3 facts are evident today after the closing of the Cerberus takeover of Chrysler:
- Chrysler becomes one of the few privately owned car companies in the world, arguably the only major one.
- The U.S. debt market is clearly in bad shape with Chrysler doubling their participation in the financing to $2 billion.
- Jürgen Schremp goes down as the most disgraced CEO in the history of storied automaker, the company who’s founder invented the internal combustion automobile no less.
Lastly, Daimler should now do the right thing and restore the name "DaimlerBenz" instead of simply truncating "DaimlerChrysler" to "Daimler".
But only in China.
The price cut is the company’s latest effort to tackle the rampant software piracy in China, according to The Wall Street Journal. The theory is that if legitimate software costs less, people will be less likely to turn to pirated versions.
Or it could be an effort to thwart the rise of Linux in China.
China would like to force Chinese to pay full price for Microsoft products, thus forcing more people to use Linux.
Tags: Microsoft, Vista, China, Linux
The NYTimes notices the developing crisis in Zimbabwe, observing that the economy ground to a halt a long time ago and has been receding ever since meaning people don’t have jobs, money, food, or gasoline.
What I could not help but notice is that the Grey Lady admits that managed economies are bad.
"Robert G. Mugabe has ruled over this battered nation, his every wish endorsed by Parliament and enforced by the police and soldiers, for more than 27 years. It appears, however, that not even an unchallenged autocrat can repeal the laws of supply and demand."
Now I’m left to wonder if the editors at the Times will pull this up the next time they cover a proposal for windfall profits taxes or pharamceutical price controls?
"Moreover, the manufacturer said, suppliers of fabric have also been ordered to cut their prices, even as inflation and problems like power failures have raised their costs. Once their existing stock of fabric is exhausted, he said, there is little incentive for them to make more."