Hey Mitt! About that deal Obama made to sell Chrysler to the Italians.

[Ganja Ninja]

Chrysler profits rocket 80%

4:47PM EDT October 29. 2012 - Chrysler Group said today that its profit in the third quarter zoomed 80% to $381 million from $212 million a year ago.

Significantly, the big jump in net income came on a more modest rise in revenue, up 18% to $15.5 billion, from $13.1 billion a year ago. That means the automaker not only is increasing sales, but is achieving better profit margins on what it sells.

(snip)

Fiat, brandishing its small-car expertise, was seen as the rescuer of big-car and big-truck Chrysler in the 2009, government-scripted bankruptcy reorganization. Now, Fiat's hurting in struggling Europe and Chrysler's winning.

But the Italian maker can't drain Chrysler cash under the bankruptcy deal. Chrysler reported cash on hand of $11.9 billion at the end of the third quarter, up from $9.5 billion a year ago, but down slightly from $12.1 billion at the end of the second quarter.

Chrysler said it expects to sell 2.3 million to 2.4 million vehicles globally this year, generating $65 billion in revenue and providing a full-year net income of $1.5 billion.

http://www.usatoday.com/story/money/cars/2012/10/29/chrysler-earnings-increase/1666489/

[Motown_Johnny]

1. "But the Italian maker can't drain Chrysler cash under the bankruptcy deal"

and that is why Zomney hates it

[okwmember]

2. Of course this is completely different from

What would have happened if a private equity firm were involved (assuming private monies were even available). Bain or some equivalent would've liquidated them so fast your head would spin.

[Ganja Ninja]

3. They would likely have been bought by the Chinese lock stock and barrel.

There would be no Chrysler and all the tooling and equipment would be sitting in a factory over in China. Mitt was probably looking to cash in on that.

[madrchsod]

4. chrysler saved fiat from going under.

thanks to Daimler Benz the belvedere illinois plant was rebuilt with a close to a billion dollar rebuilding.

last year that plant was the most efficient auto assembly line of all the car assembly plants in the united states.

by the way the new dodge dart is a kick ass car!

[Kurska]

7. Whose ready for some Pizzzzaaaaaaaaaaaaaaaaaaaa!