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Let 'Em Fail!

post #1 of 6
Thread Starter 
Now, doesn't THIS just beat all?

News Alert
4:17 p.m. ET Monday, April 20, 2009

Sources: Chrysler Financial Refused Government Loan Over Executive Pay Limits

Top officials turned away a $750 million government loan because executives didn't want to abide by new federal limits on pay, sources familiar with the matter say.

For more information, visit washingtonpost.com
post #2 of 6
See, they should have put pay limits on from the get go.
They want govt money, then abide by the rules. This whole thing stinks
post #3 of 6
First, good for Chrysler to refuse the government interference that the banks are now stuck with. It will be harder for them, and they may have to do a reorganization bankruptcy, but it keeps them from being a nationalized company. I'll buy their product sooner now than if they had given in to all of the government's demands, even if they do file bankruptcy!

I do agree with Cindy, there should have been these kinds of stipulations in the first place so everyone didn't come calling with their hands out. At the same time, from what I understand the banks were all but blackmailed into taking government money and now they aren't being allowed to give it back. What a racket!

While you and I normal folks can't understand why a $500,000/year salary wouldn't be enough for anyone, the simple truth is that in that world that is a pittance and you will give up the great talent for positions in other industries that aren't regulated by a government who shouldn't have gotten involved in the first place. Is it right? I don't know...my decisions don't affect trillions of dollars in products and thousands of people's jobs, so I don't get paid anywhere near that much. Is it right that quarterbacks for the pro-teams get paid that much either? It's all about market value.
post #4 of 6
I just don't understand if HOme Depot fired him why the heck would Chrysler even want him.

Heidi, I don't get this part either,
. At the same time, from what I understand the banks were all but blackmailed into taking government money and now they aren't being allowed to give it back
Why won't the government let them give it back?

I must just be dense.
post #5 of 6
Originally Posted by ckblv View Post
Heidi, I don't get this part either,

Why won't the government let them give it back?
Judge Andrew Napolitano did a story and opinion piece on this a while ago, and if it's true it is really horrific to think that our government would do this. And this was under TARP, administered by Bush.


As far as not allowing them to give it back, the government has set a standard that banks must meet or exceed before being allowed to repay any debt. For the smaller banks, that don't have much if any of those "toxic assets" it's a little easier, but from what I understand there's only been a couple that have actually passed and the big banks can't come close. Not even the ones posting "record profits" for the first quarter of 2009.

And if you are a market watcher, you noticed that stocks tanked almost 300 points again. Why? Because Obama is figuring out a way to purchase more shares of the 19 biggest banks in the US without calling it a "bailout". More government control.
post #6 of 6
Thread Starter 

Exerpt from above article, written by none other than Fox's Greta Van Susteren:

I had not connected this before….I did not realize that the CURRENT CEO of Chrysler is the SAME CEO of Home Depot who got fired for failing and walked away with about $210,000,000!!! I think that is outrageous — most people who don’t perform - fail - just get canned! They don’t get 210 million dollars for failure.

So here we are today..and let me get this straight…. a guy fails at Home Depot and gets $210,000,000….he is not unemployed long (although, does he really need a job?) …and he goes to Chrysler (the only one of the big 3 that is not publicly held so we don’t get much info about him)…Chrysler gives him a GIANT job (the CEO!)….and how does he do at Chrysler? Well…it can’t be that great since now his company wants YOU to lend them BILLIONS of dollars…..

Hmmmm, so much for earning only $500,000 [now where did that number come from anyway? So yeah, he did agree to a 1$ annual salary BUT.........they don't figure in bonus pay & other extras they showered him with and, the other Chrysler execs aren't talking! Bottom line is that no one really knows how much Nardelli actually does make being the CEO]!

AND, so much for paying big bucks for so-called talent. Seems like the only talent this guy has is for failure, no? His market value stands at about a big fat zero, IMO.
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