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188 Comments
- inactive, on 04/21/2009, -14/+144The Treasury Department withdrew its offer to further aid Chrysler Financial because some of its top executives would not agree to compensation waivers, and now many workers will lose their jobs because of a couple of greedy bastards
- grovest4life, on 04/21/2009, -7/+91Maybe if they hadn't sold so much crap for the past 25 years they would be in this situation to begin with.
- statik99, on 11/03/2009, -8/+85Truly ridiculous... the greed of executives costing more jobs.
- chadsexingtime, on 04/21/2009, -6/+74Chrysler Exec's were quoted as saying "***** you, we're good", and regarding the unemployed masses, "Well they should have thought of that before being poor"
- lordmike, on 04/21/2009, -0/+67It's important to note that this is Chrysler Financial, not Chrysler itself. Chrysler Financial is essentially a bank designed to give auto loans. It is a separate unit, and has nothing to do with the car making part of the company.
- GroundIsSound, on 04/21/2009, -3/+67I have to follow the rules in order to get college loans from FAFSA, why shouldnt Chrysler have to do the same?
- inajeep, on 04/21/2009, -3/+57I guess the executives don't like it when the shoes on the other foot and someone else is deciding your pay.
- inactive, on 04/21/2009, -3/+30Neither did I, but what do you think will happen when they don't receive any bail-out money in order to survive? Even if they have the resources to survive, It is still greed that has and will drive these executives.
- madk, on 04/21/2009, -0/+23Your voice will go unheard..but I dugg yah.
- KarateMedia, on 04/21/2009, -2/+23You might want to actually read the article: "Chrysler Financial, which already has received $1.5 billion in aid"
- GamerXR72, on 04/21/2009, -2/+22Article: Man walk outside during the day time.
Jenocide312: There is sunlight!
Spindig: I didn't see anything about sunlight in the article. - cowboy86, on 04/21/2009, -5/+24This is absolutely ridiculous. You won't accept government money to help the economy(/your dying business that you probably have tons of stock in) because you don't get a big paycheck to go with it? Get over yourselves.
- AndrewMoyer, on 04/21/2009, -3/+21"many workers will lose their jobs because of a couple of greedy bastards"
You just echoed what seems to be the common theme about this whole economic crisis. - rhdesigns, on 04/21/2009, -6/+23I wish harmful things on those greedy bastards
- KSUdesigner, on 04/21/2009, -0/+16I wish digg would ban titles that start with that word.
- earthtoandy, on 04/21/2009, -1/+16Good. Cling to the boat boys, its all goin down.
Bad businesses with bad management should fail. Something will replace it - KaivenTor, on 04/21/2009, -1/+15Did anyone read that this pertains to Chrysler Financial, not the manufacturing company, but the financing and loans company? I'm guessing they saw what happened with GM and said "***** it, we don't need the government in here mucking about." There seems to be an interesting double standard going on here as well. You get demonized if you take money from the government, but you also get demonized if you refuse to take money from the government. Well, what the hell guys? Are we bailing out companies needlessly or not?
If they can get private funding, fine. I have no issue with that, my beef was that they begged to get the initial money without thinking they would have to give up something for it. But that goes along with every company that received bailout money.
And I'm not standing up for their decision based on them as a company but based on the misinformation being presented in the comments as well as many of the assumptions in those comments that don't even apply to this particular company. RTFA. - sprNmgcHlmt, on 04/21/2009, -3/+17i'm sure they're hiding more money than they need offshore.
- brad3378, on 04/21/2009, -0/+14The truth always seems to come out at the bottom of these threads.
The lunatic fringe always seems to come out near the top. - mulling, on 04/21/2009, -4/+17This is an old, tired argument. Union members in the US are making *less* than non-union employees working for foreign companies. That's right, employees are so underpaid here that foreign companies are coming here for cheap labor.
The execs are making *orders of magnitude* more than execs in competing foreign companies. It's the executive pay that's drastically out of line with the rest of the industry, not the people doing the real work. - YoWhatDaFuxUp, on 04/21/2009, -0/+12Good
They're not even a publicly held company - kasjogren, on 04/21/2009, -3/+14Yeah, they have a long history of being successful because they offer cars that people want to buy...oh wait, that is a different company. Chrysler is just going to cease to be or become an italian brand. Either way tens of thousands of peeps will lose their job, sucks for them.
- Aroundtown27, on 04/21/2009, -3/+14UAW has made many concessions in the past. Why is it always the workers who must suffer in order for the company to do well?
- publiclurker, on 04/21/2009, -1/+10I'm sure the golden parachutes will ensure a nice soft landing for the people responsible.
- inactive, on 04/21/2009, -5/+14when enough of them strike themselves out of a job. Living in Flint, Michigan all of my life I have seen all of the strikes and feuds with the UAW, and it's really just ridiculous. Leave it to morons to take a fundamentally good thing like a union and completely abuse the power.
- kingatrock, on 04/21/2009, -0/+9Don't beg for bailouts and completely tank your own business and you won't have to worry about outside agencies demanding new rules for the protection of the "loan" they're supplying you.
- fury420, on 04/21/2009, -2/+11no, that will happen tomorrow when Chrysler announces the next round of layoffs...
or, perhaps look back to the last major round of Chrysler layoffs? - offrdbandit, on 04/21/2009, -1/+10Profit motive. If they would rather push their company into bankruptcy and attempt to recover that's their prerogative. Just like you could decide your upside-down mortgage isn't worth paying and could walk away from it.
IIRC, Chrysler is a 100% private company, so they could close up shop, burn down their factories, and tell the rest of the world to ***** off if they wanted to. - KSUdesigner, on 04/21/2009, -2/+11Jailed for negligence? It's their company to run, they can run it as they see fit. They're a bunch of greedy bastards for sure, but it's their company to run into the ground if they so choose.
- squarepancakes, on 04/21/2009, -1/+10Good.
- fury420, on 04/21/2009, -5/+13because saving the company by cutting the huge salaries for executives at the failing company while keeping the productive workers employed is such a bad idea right?
- DangerCollie, on 04/21/2009, -1/+9It's going to be tough to reform the system. The thoughtless right wingers would say if you don't like exec pay, don't invest in the company. But if they're all playing those games, there is no effective choice.
Too bad there isn't an open market for execs. Let the shareholders decide between Candidate A at $2 million a year and Candidate B at $4 million a year. Maybe Candidate B really is worth more to the people putting up the money. At least it would force exec talent to price their talent competitively, instead of leaving it to the compensation board. Which is the foxes deciding who gets the chickens.
Right now it's the people in board room deciding how investor money is dolled out. Where's the accountability for results? - Loonacy, on 04/21/2009, -2/+10They'll just go on to get paid big bucks to run other companies into the ground.
- ohreilly, on 04/21/2009, -1/+9gowjo18:
From a British perspective, and therefore don't have much experience of American trucks, the Toyota that Top Gear tested seemed pretty rugged. It survived being crashed into a tree, set on fire, let into the sea, put on a building that was being demolished, crashed through a shed, etc etc. With little more than a mechanic using basic skills (and no new parts) to get it going. - lyg82, on 04/21/2009, -5/+13I think they should be fired
- commentposted, on 04/21/2009, -4/+12Brilliant! I hope they get new management.
- k3nshady89, on 04/21/2009, -1/+8It takes more than do nothing to get out of a depression in the modern world, where there is a middle class. During the great depression 7 million americans starved to death, and there were riots. if it werent for roosevelt, chances are united states would have had a civil war. Don't believe me? look at american history after Andrew Jackson left the presidency. Your produce your way out the depression, not through keynesian bailouts or "do nothing".
- MrInfallible, on 04/21/2009, -3/+10Let them fail, we will all be better for it in the end.
- PepeGSay, on 04/21/2009, -4/+11Well... the another interpretation is that Chrysler is/was not as bad off as they/the government made it seem. Now that there are more strings attached to the money they will run things as any normal business would: Cut corners where they can, including unfortunately layoffs, and make it work without a giant government bailout.
The Auto Industry has been hurting for a few years. When they saw they might be able to get a handout they jumped at the chance. Now that they see what the government and media did to AIG (demonizing them) and what the government wants to do (control them) they are thinking there might be another route. - ajwinder, on 04/21/2009, -0/+7...from one of the banks carrying around TARP funds.
:P :P - PepeGSay, on 04/21/2009, -1/+8Maybe, I don't have the exact figures on comparative pay, but my understanding is that those foreign companies don't have the same legacy burden either. That is where the real money flow is going. 40 years of retirement benefits, etc.
- ajwinder, on 04/21/2009, -0/+6No. An auto industry which has been hurting but slinging along on short losses for years suddenly ran into the 2nd worst economic market in our nation's history, and those short losses turned into sales numbers hitting the floor. Dealerships were sitting with unmovable vehicles on the lots.
Don't think that these companies are anywhere near in good shape. Even the massively popular japanese automakers are barely breaking even or posting losses. Toyota, profitable since the freakin 40's, posted a loss. Thats not "Not that bad off". Thats the floor falling out of the bottom of the industry. - maz2331, on 04/21/2009, -0/+6Yeah, like all those Toyotas made in South Carolina? As opposed to Chevys made in Canada or Mexico?
- roadtripper, on 04/21/2009, -2/+8New management? How about no management when they're out of business.
- pintomp3, on 04/21/2009, -2/+8You mean like these concessions?
http://www.nytimes.com/2008/12/04/business/04auto. ...
Or the ones they've been making for years? - BossKey, on 04/21/2009, -0/+6Destroying the incentive feature of capitalism by paying executives more even when they do a crappy job, is yet another definition of communism.
- specialK16, on 04/21/2009, -1/+7@Spindig: Seriously man...
- kasjogren, on 04/21/2009, -3/+9Can I ask an honest question? Why is it when someone gets rich inventing a widget and selling it they are doing good but when people get together to ensure they get a living wage they are greedy? If they wore khakis and an unironed polo shirt would still be greed or just smart office politics?
- fribhey, on 04/21/2009, -0/+6LOSE not loose
- ajwinder, on 04/21/2009, -5/+11Oh so now the definition of communism is compassion. Guess your compassionate conservative leader, George W Bush, was also a communist then. Ya *****' prick.
Additionally, they turned down a loan with strings on executive pay but no interest that would have been used to retain staff and move ahead on innovation and sales. But they turned that down so their board could make ridiculous sums of money. Thats not a business concern. That's a business' managers concern. To think this move leads to a more healthy Chrysler Motors is naive, the pinnacle of stupid, and proof your mother didn't hug you enough. -
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