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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: dave9 who wrote (99972)11/28/2008 6:31:42 AM
From: TH5 Recommendations  Read Replies (1) of 110194
 
Dave,

You are probably correct. I had Thanksgiving dinner with a couple of pretty high level Chrysler execs. I was SHOCKED to learn that there was no allocation on the buy-out offers. The offers expired this past Wednesday and it appears that the acceptance rate was much higher than expected.

$50K and a car voucher for $25K. Some students with a year or less took the package and thought it was the most wonderful gift. I heard that one plant with 137 salaried staff had almost 100 people take the offer. It is insane that Chrysler management did not put an allocation on the buy-out and define it as first-come-first-served.

I was told the image was surreal on Wednesday, with many, many people walking out the door with cardboard boxes and saying, "I'm outta here". My two friends predicted that there is going to be a lot of pain on Monday. One of them has a strong operations background and he told his wife he was concerned that he would be relocated from his management position to a plant to fill in for the void that will result from this many departing all at once.

You are exactly correct about the loss of talent. My friends said that the people who left were all the good people. The kinds of people that can find a job and will. They were both extremely displeased at the way this played out, but hey, what do you expect when a hedge fund thinks they can make cars better than Daimler.

GT
TH
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