Word: fiat
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Dates: during 2000-2009
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...other words, for all the number-crunching and all the brute financial haircuts involved in these bankruptcies, at heart they are animated by the audacity of hope. The hope that Fiat's Sergio Marchionne can translate his turnaround mojo into a language Chrysler can understand. The hope that, having poured at least $1 billion into the innovative but commercially suspect Chevy Volt plug-in, GM can pivot into less costly hybrid and high-efficiency diesel technologies. (Perversely, the Administration might hope for $4-a-gallon gasoline to aid that quest...
...Make that nearly fruitless. Marchionne, CEO of Italy's Fiat, had sniffed an opportunity lurking by the Chrysler deathbed. Chased from the American market a generation ago by its comic reputation for poor quality, Fiat seemed an unlikely rescuer. But Marchionne entered the picture as the It boy of the auto world, having slashed costs, retooled management and refreshed styling to boost sales of the firm's cute little cars. He wanted back into the U.S., provided it didn't cost him anything. (Watch TIME's video about an optimistic Dodge dealer...
...lowball - bid seems the wrong word - offer went like this: If the U.S. government would wipe out Chrysler's shareholders, buy out its bondholders, cut wages and jobs, deal with its retirement liabilities and fund the warranties, then Fiat would take a crack at Chrysler. The Italians would bring their cars to Chrysler's showrooms and share their advanced diesel technology with Chrysler engineers. Chrysler might sell some cars in Fiat's markets - Jeeps may have the best overseas appeal. Marchionne would lend his managerial chops. And if things worked out, Fiat would take a controlling share...
That doesn't mean there won't be a truth commission, however. "We don't govern by fiat over here," says Axelrod. "If Congress wants to move forward, they will move forward... we are prepared for whatever...
...industry. Just this month, the fate of Opel, the German subsidiary of General Motors, has been at the top of the political agenda. Government ministers are refusing to loan the billions the carmaker says it needs to survive - and even imposing conditions on would-be buyers, which include Fiat. (See the 50 worst cars of all time...