Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Chrysler, Fiat Respond to Obama but Deal Not Wrapped Up Yet

Troubled automaker Chrysler just put out a joint statement with Fiat which, frankly, is a little puzzling.

The headline is: "Chrysler LLC Statement in Response to the Announcement by the Administration, U.S. Treasury and President's Auto Task Force."

Chrysler chief executive Bob Nardelli is quoted as saying, "We are pleased that Chrysler, Fiat and Cerberus (Chrysler's private-equity owner) have reached agreement on a global alliance, supported by the U.S. Treasury."

But that's old news. We knew the two automakers have an agreement in principle. At the end of the statement, Nardelli says, "While we recognize that we still have substantial hurdles to resolve, Chrysler is committed to working closely with Fiat, the Administration, U.S. Treasury and the Task Force to secure the support of necessary stakeholders."

So, on the face of it, this statement looks like it reads: We heard the president's comments, we are working toward what he wants but we haven't quite wrapped up the Fiat deal yet.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  March 30, 2009; 12:44 PM ET
Categories:  The Ticker  | Tags: Chrysler, Fiat, Obama  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Obama: GM, Chrysler May End Up In Bankrutpcy
Next: Chase Credit Card to Refund 'Illegal' $10 Monthly Fee

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company