Chrysler no longer owned by US Gov.

It's different this time.

Back in the 90's Chrysler was doing well and had something like $8 billion in cash reserves. In 1995 it was the most profitable car company in the US partly due to the fact that it owned 40% of all minivan sales and to the successful Jeep division. Around this time Kirk Kerkorian (remember him?) owned 13% of Chrysler and was pushing for a takover with his buddy Lee. Bob Eaton (originally a GM man) wound up selling out (that's right, he sold us out) to Daimler was was compensated with $3.7 million in cash payment, DaimlerChrysler ordinary shares ($66 million) and stock appreciation rights with respect to 2.27 million DaimlerChrysler ordinary shares. Chrysler was promptly removed from the American stock exchange and DCX traded on the world exchange instead. It took the Germans a scant 3 years to deplete all of Chrysler's cash reserves and then some, while picking apart the company and finally giving what was left away to Cerberus. Chrysler was ripe for the picking.

What did we get from Daimler except a couple of their old, outdated (to them) platforms, a transmission and a rebadged Sprinter van? Did you ever see or hear of a rebadged Chrysler product in a Mercedes showroom? No. The difference this time is Chrysler has no cash reserves and piss poor market position. It has no where to go but up. The difference this time is that it's a two way street. Fiat will sell some of our cars under the Lancia, Alfa Romeo, and yes even Maserati nameplates thereby keeping demand (and employment) up for Chrysler and its suppliers.

While everyone is entitled to their own opinion, I can't believe it was suggested to let Chrylser die. Yeah, Plymouth is gone but so is Oldsmobile, Pontiac, and Mercury to name a few iconic brands. How about Saturn? They's gone, too. How long did they last? It's the way things have to be right now, like it or not, but at least Chrysler in some way shape or form is still around. Hey macho! Do you know any hardcore AMC guys? Do you really wanna wind up like them... automotive orphans clinging to a defunct company, while no one makes any parts for their cars to speak of?

Back in '98 when the "merger of equals" was announced and I remember thinking that "no good could come of this." I'm optimistic about the Fiat deal. I, for one, believe we will one day regain majority control of Chrysler and be better off for having Fiat as a partner. And for no other reason... we're much better off with Marchionne being in charge of the company than Obama.