Daimler is unloading its 20% stake in Chrysler.

Chrysler will now be owned 100% by Cerebus Capital Management.

http://www.nytimes.com/2009/04/28/bu...tml?ref=global

 

Isn't Cerebus the 3 headed dog that guarded the gates of Hades in Greek mythology?

 

yup

 

Finally.
While a few good things did happen, overall Daimler buried Chrysler.
If they are going to recover it will be better w/o Daimler.
I wonder if they will still buy parts from D? (like the trans in the Xf & the LXs)

 

Chrysler had loads of cash until Daimler came in and raped them. The best thing to come out of the marriage was our beloved cars.

 

Agreed, the only good thing from that marriage was our crossfires!

Considering that Daimler took 90% of Chryslers top engineers, 100% of Chrysler's ca$h, and cheapened and basically killed a once strong & thriving Chrysler.....I'm glad Daimler lost lots of $$ with Chrysler!!!

Who needs Daimler! They just sold Chrysler old obsolete parts for double the price anyway! I'm glad they'll have no holdings soon. Besides Daimler has been broadcasting that their 20% share is worth NOTHING...! I'm glad they gave it away for nothing.....Finally!

 

At least Daimler's 20% is going into auto worker pensions.

 

I like the 300, too. But I hear what you're saying.

 

Funny, my Dad works for Chrysler and I remember when I was young (real young) he said something about the Germans taking all of Chrysler's money..

 

Now if they can lose Nardelli( without him taking all the money) Things could actually work out.

 

Good luck with that one ! What did he suck outta Home Depot when he left ? 23 million ? Geez ! I would have retired !

 

Hey Nardelli gets paid from Cerberus, not Chrysler. And to be honest, he didn't do a bad job for a non car guy.

He cut production of money losing vehicles, he cut xtra workforce before the major collapse, and he saved Chrysler billions on operating costs, that probably would have killed Chrysler by this time. Without Nardelli Chrysler probably would have filed bankruptcy by now.

I think he did a very decent job the 2 years he was in charge. Let's not knock him.

 

Oh lets DO! It is so good to hear (sorry antonio311) that Nardelli is not getting glowing reviews here. He didn't bother to get a home in the Detroit area, rented the whole time, knew he "wasn't staying around" when tolded that it would help if he went into the plants "I don't go to factories". Guess it would have gotten his expensive leather shoes dirty.
Now I'm waiting to see how Cerberus will get it's hands on the cash that Diamler is paying to "rid it's self of Chrysler". Diamler did drain a huge amount of cash from the company then had the ***** to complain Chrysler was not honest about it's finicial situation. Honest? Chrysler had half the employees and made twice the profit of Diamler. Again antonio311 not directed at you, just sick of what the upper management has done for the past few years to further their own agenda's and not give a sh*t about the Company.

 

I left GE's employee (on my own terms) about 5 years before the battle for Jack Welch's CEO seat. Bob Nardelli lost and bolted. He was never a retail guy and totally screwed up Home Depot, but that did not stop him from getting a platinum parachute. He was more of a mfg guy, especially in the mold of neutron Jack (cut heads, cut costs, cut service, beat the $hit out of the surviving employees), so he is probably a good fit for the current mess at Chrysler. Surprised he does not visit factories, but he's there to cut/slash costs so they can survive, not grow the business. It takes a real ***** to do what he has to do. If they survive, expect them to bring in a true CEO type who will then slowly rebuild the company. Probably someone with a marketing/finance background. But first they have to live to fight another day.

 

Yes, and that guy is Sergio Marchionne who is the one responsible for turning around Fiat in 2004 on the brink of bankruptcy.

Chrysler needs a good Car guy like Jim Press ( Current VP) or Sergio Marchionne.