A coup of the president and the TARP managers?
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In Friday’s USA Today, columnist James Healey celebrated how “Savvy Fiat scooped up Chrysler for a song.” There was no effort to explain why Team Obama would sink billions into a Chrysler bailout so it could help an Italian carmaker prosper.
“Fiat’s agreement to buy the remaining 41.5% to own all of Chrysler reeks of financial savvy,” wrote Healey. “Fiat/Chrysler CEO Sergio Marchionne has engineered ‘a bit of a coup,’ said Max Warburton, industry analyst at Bernstein Research.” A coup of the president and the TARP managers?
“He’s being called ‘Maestro,’” noted Bernard Swiecki, Industry analyst at the not-for-profit Center for Automotive Research.
The deal for Fiat North America to buy the rest of Chrysler for $4.35 billion from the United Auto Workers retiree health trust was disclosed in an announcement Wednesday.