News today is that the U.S. Government has sold its stake in Chrysler to Fiat who will now become the majority shareholder of Chyrsler with the UAW holding over 45% of the shares. Treasury seemed proud of itslef that although the stockholders, bondholders, and creditors of Chrysler were pretty much wiped out, it lost only a billion dollars on its investment as a bailout of the Chrysler. Will be interesting to see if Fiat is able to keep the company afloat and prosper. It will be even more interesting to see in a much larger bailout, how much more we lose in General Motors.
Hope you enjoy the poetic commentary.
Before we stand up and cheer and pop the corks on iced champagne
A moment to reflect when market forces are no longer free to reign
Chrysler was sinking until the government began to bail
The mantra of we could not let our auto industry be driven off the road to fail
Bond and stockholders and creditors however were fair game
To the union demands the administration never tamed
Security thrown out the window and the UAW got a lion's share
No question of whether it was proper, right or the remotest fair.
Fiat now owns a majority with the UAW in second place
In Obamaspeak, losing only a billion is a victory we should embrace.
You have to admire Fiat or really pity
To now control Chrysler in the Motor City
With union costs still too high and margins in a squeeze
While all around, the economy begins to wheeze
If Mussolini could to his credit get the Italian trains to run with the clocks
Maybe the union stranglehold Fiat will be able to finally unlock.
If not in the dark of a moonless night
Move the company next to Boeing with little union rights
The only job security, the only real unemployment cure
Are profits on the increase and felt to be secure
© July 21, 2011 Michael P. Ridley ala The Alaskanpoet