If you know your automotive history, you will know that the Germans pretty much sucked the life out of Chrysler after they merged to form Daimler Chrysler in the late 1990s. The Chrysler CEO made off with something like 100 million from the deal , the German CEO took over, and plenty of American workers got the axe. Sounds kind of like how Romney made his millions, doesn’t it? Yeah, we really need more of that “business” expertise don’t we……
After the Germans got everything they wanted out of Chrysler, they tried to sell what was left but nobody wanted Chrysler leftovers. After some begging from the Germans, GM did show some interest and analyzed buying them, but even GM couldn’t figure out how to make money from it. It looked dire for Chrysler.
But you know what they say, a sucker is born every minute. So along comes Dannyboy Quayle and his hedge fund. They bought Chrysler from the Germans for a few billions and thought they got the deal of the century! They put the ex CEO of Home Depot, yes Home Depot, in charge of making cars. As you might guess a guy who can’t spell potato and a guy whose expertise is selling hammers were ill equipped to run a complex business like an auto company. Beeks know how the rest of the story turned out