Chrysler to cut 25% of salaried workers.

[StageLeft]

This after yesterday GM announcing sweeping cuts, too.

Link

It's almost like in just the last several days the bevvy of "real" financial catastrophies has kicked in. I mean it's been here all along in various forms, but now the unemployment figures, the layoffs, recession fears, the crashing of the Euro, things are truly coming to a head now.

 

[T2T III]

I'm not all that surprised at these cuts. When the equity firm bought Chrysler from Daimler, I suspect that they were able to "re-work" some of the business bylaws that were in place. This would give them more leverage if they encountered a crisis - and to lay off a slew of people.

It's not that Ford or GM are doing much better at the moment, but the last Chrysler product that I owned was horrible.

 

[GoingUp]

Really glad I bought that place in metro Detroit a few years ago..... I think I'm down 50% in value.

 

[halik]

Originally posted by: Gobadgrs
Really glad I bought that place in metro Detroit a few years ago..... I think I'm down 50% in value.

Heh hope you didn't buy within detroit city limits...

 

[Thump553]

Originally posted by: Skoorb
* * *
It's almost like in just the last several days the bevvy of "real" financial catastrophies has kicked in. I mean it's been here all along in various forms, but now the unemployment figures, the layoffs, recession fears, the crashing of the Euro, things are truly coming to a head now.

I've been think the same thing myself. Plus a lot of the jobs that are being cashiered-especially in the financial sector-are well paying ones.

I saw a brief article in this morning's paper that GM was suspending making matching 401k contributions in order to conserve it's cash. Wow.

It may seem alarmist, but I have grave doubts that Chrysler will be around in a year or two. They will sell off the Jeep brand and fold up, just like American Motors did back in the seventies.

 

[dmcowen674]

Originally posted by: Skoorb
Topic Title: Chrysler to cut 25% of salaried workers

What were they doing anyway?

No one is buying their SUV's Pickups and Cars anyway.

 

[TheSlamma]

Thats what happen when you continue to sell boats like it's 1973

 

[Martin]

:music:
12 yards long, 2 lanes wide,
65 tons of American Pride!
Canyonero! Canyonero!
:music:

 

[Robor]

Originally posted by: T2T III
I'm not all that surprised at these cuts. When the equity firm bought Chrysler from Daimler, I suspect that they were able to "re-work" some of the business bylaws that were in place. This would give them more leverage if they encountered a crisis - and to lay off a slew of people.

It's not that Ford or GM are doing much better at the moment, but the last Chrysler product that I owned was horrible.

Same here. I had a '95 Dodge Neon 'Sport' ( ) and it was terrible. Unreliable, inefficient, no low band power, noisy, and resale value was 25% of original price after 5 years.

 

[MovingTarget]

I'd hate to see what happens if the supposed merger with GM takes place. That is what companies do when they merge like that, fire off as many as they can get away with and watch their stock price shoot through the roof. Unfortunately, the most recent example I've seen personally was the merger of two nearly equal banks (in terms of size, geographic presence, customer base, etc.)- Regions and Amsouth. That was particularly devastating to Birmingham and other regional financial sectors. It would pale in comparison to the merger of those two auto giants, as I fear that it would trigger a regional depression. The newly formed General Mopar will have some 'splaining to do when they have an angry mob at their doors, pitchforks in hand.

I really hope that they can survive, even though I don't care much for their cars.

 

[evident]

Originally posted by: Robor

Originally posted by: T2T III
I'm not all that surprised at these cuts. When the equity firm bought Chrysler from Daimler, I suspect that they were able to "re-work" some of the business bylaws that were in place. This would give them more leverage if they encountered a crisis - and to lay off a slew of people.

It's not that Ford or GM are doing much better at the moment, but the last Chrysler product that I owned was horrible.

Same here. I had a '95 Dodge Neon 'Sport' ( ) and it was terrible. Unreliable, inefficient, no low band power, noisy, and resale value was 25% of original price after 5 years.

we had a 1992 plymouth voyager that was biggest heaping pile of crap. the windshield motors would break every month and almost everything had to be replaced on it. i seriously wanted to drive it into a quarry.

 

[ElFenix]

last chrysler product i used was good. nice minivan with a big 6 and plenty of torque.

chrysler makes possibly the least compelling midsize sedan ever. dodge avenger is an afterbirth of a car. it's like merc knew they were selling chrysler and so put no effort into those. it's not a nice car in a vacuum and it's even worse compared to what even ford and gm are putting out.

if they fold, they'll probably sell viper, jeep, and the minivan unit.