Chrysler RIP?

[Falls]

I feel terrible for the people who have and will lose their jobs . Other than that I really don't care much and I sure as hell don't want to bail them out.

I agree with Ron , they made their bed .

It would be nice to see GM and Ford stay , but you don't get out of debt buy borrowing money. That is exactly why people in general and the economy is in the position it's in today if you think about it. Living beyond one's means also applies to business like GM/Ford/Chrysler or any other business.

 

[Uneek]

Random thoughts...

As far as Detroit going under affecting other automakers, that's certain. My Tacoma has a Delco AC compressor.

It's sad that domestic automakers are where they today. But they were too focused on profitable gas guzzlers and never prepared themselves for gas being expensive. They had all their eggs in one basket. Speaking of which, I wonder what happened to those folks who buy their $2.99 gas for so many number years Chryslers. I feel bad for all those people losing their jobs.

And on loyalty, no such thing anymore. Verizon reducing their workforce has cut some of their best employees, and some who's never taken a day off in the last five years. Only the crappy ones are left.

 

[owen4runner]

And drumroll please.......

Chrysler Gives Bonuses, asks for bailout
Posted Nov 14 2008, 12:52 PM by Kim Peterson

Chrysler is asking the government for a bailout. It's laying off employees and cutting salaries. It's a company in trouble.

Oh yeah, it's also paying $30 million in bonuses to dozens of top executives.

That's the end result of a poorly-timed plan to keep Chrysler together as it was being sold. The company didn't want top executives to leave during the transition, so it promised big money for people who stuck around. Now, Chrysler is asking the government for billions of dollars in aid while it writes million-dollar bonus checks out to A-list employees. How's that for awkward?

In Chrysler's defense, this bonus plan was created in April of 2007. The company had no idea that its industry was headed for collapse, or that the executives it was desperate to keep might have a hard time finding employment at a Jiffy Lube at this point.

The bonuses are going to be another sticking point in Chrysler's request for government aid. The industry is asking for $25 billion in low-cost government loans. Chrysler is a private company, and may be asked to hand over a lot of information about its finances and how it handles its money. That includes information on those controversial bonuses.

Bonuses are under fire at other carmakers. Ford has cut some merit raises and bonuses for next year. The company is quickly running out of money, and is slashing its spending.

Executives from Chrysler, Ford and GM are headed to Congress next week to make their case for $25 billion in aid. The bonus numbers will quickly become a central point of the conversation, and deservedly so.

As a private company, Chrysler can do whatever it wants when it comes to compensating its executives. But a private company asking for a government bailout cannot. Better brush up on those resumes, boys, because the good times are coming to an end.



Article

 

[Revitup]

They build junk! People are tired of repair bills.

 

[hulk311]

They build junk! People are tired of repair bills.

I agree with that and would also like to add that over the years the cars the big 3 built were all very unatrractive (taurus, stratus, lumina, etc.)

Now they are actually making some decent looking cars but it might be too late.

 

[Jeff Kleb]

I don't want to see the 'domestic' carmakers go under - any of them. However, I don't want to see the government (i.e., you and me; the taxpayers) on the hook to subsidize bad business decisions in the past and future hikes in executive compensation.
:bash:

Even if it might work with Chrysler (as it did once back almost thirty years ago), we will be sending the wrong message to other companies who may be staring over the brink of collapse. What about the airlines and their problems? What about retailers who are in trouble? Do we want every troubled company coming to Uncle Sham for a handout whenever things get tough? Of course not!


The farther we drive down the road to socialism, the more difficult and more expensive it is to get turned back around. Hang onto your wallet - because it is going to be a rough ride!



P.S. Wouldn't it be great to be in a business where you could privatize your profits while being able to socialize your losses? Sheesh!