Chrysler Financial deserves to fail

They are on the verge of ruin and they turn down a federal loan because they don’t want pay restrictions. Really? Seriously? Just as Reagan sacked the air traffic controllers, Obama ought to fire the entire management structure at this pathetic excuse of a company. This is a team that has done nothing to improve the overall company and even down to the last dollar only cares about their own bloated pay plans. Let them all rot.

Top officials at Chrysler Financial turned away a $750 million government loan because executives didn’t want to abide by new federal limits on pay, sources familiar with the matter say.

The government had been offering the loan earlier this month as part of its efforts to prop up the ailing auto industry, including Chrysler, which is racing to avoid bankruptcy. Chrysler Financial is a vital lender to Chrysler dealerships and customers.

In forgoing the loan, Chrysler Financial opted to use more expensive financing from private banks, adding to the burdens of the already fragile automaker and its financing company.

Not a penny more. Let them find out how well it pays to live on unemployment like everyone else.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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