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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: TH who wrote (99991)	11/28/2008 10:14:55 AM
From: dave9	Read Replies (1) of 110194

The word used to describe what was going on was "pandemonium". Chaos. 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". Yes. That is what was described to me. The feeling is 1. Temps; Good by. 2. The buyout's. Good by with $75k. 3. The rest. Good by now or soon (no white collar has come back from layoff). The story I understand is that one of the first things Daimler did was to move $$$ from Chrysler when they bought it. They sold the rest & including all the debt to the hedge fund who thought they could trim a bit and flip it in a couple of years. Without $$ reserves (in Germany now) Chrysler has nothing to bribe the bank to give it a loan. The good people, the guys that would design what was needed on a napkin over lunch, were already gone. Now, the fear is there is a problem; a cash flow problem. It is believed that there is not enough to keep going, not enough to keep meeting payroll. Put it all together and you have the atmosphere at Chrysler on the day before Thanksgiving. Out of money and out of time.

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