By: emptywheel
Thursday April 9, 2009 9:36 am
REPORT: UAW backs Chrysler-Fiat partnership (click here)
by Jonathon Ramsey on Mar 20th 2009 at 12:27PM
Chrysler, Fiat and Tata possible partnerships – JEEP FOR SALE? (click here)
Posted on 08.1.2008 12:35 by Myles Kornblatt
Rumors and even some confirmed reports are going around tying together Chrysler, Fiat and Tata. Starting in the U.S., Chrysler may partner with Tata to sell Jeep Wrangler’s to the Indian market. What is alarming about this plan came from an investment banker watching the deal. "You could definitely see this evolve into something," the banker said. "It would make sense for Tata to buy Jeep if this partnership went through ... and Chrysler could really do with selling a brand and getting some cash." Jeep, America’s brand for sale! Say it ain’t so Chrysler....
You see, all the damage done to the USA economy that then rocked the entire global economy started when the banks were 'high rollers' with a hubris $14,000 DOW (click title to entry - thank you) after Paulson came into the government.
July 19, 2007
...The market has been spiraling upward in recent weeks. It climbed 1,000 points in less than 60 days of trading. The surge comes at a time when growth has slowed in the United States and many people are worried about problems in the mortgage market....
Eight days later, with some concern for 'a bubble' and the runaway DOW now completely out of control and making no sense to most investors, especially the bulls, banks that DID have a clue like Morgan started to look at their liabilities and began to strategize their positions.
They didn't care and they still don't care that these 'private' companies were American assets with the employ and tax base of a huge segment of the USA economy. All they know is money and plenty of it.
It was after the bailout legislation that Goldman Sachs changed their 'charter' to a bank rather than 'investment bank' so they could 'get in on' garanteed untraceable government money.
The American people have a right to have security in their country and it is time to look at manufacturers as 'assets' to our USA Treasury and its tax base before they continue to do something stupid.
As a government we have facilitated companies in their ability to locate, employ and exist. The USA assists private enterprise all the time at the local, state and federal level. There should be some understanding when there is trouble within companies and the banks that service their debt; the people providing tax cuts, credits and any other impetus to their success be given the right to save their jobs, tax base leading to a solvent treasury and national security, no matter what it takes (Hey, Secretary Geithner, it is called Eminent Domain. The government does it all the time. Why not for solvency of our treasury? Put that in your new rules.).
It always makes me laugh when CEOs get huge paychecks and bonuses that would not at all be possible without a compassionate government providing every opportunity to flourish and profit. It truly isn't a CEO that provides the 'bottom line' to a companies profit so much as the people providing the opportunity for them to even exist.
July 27, 2007, 4:59 PM ET
Another Setback for J.P. Morgan and Chrysler (click here)
...The bank and the buyout firm had hoped to salvage some of their pride from a dismal week by finding buyers today for $8 billion of loans backing the leveraged buyout of Chrysler. It wasn’t meant to be. With tumult in the high-yield market continuing,...
The 1955 Chrysler Falcon [Ghia] (click here) concept car was as close as Chrysler got to a production two-seat sports car until the 1991 Dodge Viper.
Saturday, April 11, 2009
...Large banks (click here), along with several dozen hedge funds, hold $7 billion in senior secured loans to Chrysler and are the first in line to Chrysler's assets should the company go into bankruptcy. The group includes Citigroup, Morgan Stanley, J.P. Morgan Chase and Goldman Sachs, and hedge fund Elliott Management....
Goldman sells $500 mln of Chrysler debt at very deep discount (click here)
Last update: 3:59 p.m. EDT April 9, 2008
By Cynthia Koons and Serena Ng Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Goldman Sachs (GS:
Goldman Sachs Group Inc
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Last: 124.33+9.58+8.35%4:00pm 04/09/2009Delayed quote data
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GS 124.33, +9.58, +8.4%) placed $500 million of Chrysler Automotive's loans at a price of 63 cents Wednesday to an investor group that included hedge funds, a person familiar with the matter said.
Those loans are trading between 64 cents and 66 cents at the moment, another person familiar with the matter said, indicating some demand for the debt at this deeply discounted price. At such a price, the yield on the debt is more than 20%.
JP Morgan, Citigroup, Morgan Stanley and Bear Stearns are also underwriting the Chrysler Automotive deal, but Goldman Sachs sold part of its stake independently of the syndicate. It's a practice that's becoming more common in the leveraged loan markets as banks look to trim their exposure to risky leveraged buyout debt that they have been stuck holding onto since the credit crunch erupted last summer....
Chrysler debt plan still vague (click here)
Automaker, task force have 19 days to settle it
BY JUSTIN HYDE • FREE PRESS (I kinda like the way that sounds, FREE PRESS, nice.) WASHINGTON STAFF • April 11, 2009
WASHINGTON -- With 19 days to go, talks among Chrysler LLC, the Obama administration and Chrysler's creditors have yet to produce a firm proposal for how the company's debt should be reduced, people familiar with the process said Friday.
President Barack Obama's auto task force says it believes reducing the debts of Chrysler and General Motors Corp. is the key to making them viable, warning it could use bankruptcy to force whatever cuts it seeks. Chrysler has until April 30 to bring back a new viability plan; GM has until May 31....
