Fiat is an Italian company, so they should be used to
being an agency of the state, we suppose;
Fiat Chrysler must offer to buy back from customers more than 500,000
Ram pickup trucks and other vehicles in the biggest such action in U.S.
history as part of a costly deal with safety regulators to settle legal
problems in about two dozen recalls.
A deal whose financial burden will ultimately be borne by consumers in the form of higher prices for 'perfect' automobiles (as defined by some noble bureaucrats).
The Ram pickups, which are the company's top-selling vehicle, have
defective steering parts that can cause drivers to lose control. Some
previous repairs have been unsuccessful, so Fiat Chrysler agreed to the
buyback, according to the National Highway Traffic Safety
Administration. Owners also have the option of getting them repaired,
the agency said in documents released Sunday.
They also have the option of buying of those spiffy new Ford trucks too. Which is the way capitalists are punished in free societies. It's a brave new world.
This serves the Fiat foreigners right for buying out Chrysler during the government-run non-bankruptcy.
ReplyDeleteForeigners have to learn not to buy American assets just because the US government asks them to. Only American companies should buy bankrupt American assets.
The odd part. 500K cars at (wild estimate) $20K/car is $10 billion. Fiat should have been able to buy off the entire US Congress for a measly $109 million. That is 535 in congress at $200K each plus $2 million for the President. Fiat is being wasteful.