Bailout Watch 557: Fiat "Buys" Chrysler

Edward Niedermeyer
by Edward Niedermeyer

The sale of Chrysler’s assets to Fiat is complete, reports the New York Times. Paperwork (and the transfer of $6.6 billion in Treasury money) was completed at about 9 a.m. Eastern, after news came yesterday that the Supreme Court would not hear the Indiana pension fund challenge. News reports refer to the speed of the Chrysler bankruptcy as “an important victory” for the Obama auto industry restructuring effort. Perhaps to avoid talking about the substance of the bankruptcy. Either way, she’s a done deal. Chrysler is dead, long live Chrysler!

Edward Niedermeyer
Edward Niedermeyer

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  • DearS DearS on Jun 10, 2009

    Is it too much to expect a Maserati badged as a Chrysler? A Fourporte.

  • Quasimondo Quasimondo on Jun 10, 2009

    DearS, hush your mouth, lest somebody brings back memories of the TC.

  • U mad scientist U mad scientist on Jun 10, 2009
    Ah yes, when you have no facts, just resort to name calling... cause that makes you look smart! Really? So if I can show two numbers, and explain how to compare them, you'll admit to it yourself? There's no big scientific secret to supplementing current oil consumption. The technologies are numerous (renewable and not), and likely a combination of them will be applicable in the future. Sorry, but there is no magical technology that will save us all any more than the 100mpg carburetor. -- I’m not sure where you are getting your figures, but according to the Pentagon, we’ll spend $87 billion on the Iraq war in 2009, including current and previous appropriations. That means you’re off by a factor of two, with the war costing $3.34 billion for a two week period. Frankly I think the money is better spent than most of the “stimulus” package and much of the budget. War costs more than the soldiers and guns. Funny thing is Joseph Stiglitz estimated the total cost for iraq at like 2bil back in the day. All the warmongers bashed him for being crazy. The lesson is that you should listen to people who have a history of correctness rather than those who are always wrong and deceive you. This lesson has been taught a lot recently, even on this site, but some people must be slow learners. I doubt you'll be able find any stimulus spending more wasteful. War usually clock in at somewhere well below bridges to nowhere in terms of overall productivity. The kind of people who usually claim the "budget" is wasteful are either those ignorant of what's in it, or those who lie about it. Generally they point to one or two exceptional items, and try to trick morons into thinking the rest is the same thing. They also tend to ignore the fact that about half of it is war related, so I guess this statement is ironically half-true in a way: "Frankly I think the money is better spent than most of the “stimulus” package and much of the budget." It's not "better" spent, but much of the same thing.
  • Wheeljack Wheeljack on Jun 10, 2009

    Although I can't remember the source, I'm pretty sure I read something that indicated Cerberus gave up ownership of the Tech Center as part of the "deal", reverting it back to "Chrysler Real Estate Holdings" or whatever it's officially called.