UPDATE: Today on the Rush Limbaugh Show, Mark Steyn weighed-in on the absurdity of Chrysler’s ad last night:
Washington Examiner: Chrysler releases $9m Super Bowl ad while requesting more taxpayer dollars
You may have noticed that Chrysler released the longest ad in Super Bowl history on Sunday night, featuring the new Chrysler 200 driven by Detroit native rap star Eminem, an ad that CEO Sergio Marchionne says cost less than $9 million. But given that the company’s CEO also announced this past week that is seeking a “better deal” on government loans, it is likely that this ad had more to do with getting political support than selling cars. Besides, is spending millions on a Super Bowl ad appropriate for a company that received a taxpayer bailout to recover from a bankruptcy?
Maybe the ad wasn’t an appeal to car buyers, but rather politicians. According to the Detroit News, Chrysler is seeking a better deal on its bailout:
“I am paying shyster rates,” Marchionne said, noting that Chrysler had no choice in 2009 but to pay the high interest rates the government set as part of its $15 billion Chrysler bailout. “We had no choice… I am going to pay the shyster loans.”
He called the loans “a thorn in my side.”
Chrysler’s also in talks with banks to refinance its debt and plans to have an “agreement in principle” by end of March, he said.
Marchionne spoke at an auto industry conference sponsored by JD Power at a hotel here ahead of the National Automobile Dealers Association three-day convention. He said he is hopeful that the company can win an agreement in principle for $3 billion in low-cost Energy Department retooling loan — a move that is necessary for Chrysler to win private
financing, Marchionne said.
That’s right: Chrysler took $15 billion from taxpayers, to which it wasn’t entitled, and at an industry convention its CEO calls taxpayers a word that is defined as “someone who acts in a disreputable, unethical, or unscrupulous way, especially in the practice of law, politics and used car sales.” Message received: “Taxpayers’ money saved a car company from bankruptcy and all they got was this lousy Super Bowl commercial.”
And what a commercial. Chrysler turns to America to say that because Detroit has been “through hell and back” it has endured the “hottest fires which makes the hardest steel,” and that the reason people don’t know that is because newspaper reporters “don’t know what [people in Detroit] are capable of.”
A few things about that.
One: Chrysler didn’t go through the hottest fires. Unless, of course, “hottest fires” means “skipping bankruptcy” and asking for a handout to protect union pensions, which it got. And when Fiat was able to take control of Chrysler, it was because of a heavily politicized deal facilitated by the president’s auto task force. It even got $6.6 billion in exit financing by Uncle Sam. Most failing businesses have trouble finding buyers. Not Chrysler.