Fiat CEO: Chrysler worse than we thought

CNN ^ | 9/16/09 | Peter Valdes-Dapena,

[Nachum]

NEW YORK (CNNMoney.com) -- The situation at recently rescued Chrysler Group is even more dire than first thought, the CEO of Italy's Fiat -- which came to the aid of the U.S. automaker -- said Wednesday.

"We were surprised by how little had been done in the past 24 months," Sergio Marchionne told reporters in Frankfurt, Germany.

Chrysler will present a revised business plan in November, Marchionne told reporters.

[Nachum]

The list, ping

[TChris]

Why do anything? When you're "too big to fail", someone else will always be there to pick up the pieces.

[JohnLongIsland]

want to buy the Brooklyn Bridge?

[HiTech RedNeck]

Obama hawked this turkey to you in overly glowing terms, eh?

We know how you feel, Fiat.

[A CA Guy]

Two years ago they probably found themselves sinking under the weight of union obligations and were too busy trying to survive day to day to be bothered with planning anything long term IMO.

[Mr. K]

TRANSLATION: “We need a bailout”

[newfreep]

Having done M&A, it appears Fiat did not perform adequate due diligence. Fiat is to blame for any decision unless Chrysler flat out lied or provided dishonest documentation.

[dalebert]

jeez thats why Chrysler was failing. their product suck...and what does our government do ???? Prop them up so we can give them more money.....

[bitterohiogunclinger]

TRANSLATION: “We need a bailout”

Go ask George Soros for one then.

[SE Mom]

Sheesh...what a mess.

[frithguild]

"We were surprised by how little had been done in the past 24 months," Sergio Marchionne told reporters in Frankfurt, Germany.

Surprised a government owned entity has not done anything to innovate?

More likely, Turner said, Marchionne is laying the groundwork for drastic actions that will be announced in November but may have been planned all along.

A message to the bond holders - or the UAW that is...

[depressed in 06]

"We were surprised by how little had been done in the past 24 months," Sergio Marchionne told reporters in Frankfurt, Germany.

Jeez, what did you expect, it is a union shop.

[TwelveOfTwenty]

"If they didn't come in as the proverbial white knight, Chrysler would be going through liquidation right now," he said.

It seems to me that's what happened, only in one huge chunk. From what I read in the article, much of it won't survive, anyway.

[KarlInOhio]

Welcome to "Sold a Line of BS Anonymous". Everyone say hi to Fiat. Over there we have Bank of America and its stinky new friend Merrill Lynch. And over here we have all the tax payers of the United States with its problem child Government Motors.

[SoDak]

I always wanted to work in a lax office where nothing much happened, like government work, for example. However, I seem doomed to be part of organizations that demand long hours, personal sacrifice, and measured productivity. I call no fair.

[JasonC]

Ambulance chasing lawyers don't know finance from their anatomy. Nobody gives a damn about blame games. The only thing that matters is fixing the institution, if it can be fixed. The rest is pointless.

[Nachoman]

No returns! No refunds!

[Zathras]

“Fix it again Tony”

[uncbob]

Yeah closing dealerships that have been around since after WWII sure made sense