Word: industriale
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Cerberus LLC, the once powerful private equity firm, swept into Detroit in the autumn of 2006 to acquire a 51% stake in GMAC, General Motors' financial arm, and less than a year later it drove off with Chrysler, described at the time as the "capstone" of Cerberus' industrial empire. Never...
It was the clearest sign yet that the auto production boom has given the South not just a much-needed industrial boost but new political leverage as well.
Not that southern sages like Black approve of an industrial civil war. "We're all in this recession together," says Black, who like many others is quick to note that Detroit's collapse isn't exactly good for the South, especially given the large number of auto parts production jobs...
Still, most southerners champion their region's low-tax, non-union style of economic development, which they credit for luring overseas car companies like BMW and Kia to build major plants from Kentucky to South Carolina to Texas. More important, after spending the 20th century as America's industrial backwater...
Take, for example, the 1999 collapse of South Korea's gargantuan Daewoo Group in the wake of the Asian financial crisis. The end of Daewoo, one of the country's four largest industrial conglomerates, was a shocker, but not because anyone was surprised by Daewoo's abysmal financial condition. That...