"Canuck57" wrote in message
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"Eisboch" wrote in message
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"Boater" wrote in message
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Chrysler says to shut down all production for month
Wed Dec 17, 2008 6:27pm EST


Just heard that. The primary reason is because of inflated inventory of
unsold cars.

Interestingly, union workers will still be paid while they stay home, per
their contract.

The Chrysler CEO was just interviewed on CNN. He stated that unless the
government comes through soon with a bridge loan (bailout) that Chrysler
will most likely bypass Chapter 11 and go directly to Chapter 7
liquidation.

Ford has also announced production cutbacks.

Detroit is putting the pressure on the government to do something.

Eisboch

Read this one:

http://www.businessweek.com/bwdaily/...n_id=rss_daily

Take special note, in October Chrysler-Cerberus had $11 billion in cash.
This is a case where they are not acting in good faith. In fact, might I
say fraud!

Sounds like Cerberus took the cash out. Now wants billions in welfare on
the US tax payer.

If the government was smart, they should simple force GM and Chrylser
right through chapter 11, then fast track to chapter 7 as fast as
possible. Then buy them both for $2 billion each. Auction them off or
form Government Motors at non-union rates typical for the area. Fire all
senior management and board with cause.

For pensions, re-adjust them to no more than 75% of the national average.
See a former CEO or VP getting a $1,000,000 year pension, knock it down to
$33k.

Then put GMC (Government Motors Chrysler) up for sale. The first $20
billion gets it. GMC redefined with all new management. Maybe even give
each taxpayer 10 shares for every $1000 in taxes they pay for quick and
equitable disposal.

Everyone is out of work (no pay) for say 4 - 6 months to soften up their
unions and positions. Does wonders.


Again, I must repeat. As reported on CNN, the reason for the 30 day
shutdown is due to excess inventory of unsold cars/trucks. Chrysler is not
out of money, yet.
The comments by the Chrysler CEO about filing for Chapter 7 if the
government doesn't cough up some money is unrelated to the 30 day shutdown.

Eisboch