Wowww!!! What a combination!!
The writing was on the wall for the U.S. Government to own big chunks of General Motors and Chrysler LLC. But who would have thought the U.S Government and the UAW would get together and hold controlling interests in both companies. While the situation is still in flux and the proposed deals could fall apart, the pieces of the puzzle are starting to come together.
The Bigggggg question; what does this mean??
Well for starters, Fiat S.p.A of Italy is much closer to getting its wish. A huge presence in the North American market and up to 35% ownership of Chrysler for no money invested. Bob Barker eat your heart out. You've got to hand it to those Italians. First Fiat fleeces G.M. out of $2,000,000,000 during an ill fated American adventure into Italy. Now Fiat seems to be setting themselves up beautifully in this deal; all upside no downside risk.
Boy, I want to go to Washington and negotiate with those Obama guys and ladies myself. I'll just put S.p.A. after my name and see what they offer. Anyway as I have been saying this Fiat S.p.A. and Chrysler deal just doesn't smell right. And nothing I have seen so far changes my mind.
This also means CAW President Ken Lewenza should get a seat on the new Chrysler-Fiat Board of Directors. After all, he did the impossible by getting his CAW membership to agree to huge concessions.
And for the Canadian taxpayer, what does all this mean?? Well, we will just have to wait and see what federal Industry Minister Tony Clement shares with us.
My advice, breath calmly as we wait.
