finknottle Posted June 11, 2009 Share Posted June 11, 2009 Can somebody explain to me exactly what the terms are in the deal? It seems to me that the Obama Administration wanted to give Chrysler to the UAW, screw the owners and bondholders. That is too brazen, so they needed somebody like Fiat as a smokescreen. As best as I can tell, the UAW gets 55%, the USG 8%, Fiat 20%, and 17% to the existing owners/debtors. As far as I can tell Fiat does not have to pay a penny for their share, nor invest any of their own money, nor commit to anything at all - and the USG will sink in a fresh $6 billion dollar capitalization 'loan.' So what exactly does Fiat have to do in exchange for this free government cheese? Are they truely just a stand-in so that the UAW can get their payback while the media misdirects our attention and runs "Fiat acquires Chrysler?" Am I missing something in the agreement? Link to comment Share on other sites More sharing options...
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