Apple Adds Former Chrysler VP for Car Project - or Not

It's interesting that someone in charge of quality would be standing in front of a Jeep Commander. It's like the SEC's head of compliance standing in front of Bear Sterns.

@bball40dtw And with a smirk..the audacity! LOL.

@bball40dtw I've read opinions over the years that Bear was deliberately targeted by the other TBTF banks and said bailout would not occur until Bear was finished. I don't work in finance so I can't quite understand the reasoning for these opinions, although the play by play is certainly interesting: "On March 14, 2008, the Federal Reserve Bank of New York agreed to provide a $25 billion loan to Bear Stearns collateralized by free and clear assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Apparently the Federal Reserve Bank of New York had a *change of heart* and told Bear Stearns that the 28 day loan was unavailable to them.[21] The deal was then changed to where the NY FED would create a company to buy $30 billion worth of Bear Stearns assets. Two days later, on March 16, 2008, Bear Stearns signed a merger agreement with *JP Morgan Chase* in a stock swap worth *$2 a share or less than 7 percent of Bear Stearns' market value just two days before*.[22] This sale price represented a staggering loss as its stock had traded at $172 a share as late as January 2007, and $93 a share as late as February 2008. *The new company is funded by loans of $29 billion from the New York FRB, and $1 billion from JP Morgan Chase (the junior loan), with no further recourse to JP Morgan Chase*.[23] This non-recourse loan means that the loan is collateralized by mortgage debt[24] and that the *government cannot seize* JP Morgan Chase's assets if the mortgage debt collateral becomes insufficient to repay the loan.[24][25] Chairman of the Fed, Ben Bernanke, defended the bailout by stating that a Bear Stearns' bankruptcy would have affected the real economy[26] and could have caused a "chaotic unwinding" of investments across the US markets" https://en.wikipedia.org/wiki/Bear_Stearns So who was running the show at FRBNY when this occured? Why it was Timmmmay: "In October 2003, at age 42,[24] he was named president of the Federal Reserve Bank of New York.[25] His salary in 2007 was $398,200." Then he is credited with: "In March 2008, he arranged the rescue and sale of Bear Stearns." https://en.wikipedia.org/wiki/Timothy_Geithner

@bball40dtw Not that it makes a difference, but that's a Liberty.

@danio3834 IT IS! I wasn't 100% sure. I googled the Commander and it looked close enough. I knew it wasn't the Compatriot, JGC, or Cherokee. I'm sorry Jeep Liberty, you were better than the Commander.

@bball40dtw I once drove a fully loaded Hemi Commander for a day, it was alright. Unfortunately I also drove a 3.7L version. *shudders*

@28-Cars-Later I worked at the Great Blue Satan (JPMorgan Chase) at the time, and that Bear Stearns deal was a peach of a deal for Jamie Dimon. Like you said, the reserve bank put up $29 billion and JPMorgan only had to put up $1 billion. JPMorgan also got the Bear Stearns Tower at 338 Madison that was worth about $1.4 billion at the time.

@bball40dtw Oh God...PowerTech 3.7...just give me the LA engine back. I had an employee with a BHPH purchased Commander 3.7L. It was so raggedy looking. It had the most brake dust that I have ever seen on a set of wheels.

@28-Cars-Later It doesn't surprise me as the core financial folks Bush brought into the White house to engineer the bailout were mostly former Goldman Sachs. Chalk it up as an ego play or grown men behaving badly.

@Wayne Yeah, cause the financial sector isn't in bed with the Obama admin either. Please, they're even worse heading to Goldman Sachs et al.

@bball40dtw I seem to remember when Bear Stearns was taken over, it was remarked by JPM staff that the company was a well-run, efficient operation. B-S must have cost somebody a huge amount of money.

@bball40dtw In addition to the incredibly sweet deal to JPM, the entire thing was only possible because FRBNY reneged on its earlier $25B loan deal to BS. Timmay...

@bball40dtw That's a Liberty, not a Commander! (Saw the correction after, booo.)

@Corey Lewis I should have called it a crappy Jeep made during a time that everything they made was absolute garbage.

Also, the back drop looks like it was used for 1990s middle school picture day. Who did Chrysler have taking their corporate photos, Olan Mills?