Friday

Let's Buy Chrysler !

It's deja vu all over again, says Yogi.

At the New York auto show in 1995, billionaire Kirk Kerkorian (#53 of the world's richest people, according to Forbes in 2006) announced that he would make a $20 Billion dollar bid to buy Chyrsler Corporation. That didn't happen.

A few years later the folks who brought you the Mercedes Benz came along with a bigger checkbook ($36 Billion worth) and they bought Chrysler out, changing the name to DaimlerChyrsler Corporation. The Germans promptly ran Chrysler right into the ground, tossing long term employees out the front door, whittling away at quality, increasing prices, etc. Basically they did just about everything necessary to gut the company of its true value.

Now, Kerkorian is back again, knocking on Chrysler's door. Well, actually the door says DaimlerChrysler on it now, but that may not be for long. At least 3 companies (or conglomerates) are publicly talking about buying Chrysler from its German owners now.

And Kerkorian? You just can't keep a good man (or, to be more precise, a rich man) down.

Just like in 1995, here comes Kerkorian again at the New York auto show announcing that he'll make another bid to buy Chrysler --- but this time he's only offering $4 1/2 Billion. If nothing else, Kerkorian apparently knows a good deal when he sees one and maybe he can turn this limping giant around and make it the company that Chrysler was "once upon a time". At least with him, the company is back in American control again. That alone is a step in the right direction.