5.15.2007

Poor Belinda ...

Well, as you probably (maybe?) know, Chrysler has been sold. The disappointing part of that news is that Belinda will not be the new Queen of Chrysler. No, allegedly the reports that Magna Corp was the #1 prospect were mistaken (or false).

Instead, ze Germans have sold Chrysler to Cerberus. "Hmmm" you're thinking. "I've never heard of a Cerberus-made car. Perhaps they, like Magna, make parts?"

You're mistaken ... Cerberus makes neither cars NOR parts. They make money. Cerberus Capital Management is a New York-based private equity firm that likes to buy stuff (including National/Alamo car rentals, Blue Bird buses, 51% of GM's finance firm, Remington guns, etc).

Buzz Hargrove was all uppity, worrying that the sale would lead to job cutting, but Cerberus has signed a written agreement stating that no jobs would be lost. Impressive!

Honestly, Chrysler was on a downhill slope anyways. This can't really do anything bad to the company.
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