Word: chrysler
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...Hand The Treasury established Feinberg's position after Congress passed the American Recovery and Reinvestment Act in February. Feinberg has jurisdiction over the 100 highest-paid employees at the seven firms that the government deemed "exceptional assistance recipients": insurer AIG, financial firms Bank of America and Citigroup, auto companies Chrysler and General Motors and their former finance arms Chrysler Financial and GMAC...
That's harshly arbitrary, as is the fact that UAW jobs have been saved, at least for now, thanks to $60 billion of government money flowing into GM and Chrysler. Meanwhile, other companies have been allowed to croak. I can see how on macroeconomic grounds, it makes sense. Letting GM and Chrysler go under would have devastated the industrial Midwest and deprived millions of retirees of their postemployment health care. (See pictures of the global financial crisis...
...General Motors and Chrysler, which were recently bailed out by the Federal Government, didn't do nearly as well as Ford in the survey. Consumer Reports says Chrysler is "continuing to struggle," as none of its models made to the most reliable list. In addition, more than a third of Chrysler models were deemed "much worse than average," in reliability. Only the Dodge Ram 1500 pickup truck scored 'average' in reliability. Chrysler's three brands - Jeep, Chrysler and Dodge - also were among the four "worst' in terms of reliability...
...latest high-profile role, as the Obama-appointed executive-pay czar, Feinberg announced Oct. 21 that the Treasury Department will slash compensation for the 25 highest-paid executives at the seven firms that received the largest chunks of federal bailout money: Citigroup, Bank of America, AIG, General Motors, Chrysler and the financing arms of the two automakers. Salaries are expected to shrink 50% on average, with the majority falling below $500,000, though firms that have already repaid their bailout debts, like JPMorgan Chase and Morgan Stanley, are not affected by the change. (See the 25 people to blame...
...sales increase through the first three quarters of 2009 - Hyundai's sales are up 1.3% while Kia's have increased 4.6%. The South Koreans have gained more market share than any other automaker this year, and their combined market share is now closing in on that of both the Chrysler Group and Nissan...