Monday, May 14, 2007


image: William Blake's Cerebrus
William Blake's Cerebrus, the mythological hound of hell.

from channel 8 in Grand Rapids:
"Chrysler workers skeptical of Cerberus' motives in Chrysler deal"

DETROIT -- Billy Boyd, a Chrysler worker for almost 34 years, is so skeptical about Monday's sale announcement that he might not stick around much longer.

Like many of Chrysler's roughly 80,000 employees, Boyd, 51, a machine operator at the automaker's Kenosha, Wis., engine plant, isn't sure what to make of the unusual deal. Parent company DaimlerChrysler AG is paying as much as $650 million to walk away from Chrysler by turning over the keys to his company to Cerberus Capital Management LP, a New York private equity firm.

"It sounds good," he said before work Monday afternoon. "Are they buying us to help us out or to suck the blood? It's kind of scary."

At many Chrysler plants, workers also worried about what it will cost them as word spread about the $7.4 billion sale. Many are fearful of private equity buyers, which in the past have sold off companies in pieces to make a fast buck.

As well they should be. I note that the UAW guy quoted in the Channel 8 story sounded upbeat, so we probably don't need to worry overmuch about his future. On the other hand-- while the democrats are carefully calibrating their response to GWB so that they seem to care about ending the war without seeming "vindictive" or "mean" or any of the other countless things they might be accused of by the millionaire anchormen whose approval they tremble before, couldn't they have thrown in an extra seven billion to protect a few thousand American jobs?

For much, much less than the cost of the damned Iraq war, the US gov't could have bought Chrysler outright, and federalized American healthcare, therebye making each of the big three more globally competitive. But, no, we can't do that, that's what crazy European leftists do. So much better to run our country into the ground proving we're macho.

also:Andrew Leonard, "Chrysler at the gates of hell"

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