Chrysler Leadership in the future...

[GoofyTimL]

This just out on Market Watch...

Chrysler Chief Executive Officer Bob Nardelli, in a note to employees obtained by Dow Jones Newswires, said a new board of directors will be appointed by the federal government and Fiat once a deal is completed. The majority of the directors will be independent.
"The board will have the responsibility to appoint a chairman," Nardelli said in the letter. "The board also will select a CEO with Fiat's concurrence."

Here's the whole link: Chrysler's Leadership to be decided by Fiat and the US IF the merger can be accomplished.

[sdtopensied]

On a vaguely related note, I read an article today stating that a Chrysler bankruptcy could be put together by next week. Initially, I was disturbed by this. Then, I had flashbacks to a few of my business classes from college. This won't be like the Bear-Stearns meltdown, for example. When Bear-Stearns went under, they didn't have raw materials, or factories, or sophisticated robotic assembly lines. When pushed to liquidate assets to "keep the lights on," they had computers, office furniture, and other basically worthless tools of the trade of moving money around.

The difference is here is that Chrysler makes "stuff." They have raw materials, factories, tools, etc. One major basic economic principle is that real wealth is created only when you take raw materials and produce a product that someone wants.

That being said, this isn't going to be pretty and it won't be without pitfalls. However, Chrysler isn't going away like Enron, PanAm, or Bear-Stearns. Don't sell the 300 just yet.

NYT: Chrysler could file bankruptcy next week - The New York Times- msnbc.com