TTAC Called It: Wiedeking Buys The Elias Line
Porsche CEO Wendelin Wiedeking knows a thing or two about dealing with hedge funds. In fact his company’s relationship with the hedgies of the world has inspired more NSFW-bombs per TTAC headline than nearly any other topic. Anyway, The Guardian reports that Wiedeking tore into American automakers, singling out GM in particular for “openly threatening” the US government with bankruptcy for bailout bucks. Oh yeah, and “driving the industry to the brink of ruin.” Wiedeking went on to state that it could be only a matter of time before hedge funds took majority control of one of the US car manufacturers that had “inflicted damage on themselves with ruinous discounts and hugely subsidised leasing rates.” If that sounds familiar, it’s because Wiedeking was echoing a theory recently outlined by our own Ken Elias. We’ll be watching.
Cerberus and Chrysler?
Hey, being a hedge fund, Porsche might grab an extra automaker or two. Kill the Corvette and the Viper while they're at it. Smitters... Unleash the dogs...