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Major issues resolved in GM-Chrysler talks: sources
Wednesday October 29, 1:00 pm ET


NEW YORK/DETROIT (Reuters) - General Motors Corp (NYSE:GM - News) and Cerberus Capital Management (CBS.UL) have resolved the major issues in a proposed GM-Chrysler merger but the final form of any deal will depend on the financing and government support available, sources familiar with the talks said on Wednesday.
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Both sides have agreed that GM Chief Executive Rick Wagoner would lead the combined automaker, the sources said. A merged GM/Chrysler would be the largest automaker by global sales.

Go get 'em Buickman!
 

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Well this might explain why "Rick does Tokyo" is also happening.

Who wants DodgeTrucks? Toyo? you in? Honda?

Next up for sale the Caliber....


crickets chirping.....


Moving right along....

Next up folks I have a lovely Dakota, who will open the bidding at $100?

Come on folks, reach in those pockets....its for a good cause!
 

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ever wonder why it's always...legacy costs, material expense, fuel prices, the economy, competition, exchange rates, the weather, regulations, the UAW, Roger Smith, credit crunch, or the number of dealers. we need to borrow and sell assets to "focus" on core operations is the byline of the PR machine. the new models will save us, another turnaround is upon us.

never is it the true reason, incompetent management, ineffective marketing, corrupt leaders, and every other excuse imaginable. GM has no accountability, no one is held responsible. not for Fiat, not for material weaknesses in financial statements, not for share loss, or stockholder value, not for elimination of dividend, not for poor product planning, not for junk ratings, not for ballooned long term debt, not for the Delphi situation, not for the loss of Oldsmobile or GMAC.

when is enough enough?
 

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As much as I'm a bit disenchanted by Wagoner, he's a heck of a lot better than Nardelli.
Well, I'm not sure Nardelli would have been the CEO... it would have been an external search, with the possibility of a 'celebrity' CEO to draw attention to GM.

Maybe it's old info, or maybe the managerial change wasn't going to extend to the top *shrug*
 

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Well, I'm not sure Nardelli would have been the CEO... it would have been an external search, with the possibility of a 'celebrity' CEO to draw attention to GM.

Maybe it's old info, or maybe the managerial change wasn't going to extend to the top *shrug*
Maybe they could poach Immelt from GE...
 

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I've been on this site for about 4 years now. Like Buickman, I'm in American car sales as well. Buick, Pontiac, GMC and Chevy. I've been selling them exclusively for 10 years now. As a salesperson, one thing we hear over and over is we cannot use outside forces as an excuse to not try and do our best each and every day. My mortgage company won't listen to me if I say I've had a bad month, they want their money. My bills need to be paid, and excuses will not pay them.
I agree with Buickman on a lot of his theories about Rick Wagoner. I believe he spews out far too many excuses, and no reasons. There is a difference. So now, instead of trying to bring new and better products to market, what is GM forced to do? Sell off assets, sell of financial arms, close factories, layoff employees...why not have Mr. Wagoner take a salary of $1.00 per year for the next 5 years as he's conducting this GM "Turnaround" as he likes to call it?? do you think he'd stand for it. He's a multi-millionaire, he can live off his savings JUST LIKE HE EXPECTS HIS EMPLOYEES TO DO WHEN THEY'RE NOT MAKING THE MONEY.
He doesn't show very good leadership skills. And it's showing from the top down. If anyone has ever had the opportunity to read some of Buickman's ideas of returning GM to their former levels, I think you'll agree they are good.
That all being said, now Mr. Wagoner is going to go speak with Toyota with his hat in his hand. Something tells me they'll give him the same ideas that others have been giving him for years. Let's see if he'll turn a deaf ear on that.
 

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As much as I'm a bit disenchanted by Wagoner, he's a heck of a lot better than Nardelli.
If thats the case then Nardelli must be really really bad.

Was Nardelli the guy that Jack Welsh fired from GE, and then ran Home Depot into the ground?

Oh ya... you are right he is worse the Rick...
 

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Hey, I know what's happening! The combined company will be run by Mr. Toyoda, thus confusing the entire planet and seriously doing a VW spike on GM's share price :D.

Yeah, that's the reason for Wagoner's trip to Japan. He's there to give Mr. Toyoda an offer he can't refuse...
 

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Where to start.......except by agreeing that Nardelli was worse.

I will say that it seems like this would come to a reality even if they aren't/weren't planning to go through with it. The announcement that they were closing down the Aspen, Durango facillity, remove 1 in 4 of their workforce and a few others it could have been a condition to trim the pre-fat before GM would bite. I am not too excited with the potential of the merger as most of us seem to be.
 

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Remember when Chrysler was the comeback kid? Only ten years ago they were riding high.

Here's what I don't get - what's the public interest in a merger? GM's going to get taxpayer money to shut down plants and slash jobs?

I can understand a loan that would help preserve jobs and so forth - the public has an interest in preventing a wave of "Detroit Oakies" from overwhelming the unemployment lines.

Why not just lend Chrysler the 10 billion?
 

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ever wonder why it's always...legacy costs, material expense, fuel prices, the economy, competition, exchange rates, the weather, regulations, the UAW, Roger Smith, credit crunch, or the number of dealers. we need to borrow and sell assets to "focus" on core operations is the byline of the PR machine. the new models will save us, another turnaround is upon us.

never is it the true reason, incompetent management, ineffective marketing, corrupt leaders, and every other excuse imaginable. GM has no accountability, no one is held responsible. not for Fiat, not for material weaknesses in financial statements, not for share loss, or stockholder value, not for elimination of dividend, not for poor product planning, not for junk ratings, not for ballooned long term debt, not for the Delphi situation, not for the loss of Oldsmobile or GMAC.

when is enough enough?
I agree with you 100% and have been telling people this for the past year or more, the blame for this mess lies squarely at the top IMHO.
 

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Remember when Chrysler was the comeback kid? Only ten years ago they were riding high.

Here's what I don't get - what's the public interest in a merger? GM's going to get taxpayer money to shut down plants and slash jobs?

I can understand a loan that would help preserve jobs and so forth - the public has an interest in preventing a wave of "Detroit Oakies" from overwhelming the unemployment lines.

Why not just lend Chrysler the 10 billion?
That is a really good point, I think though that the problem there is that Cerebus doesn't want to run them anymore. So you would have to find someone else to buy the company from them then give that person some kind of incentive to do so like a low interest 5 or 10 billion dollar loan.

The thing about that is if you do that then you would also have to do something to still bail out GM. Which means that you might end up spending twice as much to save both companies which I wouldn't mind if its the route that keeps the most Americans in a job. The effect of not bailing these companies out will likely be the feather that broke the camels back.
 
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