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In Reply to: RE: Auto sales are slowing, and upheaval is next - CNN posted by AbeCollins on May 16, 2017 at 18:15:34
There are a few grains of truth in that largely hogwash article. For example:
Ford IS cutting jobs. That was on the business news wires.
GM and Chrysler DID take taxpayer money to stay afloat as GM and Chrysler. But, now, tell me again who owns Chrysler? ;)
GM's stock was at about $30 about 4 years ago. It's now at - drum roll please: about $33. Have they completely paid off the debt to the U.S. taxpayers? (I haven't read their annual reports.) They should've been bought by another automaker years ago. Maybe they still will be - you read it here first.
I knew at the time that the bailout was a bad idea. It never was about saving the companies or the jobs, it was about saving the executive officers and the bondholders. Shareholders got the shaft, as usual. It would have been much better to let them flounder and be sold to another automaker, as Chrysler already has! (Actually, it's a little hilarious that a company in Italy, which is an economic basket case, bought a major U.S. automaker!)
This is the kind of warped, twisted "business" we end up with when government bureaucrats get involved. All they care about is their re-election so they can continue to funnel projects (money) to their supporters.
:)
Follow Ups:
...actually pretty static thru the period. Consider Ford (who didn't "take"'taxpayer $) has fallen about 30% during the period. If one considers stock price as a reflection of future earnings, investors aren't optimistic in spite of huge present earnings. Both cos face internal revolt from activist investors. This will be the most immediate and true threat to survival of the "traditional" US auto cos. And, FYI, FCA (Chrysler/Fiat) is a Dutch co.
I didn't know they reorganized and incorporated in the Netherregions. It's still Italian-controlled. Kinda like a company incorporating in Delaware even though the actual company is in, say, Illinois. But wait, it gets better. Their headquarters is in London, for tax purposes.When I log back on to the stock market later today, I'll get the official company scoop from their company profile.
In the meantime, I found this:
https://en.wikipedia.org/wiki/Fiat_Chrysler_Automobiles
:)
Edits: 05/17/17 05/17/17
...things are complicated these days. Maybe it would be more appropriate to call FCA a British co because that's where they're taxed. Listing location and controlling location are interesting but not so relevant today...IMO.
In these days of globalization things are a lot less clear cut than that.
Fiat-Chrysler is incorporated in the Netherlands, headquartered in London, listed in New York and Milan and ultimately controlled by the Agnelli family which holds 45% of the voting rights.
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