Chrysler CEO Bob Nardelli Preparing For Creditor Payback?
The New York Post reports that Chrysler CEO Bob Nardelli “transferred a $3.8 million, four-bedroom, five-bath Los Angeles spread to his wife, Susan, on Jan. 17, 2008, according to deed records filed in Los Angeles County and recorded with the Assessor’s Office on Feb. 5, 2008.” There are only three possible reasons for this move: divorce, estate planning or a hedge (there’s that word again) against future legal action, when creditors come to call. Strangely, or not so strangely, Bob’s personal spinmeister is denying the facts of the matter. “A spokeswoman for Nardelli early today insisted the records were incorrect and no transfer took place.” The story gets curiouser and
The Post reports that the official documents “strangely” identify Robert Nardelli as a married woman. Susan Nardelli is the official buyer of a sale listed as an “interfamily transfer and dissolution.” Bob Nardelli’s PR flack Lori McTavish admitted that “The documents obtained by the New York Post reflect several inaccuracies.” As a further demonstration of Cerberus’ well known talent for splitting hairs with inquisitive journalists, she also insisted that “Mr. Nardelli’s name was never on the deed. Therefore, a transfer of the property did not take place.” Ipso, huh?
Anyway, “Any suggestion of impropriety is completely unfounded and inappropriate.” Yeah, propriety’s a bitch. So to speak. And while you’re thinking about that and all those tens of thousands of jobs that are going away, here’s a MS Virtual Earth link to an aerial shot of the Nardelli’s Atlanta pad (is that a horse arena?).
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Probably got something to do with the $50mil he allegedly gave Cerberus to get the job in the first place.
The LLC does nothing to protect Nardelli if he has been involved in something illegal or that violates his fiduciary duty(s) as CEO...
What is this capitalism of which you speak? It has not existed in the US for a long time. The worthless POS'es on Wall Street and in Deadtroit have socialized the consequences of their failures and privatized their personal rewards. Of course the mood is ugly - it would be less so if they'd taken the hit like good capitalists, but they were cowards regarding the personal economic consequences of their failures. OTOH, I read somewhere that socialism is the idea that much of the population is just too damn stupid to manage certain aspects of their own affairs and that therefore government must help them. By extension, the best and brightest, who all enter sacred government service with only the purest of motives, will conclude that 'certain aspects' are really just about all aspects. In so doing, they waste lives - their own as minders, and the lives of those who they mind. We have squandered the wealth of our country and we need productive people to restore it - people who know how to dream up things and make them real. Lawyers, bankers/financial consultants and community organizers need not apply. They have little to contribute.
more bonus points for red ink Rick at least he lives in town and doesn't have to spend all that time commuting