Chrysler Exec: Bankruptcy Not Our Goal, But...
Chrysler vice chairman Jim Press said that bankruptcy is "not our objective or goal" and that "no one is trying to force us in that direction" but if his company can't conclude its tie-up with Fiat in the next month, "bankruptcy could be the outcome."
"We're preserving the company as best we can," Press told CNBC's Phil LeBeau earlier today, adding that Chrysler's product pipeline is "robust."
LeBeau asked Press if the White House's autos task force team, headed by investment banker Steve Rattner, has intruded into Chrysler's daily operations. Press said they have not.
Instead, he offered an interesting description of how the task force is operating at Chrysler and, presumably, at GM:
"They're like an equity firm evaluating a company to decide if they want to make an investment,” Press said.
Of course, equity firms often take a very active role in companies, such as determining management and board composition.
And the same is true in this case: The White House ousted GM chief executive Rick Wagoner after it had made its investment in the company.
April 8, 2009; 12:58 PM ET
Categories: The Ticker | Tags: CNBC, Chrysler, GM, Obama, Steven Rattner
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