bob nardelli

We haven't heard much from Bob Nardelli since he and his Cerberus buddies rode off into the sunset last year in the wake of the Chrysler bankruptcy. Having proved pretty conclusively that he and his team were incapable of running a large automotive enterprise, Nardelli has apparently managed to climb back on the horse to try again at a slightly smaller enterprise, albeit in a different industry.

There are some things about which you never want to misspeak. Your wife's birthday, your child's age and we can now add plant closings to that list. On the day Chrysler LLC filed for Chapter 11 bankruptcy, CEO Robert Nardelli was on the phone with Wisconsin Gov. Jim Doyle and the state's congressional delegates. During the call, Nardelli was asked if the state's plant in Kenosha that employs 800 people would remain open. The outgoing Chrysler CEO (as soon as this whole bankruptcy thing gets cleared up) replied in the affirmative, which unfortunately is not the case. Kenosha is one of eight plants that Chrysler will close in the U.S. as outlined in its restructuring plan.

Not long after the President concluded his televised press conference today, Chrysler released a statement saying that it and Fiat have already reached an "agreement on a framework of a global alliance".

To go along with the email that was sent to Chrysler employees, CEO Bob Nardelli is now starring in his very own video where he continues to extol the virtues of a partnership with Fiat. After stating that Chrysler is clearly a viable company on a standalone basis, Nardelli goes on to say that the Detroit-based automaker's future would be "significantly enhanced" with a Fiat alliance. How so?

In an email to employees, Chrysler Corp. CEO Bob Nardelli has valued his company's potential partnership with Fiat at around $10 billion. That number is comprised of things like the cost of developing new vehicles that Chrysler would incur on its own, but should pocket in a tie-up with Fiat, which would provide the Auburn Hills-based automaker with ready made small cars to sell. Selling Chrysler-badged Fiats in the U.S. would not only save Chrysler money, it would also save years of development time and countless sales lost from not having a suitable small car to sell.

The president decreed that CEOs running banks that received TARP funds couldn't be paid more than $500,000 each year. Chrysler isn't a bank, yet it has received TARP funds, and its CEO, Bob Nardelli, is well under the $500,000. Or at least, he might be. During recent Congressional hearings Nardelli was asked if he'd take a pay cut to $1 a year, and he said he would; the only thing is, he was already making $1 a year.

Chrysler chieftan Bob Nardelli sent a letter to "all employees, dealers, suppliers and other stakeholders" to explain what's happening at the smallest of the Detroit trio. Everything done now falls under one of three umbrellas: enhancing the core, which is improving products, quality, and dealer and customer relations; extending the business with new products or by growing existing products into new areas; and expanding the market with global alliances to fill gaps in the product portfolio.

On Monday, December 29, Chrysler and General Motors were supposed to get the first installments of its allotted funds from the $17.4 billion dollar bridge loans. On Wednesday, GM got it's $4 billion. Chrysler, on the other hand, is still "finalizing the details of our financial assistance." The U.S. Treasury - the body disbursing the funds - didn't have much to say beyond that, either, merely reiterating that it wants to get the deal done within a timeline that satisfies Chrylser's funding needs.

Having watched each of the Detroit 3 CEOs take tough questions from the Senate Banking Committee for six hours yesterday, we've returned to the couch today to watch General Motors CEO Rick Wagoner, Ford CEO Alan Mulally, Chrysler CEO Bob Nardelli and Ron Gettelfinger, President of the United Auto Workers union, visit House members of the Financial Services Committee led by Rep. Barney Frank (D-Massachusetts).