U.S. Treasury just sold its remaining stake in Chrysler to Fiat

[scheming daemons]

Another promise kept by Obama. Saved the American auto industry, then got out of the business... just as promised.


All the "Government takeover of the Auto Industry!" teabaggers can eat it... again.

[Wilms]

1. Sold it off to a foreign company.

Nice.

[Freddie Stubbs]

3. You would have preferred bankruptcy and liquidation of assets?

[Igel]

10. Don't know.

Depends how it had gone.

When you "liquidate assets" at that level it means you sell them to another company. Selling Chrysler to Fiat is a controlled liquidation of assets, the key point of which was maintaining the employment of the workers employed there.

Now, it's likely that somebody else would have purchased the plants, either as a group (unlikely, that) or plant by plant. In that case the workers would have been fired and many probably rehired, but without the seniority, pay scale, or union representation.

Not guaranteed. But likely.

[Davis_X_Machina]

4. They were already owned by a foreign company...

...until the mid-00's. Daimler-Chrysler, anyone?

[Wilms]

6. Daimler got out of it in 2007.

Of course, Fiat picked up some 35% of it in 2009 as part of the bankruptcy deal. Now they have a larger chunk.

[jberryhill]

5. The largest chunk of Chrysler has been owned by Daimler Benz for years

Fail.

[Drale]

2. The guy who owns the Chrysler and Dodge dealers in our area

just opened a Fiat dealer, they are some strange looking cars.

[leveymg]

8. If you like the Mini and the VW Beetle, you'll probably go for the 500. Very retro cute.

[MrTriumph]

7. How much money did the US gov't lose on this bail out?

x

[leveymg]

9. Billions went to Cerberus-Gabrielle Capital, a giant vulture capital firm tied to Madoff

http://journals.democraticunderground.com/leveymg/544