The CHRYSLER ripoff
puremagic
Posts: 1,907
Good ole Chrysler will closed another plant, this time in St. Louis, MO.
Good ole Chrysler just told Congress that they are willing to build a small fuel efficient car after they receive a BAILOUT.
How come the UWA, Congressand the TAXPAYERS don't remember this shit before they give Chrysler money.
GM & Cerberus Capital Management, LP already owns 80.1% of Chrysler. HOWEVER, Cerberus Capital Management, LP also owns 51% of GM. This Bailout will create the largest American auto company to be owned by a private entity and a foreign government.
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June 5, 2007
Chrysler to build plant in Mexico
DETROIT
Chrysler will build a US$570 million plant in Saltillo, Mexico, to manufacture the company’s next generation of V-6 engines.
Chrysler, most of which is being sold by DaimlerChrysler AG to Cerberus Capital Management LP, said the plant is part of a $3-billion investment in powertrains that is part of its restructuring plan.
Construction of the new plant will begin in June of next year, with the first engine coming off the line in 2009, the company said in a statement.
The automaker already has announced that it also will build the same “Phoenix’’ engine at a new plant to be built in the Detroit suburb of Trenton, Mich.
The plant, to be constructed near an existing Chrysler truck assembly plant, will have the capability of building 440,000 engines per year.
[HEY TAXPAYER, those jobs are in MEXICO, not the US of A].
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Chrysler and Nissan move toward alliance
January 11, 2008
http://www.iht.com/articles/2008/01/11/business/auto.php
DETROIT: Chrysler and Nissan took the first step toward a possible broader alliance Friday, reaching an agreement for Nissan to supply Chrysler with a small car to be sold in South America.
The car, based on the Nissan Versa, a subcompact, would be sold under "limited distribution" beginning in 2009, the companies said in a statement. They also said they had agreed to "maintain an open dialogue to explore further product-sharing opportunities."
The modest agreement resulted from discussions that have been under way for months, even before Chrysler was sold to Cerberus Capital Management, a private equity firm, in August.
Still, it was a step forward for the new Chrysler chief executive, Robert Nardelli, who has named two top executives to explore business ventures since he joined the company on Aug. 6.
Joint supply and production deals are common across the automobile industry, and both automakers have taken part.
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Check out Cerberus Management and you'll find some very familar names like Baker, Bush, Quayle.
Good ole Chrysler just told Congress that they are willing to build a small fuel efficient car after they receive a BAILOUT.
How come the UWA, Congressand the TAXPAYERS don't remember this shit before they give Chrysler money.
GM & Cerberus Capital Management, LP already owns 80.1% of Chrysler. HOWEVER, Cerberus Capital Management, LP also owns 51% of GM. This Bailout will create the largest American auto company to be owned by a private entity and a foreign government.
===============================
June 5, 2007
Chrysler to build plant in Mexico
DETROIT
Chrysler will build a US$570 million plant in Saltillo, Mexico, to manufacture the company’s next generation of V-6 engines.
Chrysler, most of which is being sold by DaimlerChrysler AG to Cerberus Capital Management LP, said the plant is part of a $3-billion investment in powertrains that is part of its restructuring plan.
Construction of the new plant will begin in June of next year, with the first engine coming off the line in 2009, the company said in a statement.
The automaker already has announced that it also will build the same “Phoenix’’ engine at a new plant to be built in the Detroit suburb of Trenton, Mich.
The plant, to be constructed near an existing Chrysler truck assembly plant, will have the capability of building 440,000 engines per year.
[HEY TAXPAYER, those jobs are in MEXICO, not the US of A].
==========================
Chrysler and Nissan move toward alliance
January 11, 2008
http://www.iht.com/articles/2008/01/11/business/auto.php
DETROIT: Chrysler and Nissan took the first step toward a possible broader alliance Friday, reaching an agreement for Nissan to supply Chrysler with a small car to be sold in South America.
The car, based on the Nissan Versa, a subcompact, would be sold under "limited distribution" beginning in 2009, the companies said in a statement. They also said they had agreed to "maintain an open dialogue to explore further product-sharing opportunities."
The modest agreement resulted from discussions that have been under way for months, even before Chrysler was sold to Cerberus Capital Management, a private equity firm, in August.
Still, it was a step forward for the new Chrysler chief executive, Robert Nardelli, who has named two top executives to explore business ventures since he joined the company on Aug. 6.
Joint supply and production deals are common across the automobile industry, and both automakers have taken part.
======
Check out Cerberus Management and you'll find some very familar names like Baker, Bush, Quayle.
SIN EATERS--We take the moral excrement we find in this equation and we bury it down deep inside of us so that the rest of our case can stay pure. That is the job. We are morally indefensible and absolutely necessary.
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'How a culture can forget its plan of yesterday
and you swear it's not a trend
it doesn't matter anyway
there's no need to talk as friends
nothing news everyday
all the kids will eat it up
if it's packaged properly'
Ummmmm....no....
Cerberus owns 80.1% of Chrysler (the rest is owned by Daimler)
Cerberus owns 51% of GMAC, not GM. GM owns the rest of GMAC
The reason jobs are moving to Mexico is because workers in the US are too expensive. Hopefully the UAW will smell the coffee and realize that it's time for everyone to get competitive wages.
I do think that what Cerberus is doing is wrong. Cerberus is only interested in the financial arms of the automakers (Chrysler Financial and GMAC). Cerberus made a bet that they could strip and sell Chrysler but miserably failed now they are hoping that the tax payer will take Chrysler off their hands.
Bridge School '06 Night 1 & 2
Venice '07 pummeled by the sleet!
Nijmegen '07
Werchter '07
April Fools ~ LA1
Don't just blame the workers, the CEO makes 36 million a year, the VP makes 18 million, and the marketing division was budgeted over 1.8 Billion for 2008 alone. Why blame the unions exclusively?
i sent my congressman a letter this morning. in the letter it simply came down to this.
all of these companies want to be capitalist, when the times are good. when times are bad they want to become socialist.
i do not have a problem with either concept....you just cannot have them both. be a capitalist or be a socialist and live with the decision you have made.
I'm saying Union wages + benefits are not competitive within the US vs. non-unionized labor. I was not implying that the wages should be competitive with Asia or South America.
Bridge School '06 Night 1 & 2
Venice '07 pummeled by the sleet!
Nijmegen '07
Werchter '07
April Fools ~ LA1
How much do you think the boss of the UAW makes? It is obviously in his best interest to make sure that UAW members are making as much as possible since the more they make the higher their union dues are.
I think the big difference between what a CEO makes and what a worker on a production line makes is the skills required to do their job. I mean how many people do you think have the skills to be the head of a giant corporation? Probably not many, so thier salary should reflect that. How many people do you think have the skills to bolt a wheel onto a car probably just about anyone, so I think their salary should reflect that, not the fact that they have the ability to hire good union lawyers and hold production hostage if they don't like the deal they are getting.
That said I do think it is kind of crazy when CEOs get bonuses when their companies fail, but if you don't offer good money to begin with you are not going to get the quality applicants, and your company is going to be in even worse shape.
What kind of skill does it take to run a company into the ground?
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
exactly ... frig ... the latest ad by GM pretty much says that upper management failed ... in my experience working with large coporations ... no executive deserves the amounts they pay themselves ...
I think no one working on an assembly line worker in on average around $30 per hour, plus pension and other benefits (when you add up benefits and pensions it is around $76/hour) . Assembly line work by definition was designed to minimize the skills a worker needs to do their job.
http://www.msnbc.msn.com/id/28052769/
minimal training doesn't make the job cushy ... how much would i have to pay you for you to peel kiwis 8 hours a day while standing?
I am not saying it makes the job cushy, I am just saying if you make a high wage for an easy job you become easily replacable and the salary should reflect that more.
Plus with jobs like this where they pay high, but don't require many skills you have a ton of demand for these jobs, which usually leads to most of the jobs going to friends or relatives of current employees (which I have seen tons of at every union place I have worked at).
i think there is a lot of factors that should go into a salary but let's be real here ... the problems with the big 3 manufacturers is not how much they are paying their workers ... it has it's role but it's not the reason why these guys are floundering ...
Daimler pays to dump Chrysler
German automaker will end up actually paying $650 million to unload Chrysler to end its exposure to billions in ongoing losses, health care costs.
By Chris Isidore, CNNMoney.com senior writer
May 14 2007: 3:39 PM EDT
http://money.cnn.com/2007/05/14/news/companies/chrysler_sale/index.htm
NEW YORK (CNNMoney.com) -- DaimlerChrysler moved to undo the most expensive and one of the least successful mergers in auto industry history Monday as it agreed to essentially pay to dump the money-losing Chrysler unit, which it paid $37 billion for nine years ago.
DaimlerChrysler (Charts) announced it will sell an 80 percent stake in its U.S. brand to Cerberus Capital Management, a private equity investment firm that will pay $7.4 billion.
But the German automaker, which will be renamed simply Daimler, will not actually get most of the money that Cerberus is paying for the once proud automaker. Instead Cerberus will contribute $5 billion to the Chrysler auto operations it will now control, with just a bit more than another $1 billion going to Chrysler's finance arm.
While Daimler will receive the remaining $1.4 billion of Cerberus's capital contribution to the sale, Daimler expects to have to cover another $1.6 billion in Chrysler losses before the deal closes. So Daimler estimates that it will end up paying out about $650 million to close the deal and that its earnings for 2007 will take a $4 billion to $5.4 billion profit hit because of charges related to the transaction.
the other foot in the gutter
sweet smell that they adore
I think I'd rather smother
-The Replacements-
It's not about UAW salaries because minus the benefit packages, the wages are relatively competitive. Its about their benefit packages, especially health care. They want the workers to give up their health care packages. Just like they broke the coal miners health care benefits they want to do the same for the auto workers. When companies "close" a plant, the CEOs walk away from their responsibility to pay workers their benefits, - health care and the pension plans, yet the CEO are guarantee first dibs on the money in those pension plans.. Even though these workers have contributed to these health care and pension plans over many years; the CEOs use those benefit and pension plans to boost their stock portofilios, their salaries and their own benefit packages. This is why you see CEO walking away with millions of dollars - money that the government can't force them to give back to the employees, even though the employees are left with nothing.
The foreign automakers operating in the South are not unionized and have threatened to close plants if workers unionized. Ask the auto workers at these non-unionized plants their responsibility if they are injuried on the job. These foreign automakers guarantee work, not benefits.
I am pretty sure UAW auto workers aren't left with nothing if a plant closes. My understanding is that part of most of those guys collective contract is that if they get laid off they a very nice severance package, much higher than any other normal person would get.
if they were so good at running these giant corporations building mostly shitty, inefficient vehicles
they let their greed get in the way of progress. like when intel was slowly releasing new processors in the 600mhz range when they already had a 1ghz chip but they wanted to keep charging high prices for the 600, then 633, then 650....then amd dropped theirs and forced intel to do the same
'How a culture can forget its plan of yesterday
and you swear it's not a trend
it doesn't matter anyway
there's no need to talk as friends
nothing news everyday
all the kids will eat it up
if it's packaged properly'