that sounds like it was written by a team of lawyers Sergio was a grad of osgoode hall Law school, arguably the best LS in Republik of canuckstan

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