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

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.