jpd80 Posted February 5, 2011 Share Posted February 5, 2011 (edited) Sergio Marchionne said the automaker was in talks to refinance its expensive government loans — and criticized the government for charging him "shyster" rates. Marchionne has noted that the company paid $1.2 billion in interest on its government loans and other obligations in 2010, resulting in a net loss. "I am paying shyster rates," Marchionne said, noting that Chrysler had no choice in 2009 but to pay the high interest rates the government set as part of its $15 billion Chrysler bailout. "We had no choice… I am going to pay the shyster loans." He called the loans "a thorn in my side." From The Detroit News: http://detnews.com/a...s#ixzz1D2fCZknv :reading: * Moderators, would you please change the "4 "typo in thread title to a "$" sign, I think Sergio would be really grizzling if he paid 41.2 billion in interest but that would see the government out of the woods on GM losses.. Edited February 5, 2011 by RichardJensen Quote Link to comment Share on other sites More sharing options...
Pioneer Posted February 5, 2011 Share Posted February 5, 2011 Just saw this article on detnews.com and as a taxpayer, I am outraged. Without the U.S. government financing Fiat's return to the American market, thinly disguised as a "bailout" of Chrysler, his company could very well be out of business. Personally, I would like to see all government loans recalled and demand full payment by the end of the month. I don't care if Chrysler were to somehow be the only surviving automaker in the whole world. This guys arrogance has turned me off to ever even consider another Chrysler product again. Quote Link to comment Share on other sites More sharing options...
ANTAUS Posted February 5, 2011 Share Posted February 5, 2011 Well you get charged "shyster" interest, when you have a "shyster' business case. Get your act together, make it porfittable, and pay it off and in the future, don't deal in "shyster" business. Geesh...its like they want everything for nothing. Quote Link to comment Share on other sites More sharing options...
RichardJensen Posted February 5, 2011 Share Posted February 5, 2011 $1.2B interest on $15B principal is 8%. That's pretty much exactly where those rates should be. Why just today, the GS high yield bond index was at 7.85%, and if Marchionne thinks his business deserves investment grade rates............................................................. Quote Link to comment Share on other sites More sharing options...
RichardJensen Posted February 5, 2011 Share Posted February 5, 2011 Have fun trying to get those rates lowered with less than $8B cash on hand, Sergio. Quote Link to comment Share on other sites More sharing options...
jpd80 Posted February 5, 2011 Author Share Posted February 5, 2011 (edited) Have fun trying to get those rates lowered with less than $8B cash on hand, Sergio. Exactly, so Chrysler's $15 billion was financed by the government when no one else would, why is this little prick now bleating when everyone is lining up to finance his slice of heaven? Oh snap, they're not...sorry Sergio, I guess you'll just have to grit your teeth....:shades: Edited February 5, 2011 by jpd80 Quote Link to comment Share on other sites More sharing options...
mettech Posted February 5, 2011 Share Posted February 5, 2011 Just saw this article on detnews.com and as a taxpayer, I am outraged. Without the U.S. government financing Fiat's return to the American market, thinly disguised as a "bailout" of Chrysler, his company could very well be out of business. Personally, I would like to see all government loans recalled and demand full payment by the end of the month. I don't care if Chrysler were to somehow be the only surviving automaker in the whole world. This guys arrogance has turned me off to ever even consider another Chrysler product again. :bag: I 100% agree Pioneer!!! Sergio Marchionne sounds like a typical egotistical, ungrateful, short Italian CEO...... Recall the loans and he can stick his pussy Fiat 500 up his Axis ass. 1 Quote Link to comment Share on other sites More sharing options...
jpd80 Posted February 6, 2011 Author Share Posted February 6, 2011 :bag: I 100% agree Pioneer!!! Sergio Marchionne sounds like a typical egotistical, ungrateful, short Italian CEO...... Recall the loans and he can stick his pussy Fiat 500 up his Axis ass. Fiat's whole culture is built on a house of cards, they offered no cash to buy Chrysler just access to platforms. So when the only finance available to pay Chrysler's debts comes from the government, they are shyster's rates? Fiat just gave taxpayers the middle finger, Pioneer is right, recall the loan and send Fiat on their way. Quote Link to comment Share on other sites More sharing options...
ANTAUS Posted February 6, 2011 Share Posted February 6, 2011 My link Marchionne now apologizes for his comments... Quote Link to comment Share on other sites More sharing options...
FordBuyer Posted February 6, 2011 Share Posted February 6, 2011 Just saw this article on detnews.com and as a taxpayer, I am outraged. Without the U.S. government financing Fiat's return to the American market, thinly disguised as a "bailout" of Chrysler, his company could very well be out of business. Personally, I would like to see all government loans recalled and demand full payment by the end of the month. I don't care if Chrysler were to somehow be the only surviving automaker in the whole world. This guys arrogance has turned me off to ever even consider another Chrysler product again. Wow, this from a union brother? Hundreds of thousands of union and non union Chrysler workers and pensioners are supposed to become homeless because Chrysler CEO doesn't think first before choosing his words wisely? Try again. Marchionne has apologized and hopefully learned from the backlash. Luckily, you aren't running the show. Quote Link to comment Share on other sites More sharing options...
FordBuyer Posted February 6, 2011 Share Posted February 6, 2011 :bag: I 100% agree Pioneer!!! Sergio Marchionne sounds like a typical egotistical, ungrateful, short Italian CEO...... Recall the loans and he can stick his pussy Fiat 500 up his Axis ass. The only reason Chrysler is still around and enjoying a rebound is because Fiat came aboard and agreed to run the show. They have done a lot better so far than either Daimler or worse yet Cerberus. The new Chrysler 300C is far more luxurious than the Lincoln MKS. While I believe Marchionne stuck his foot in his mouth which we all do at times, he apologized and Chrysler is lucky to have Fiat as alternative was death. 1 Quote Link to comment Share on other sites More sharing options...
aneekr Posted February 6, 2011 Share Posted February 6, 2011 The only reason Chrysler is still around and enjoying a rebound is because Fiat came aboard and agreed to run the show. They have done a lot better so far than either Daimler or worse yet Cerberus. The new Chrysler 300C is far more luxurious than the Lincoln MKS. While I believe Marchionne stuck his foot in his mouth which we all do at times, he apologized and Chrysler is lucky to have Fiat as alternative was death. +1 Quote Link to comment Share on other sites More sharing options...
Pioneer Posted February 6, 2011 Share Posted February 6, 2011 Wow, this from a union brother? They aren't doing me any favors with the constant stories of drugs and drinking at the Jefferson North plant, so fu@k 'em. Chrysler workers accused of using drugs 1 Quote Link to comment Share on other sites More sharing options...
PREMiERdrum Posted February 6, 2011 Share Posted February 6, 2011 The new Chrysler 300C is far more luxurious than the Lincoln MKS. Care to qualify that, with, you know, facts? Quote Link to comment Share on other sites More sharing options...
MY93SHO Posted February 6, 2011 Share Posted February 6, 2011 Care to qualify that, with, you know, facts? +1 Please descibe "luxurious". Quote Link to comment Share on other sites More sharing options...
Extreme4x4 Posted February 6, 2011 Share Posted February 6, 2011 +1 Please descibe "luxurious". Fordbuyer: Definition of luxurious: Any brand other than Lincoln. To include: Kia, Hyundai, Dodge, Ram, Chrysler, Mahindra, Ford, Chevy, Suzuki, Mitsubishi, GMC, Isuzu. :D Quote Link to comment Share on other sites More sharing options...
timmm55 Posted February 7, 2011 Share Posted February 7, 2011 I kind of had a soft spot for Mopars in general, having owned a few in the 70s, and them being the underdog of the BiG 3. Now I say screw em, call in the note, and let em emplode. Quote Link to comment Share on other sites More sharing options...
RichardJensen Posted February 7, 2011 Share Posted February 7, 2011 My link Marchionne now apologizes for his comments... Oh piffle. He's not sorry for what he said, he's sorry that he got blasted for it. 1 Quote Link to comment Share on other sites More sharing options...
grbeck Posted February 7, 2011 Share Posted February 7, 2011 The new Chrysler 300C is far more luxurious than the Lincoln MKS. I don't think so...both were at the Philadelphia auto show, and while I prefer the styling of the 300 to that of the Lincoln, in no way was it more luxurious than the MKS. I wasn't even as luxurious as an MKZ. The interior materials and workmanship are inferior to those of the Accord EX sedan or Fusion SEL. Quote Link to comment Share on other sites More sharing options...
aneekr Posted February 7, 2011 Share Posted February 7, 2011 Care to qualify that, with, you know, facts? While FordBuyer referenced the 300C (i.e., the model with the V8 engine), I think the most apt comparison supporting his assertion is between the 2011 300 Limited (3.6L V6) with SafetyTec Group, Luxury Group, and Sound Group I and the base (non-EcoBoost) 2011 MKS. The 300 in the aforementioned configuration offers more "luxury" features than the MKS. The equipment listing for the 2011 300 is here. Ultimately, the driving experience should be the defining factor here. Since the 2011 MY 300 was just released last month, there's currently a paucity of full fledged road tests on that car. So we have to go with the various "first impression" reviews about the 300, which have generally been quite favorable. In any case, it would not take much for the revised 300 V6 model to top the decidedly mediocre driving experience of the non-EcoBoost MKS. I'll let FordBuyer chime in with additional facts... Quote Link to comment Share on other sites More sharing options...
jpd80 Posted February 7, 2011 Author Share Posted February 7, 2011 Oh piffle. He's not sorry for what he said, he's sorry that he got blasted for it. A CEO who cannot control his emotions in public, makes me wonder how much control he really has... Quote Link to comment Share on other sites More sharing options...
BrewfanGRB Posted February 8, 2011 Share Posted February 8, 2011 I'll let FordBuyer chime in with additional facts... If that's a requirement, then fortunately, we won't be seeing any follow-up posts. Unfortunately, it's not a requirement, so the follow-up will be a typical FordBuyer post filled with hyperbole, inaccuracies, generalizations and red herrings. Quote Link to comment Share on other sites More sharing options...
FordBuyer Posted February 8, 2011 Share Posted February 8, 2011 If that's a requirement, then fortunately, we won't be seeing any follow-up posts. Unfortunately, it's not a requirement, so the follow-up will be a typical FordBuyer post filled with hyperbole, inaccuracies, generalizations and red herrings. That's a laugh. A lot of the posters on here view Chrysler and GM as nothing more than a bailout company and thus all their products suck or are inferior to the great Ford that didn't take a bailout. It has colored your perceptions to such a point that many of you can't discuss GM or Chrysler products with any objectivity. So we get the bullshit Cadillac sucks and Lincoln is great comments. Or close down Chrysler forever because Marchionne sticks his foot in his mouth. And I'm the one overreacting? I don't think so. Ford, GM, and Chrysler have their strengths and also their weaknesses. All three are important to America and Ford would have gotten what the other two received if it had needed it. In fact, Ford did ask for a line of credit, but as it turned out didn't need it, but it was there waiting if they did. I certainly supported that. And in case we forget the retooling of MAP and LAP was and is being completed with government money. And again that is fine with me, and would still be fine if Mulally started complaining about interest rates on it which were btw below market rate. Current Vehicles: 2002 Ford Taurus SES Sport 2002 Porsche Boxster Quote Link to comment Share on other sites More sharing options...
akirby Posted February 8, 2011 Share Posted February 8, 2011 So we get the bullshit Cadillac sucks and Lincoln is great comments. As opposed to what we get from you which is the bullshit Lincoln sucks and Cadillac is great. Pot. Kettle. Black. That's all I'm saying....... Quote Link to comment Share on other sites More sharing options...
BrewfanGRB Posted February 9, 2011 Share Posted February 9, 2011 And in case we forget the retooling of MAP and LAP was and is being completed with government money. And again that is fine with me, and would still be fine if Mulally started complaining about interest rates on it which were btw below market rate. That was there notwithstanding the financial/economic collapse. So you pull the typical response that GM and Chrysler apologists pull: "Ford took money, too!" That same money for improving the plants was available to GM and Chrysler, too. Unfortunately, they were a little busy pleading for the help to save their companies, not improving their facilities. You complain about Ford, their marketing, their handling of Lincoln because you like to complain. Call me a fanboy if you want. But my money is MY money and I would never spend in excess of $25,000 on a product that I wouldn't enjoy and find as the best. If comes to all things equal, WHY would I support a company that needed assistance instead of a company that recognized it made mistakes and was willing to pay the price themselves to fix them (by way of tons of interest on the debt they took on)? Your screen name and your constant defense of "I drive a Ford" and "I still like Ford" are a complete joke. Put your money where your mouth is, already. IF GM is damned wonderful, why are you driving a Ford? Either because you're too cheap to back up what you say or you're a hypocrite. Quote Link to comment Share on other sites More sharing options...
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