November 1, 2008

Chrysler Sold!


It's true. Lets not pretend that America hasn't been in decline for decades. We recently hear "Chrysler might be sold" as if it still has any semblance of an American icon.

Yes. Chrysler has been sold.

"In 1998 Chrysler was sold to Daimler-Benz, forming DaimlerChrysler AG. Chrysler Corporation then was legally renamed DaimlerChrysler Motors Company LLC, while its total operations began doing business as Chrysler Group. This was initially declared to be a merger of equals, but it quickly became evident that Daimler-Benz was the dominant partner." [1]

"DaimlerChrysler announced on 14 May 2007 that it would sell Chrysler to Cerberus Capital Management of New York, a private equity firm that specializes in restructuring troubled companies."

Sources:

1. Thanks to who ever loaded this onto Wikipedia.

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3 comments:

thepoetryman said...

Lock, stock and barrel, as they say.

libhom said...

A GM Chrysler would be bad for auto workers and bad for consumers. We need competition and we need a bigger variety of American cars to capture a bigger segment of the market.

The thing you mention about Chrysler no longer being an American icon is very interesting. It brings up the power of branding to influence peoples' psyches. I have to admit I'm not immune to it myself. There's a brand of turkey products, Jennie O, that has pleasant emotional associations for me despite the fact that I'm sure there is no Jennie and that it is just some big agribusiness conglomerate.

GDAEman said...

LH, We're definitely socialized. I remember having the same feeling about paying my student loan off to "Sallie Mae".