Magna fails to buy Chrysler

So the big news today, at least in the metal stamping area, is Magna’s failure to buy Chrysler. Instead, Cerberus has bought Chrysler.

Well, so much to say.

I was really hoping that Magna would succeed. For several reasons.

I hear Frank Stronach is a good guy, who doesn’t hesitate to get out on the factory floor when it’s needed.

I think it would be nice if one of the three Detroit car companies was run, or at least a controlling share went to, someone who knows something about metal stamping.

And Magna’s a Canadian company, so there was some hope that some stamping jobs would stay in Canada.

Now, if possible, an investment company that knows, if anything, even less about metal stamping than Chrysler itself did, is going to be at the helm. It’s hard to see how this could be good for metal stampers supplying the industry.

And Cerberus. What a choice! The symbolism is stunning. In Greek mythology, Cerberus is the three headed hound with a snake for a tail that guards the gates of Hades. He ensured that only the spirits of the dead could enter but none could leave.

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