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Fiat CEO Speaks Out Against Big Three Bailout
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Enlarge PhotoClaiming in a Detroit News article that U.S. government assistance for the Big Three would "distort competition across the ailing auto industry," Fiat Group SpA CEO Sergio Marchionne voiced his disapproval of U.S. governmental intervention in ailing domestic fortunes.
Marchionne claims that U.S. assistance would "change the industrial equilibrium of the markets," something that "Fiat cannot accept." He points out that Fiat, Italy's biggest industrial force, has not asked for governmental assistance despite a tough market.
Recently, German Chancellor Angela Merkel voiced similar concerns when considering a $1.27 billion loan guarantee to Opel, a German GM subsidiary. She voiced the concerns during a meeting with Italian Premier Silvio Berlusconi on Tuesday in the city of Trieste. Berlusconi reports that he is unwilling to offer assistance to Italian industry under current conditions.--Colin Mathews
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Marchionne claims that U.S. assistance would "change the industrial equilibrium of the markets," something that "Fiat cannot accept." He points out that Fiat, Italy's biggest industrial force, has not asked for governmental assistance despite a tough market.
Recently, German Chancellor Angela Merkel voiced similar concerns when considering a $1.27 billion loan guarantee to Opel, a German GM subsidiary. She voiced the concerns during a meeting with Italian Premier Silvio Berlusconi on Tuesday in the city of Trieste. Berlusconi reports that he is unwilling to offer assistance to Italian industry under current conditions.--Colin Mathews
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Make sure you check out our partner sites dedicated to focused news, reviews and more for Ford, Chevrolet, Toyota, Honda, and the Toyota Prius.
Responses (1 total)
By Reece | Posted: Nov 20th 2008, 10:34:37 PM
What cheek from a company that for most of its life has depended on hand outs from the Italian Government and forced government purchases of their cars. Also didn't GM provide them with billions of $ to get out of a bad deal. Fiat is the last company in the world that should be opposing a government bail out.
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