In no uncertain terms, Iacocca comes right out and says, " Daimler screwed Chrysler royally." He argues that Chrysler was healthy, even powerful, before the merger, and has been left half dead by Daimler, which retreats back across the Atlantic to Germany as we speak (our eloquent prose, not his). Nevertheless, Chrysler's ex-CEO is optimistic about his old employer's fate, and makes a case for Cerberus being exactly the right kind of private equity firm to buy Chrysler.
Thanks for the tip, Alison!
Cerberus buying Chrysler for $7.4 billion
LaSorda speaks: We're not breaking up the band!
Jeep employees pissed about Chrysler sale
Chrysler Corp. gives CAW written guarantee jobs are safe
Wolfgang Bernhard will not be a part of the Chrysler deal. Yet!
It doesn't appear that Cerberus has plans to strip and flip the automaker to make a quick buck, and its management just may free current Chrysler CEO, Tom LaSorda, from the short leash which Daimler had tied him. Admittedly, we've been tough on good old Tom since the sale, indicating we though it was likely that Wolfgang Bernhard may eventually take his place. After reading Iacocca's words, however, it might be the case we now see a side of LaSorda that was stifled by his German bosses, and perhaps he is the leader to restore Chrysler to its former glory. There are many challenges ahead, however, so we'll keep Wolfgang's office warming present handy, just in case.