Monthly Archives: December 2008

Weasel Words From A Three Headed Dog

Following President Bush’s announcement regarding an auto industry rescue plan, this morning, Cerberus Capital Management (the owner of Chrysler) issued a press release which says, in part:

In connection with the loan to be provided by Treasury, Cerberus has agreed to utilize the first $2 billion of proceeds from Chrysler Financial to backstop the loan allocated to Chrysler automotive. In addition to this, Cerberus believes that concessions by all relevant constituencies will be required to facilitate a full restructuring and recapitalization of Chrysler. In order to achieve that goal Cerberus has advised the Treasury that it would contribute its equity in Chrysler automotive to labor and creditors as currency to facilitate the accommodations necessary to affect the restructuring. Unless Chrysler’s labor costs can achieve parity with the foreign transplants, and without the restructuring of Chrysler’s debt, Chrysler cannot be restored to long-term health and the government loan will be unlikely to be fully repaid.

In other words, Cerberus will essentially sell the automaker (“contribute its equity”) to the unions and it’s creditors. This is really no surprise, and echoes the frustrations expressed by several lawmakers in the past two weeks. The firm had taken Chrysler private with the intent of splitting off the profitable Chrysler Financial and then dumping the Chrysler Automotive. The recent economic upheaval has soured those plans, until now. With the intervention of the government, Cerberus now feels it is in a position to simply walk away from Chrysler Automotive by essentially dumping it on the unions and creditors.

Cerberus, which for those of you not familiar with mythology, is the name in Greek and Roman myths of a three headed dog which guards the gates of Hades, to prevent those have crossed the River Styx from escaping back to the land of the living, seems to be living up to that name. They have led their unions and creditors across a financial River Styx, and is now taking steps to ensue that they will never return to the land of the living.

Only we risk being dragged along…

Urban Holler – Part 1

Three rivers run through the city where I live, carving valleys as rivers do. I live on an isthmus, a slice of land between one river and a great lake. On the east lies the lake, to the west and south winds the river. Along the eastern bank of the river, as it carves the broader and grander channel which made it the backbone of a major city, a series of small crooked streets rise up to the east and south, laying out an ad hoc street grid on that land which forms the armpits of these bends. Hills, too, rise and fall in this small slice of the city, and it all combines to forge a small neighborhood with a unique character, into which other residents seldom stray. That is where this story is set.

I walked along the street one day, a bag of groceries in my hand. The little Italian grocer is on one side of Wolski’s Holler, and my apartment on the other. There really isn’t a street that cuts the holler straight through, but with a little smarts you can figure a way. That is when I saw Pat, weaving a little bit, on the other side of the street. Pat looked as though he had decided to play hooky after lunch, and been drinking since then. He had a grin on his face which reflected his reverie at some private joke, and his gaze strayed from the gutter on his right to the rose beds on his left, but seldom straight ahead.

“Aye, Patrick. Top of the day.” I bellowed across the street. Pat raised one hand in a loose wave, and craned his head in my general direction. “Aye, who… Aye, Nic. How the hell areya,” came his slurred reply. “Coming from Wolski’s then?” I inquired. “Nah, the little place, ya know. There’s gonna be a biggie, a biggie at the little place.” he said. “A biggie at the little place, how ironic is~at!” he exclaimed, proud at his own phrasing. He waved that lazy arc of a wave once more, and veered up the pathway that led to his flat.

Before I could shout farewells at him, though, I heard the ruckus and saw the men spilling out of the little place, down the road a bit, and into the gravel strewn yard. They were armed, some of them, with large squirt guns, popular at the time, while others carried over-sized plastic baseball bats. One man wore an animal pelt over his shoulders and a pair of horns on his head, and shouted something foreign to my ears. Suddenly, from the eaves of a neighboring house came a volley of ping-pong balls, spraying this horned man and his front line of defenders. A great cry went up from the fighters, and more men spilled into the yard from the hidden paths which criss-cross the holler.

A melee ensued.

It was both grandiose and trifling. These grown men assaulting each other with a combination of children’s toys and home-made weapons of comical nature. It was like watching the Smurfs battle the Seven Dwarfs. I stayed to the periphery, but edged closer until I was just ten feet or so from the nearest combatants. That is when I heard the order.

“You there, get me some intel, stat,” was the bark coming over my left shoulder. I turned to find myself face to face with a horned man, but not the one I had observed earlier. I recognized his face, but did not know his name (a common occurrence in these parts). “But I’m not,” I began to protest, but was abruptly cut off. “Look here, we need to know if they have her. I need you to cut around over there,” he pointed towards a large stand of deep red peony to the far side of the yard, “and then around to the storm cellar. If she’s there, you’ll know. Then come back here and report. Got it?”

“Yes, but…”

“Good, now get a move on!”

He pushed me forward and the next thing I knew I was in a mad dash across the open expanse of a driveway with my sack of Italian sausage and provolone swinging wildly. I made the cover of the peony outcropping without even a glancing blow from a ping-pong ball, and then edged my way around to the side of the house and towards the cellar door. I wasn’t quite clear in my mind just why I was following his orders. I am not a follower by nature. Okay, I admit it; it was the girl. I had visions of some Polish Helen awaiting me, a damsel in distress, whom I could free from the clutches of the evil horned man. I got caught up in the fantastical story arc of someone else’s play world.

I rounded the corner of the next-door duplex and edged up to the cellar doors. From there I could see her.

I admit that I should have simply returned and reported what I saw, but I was just appalled at the inhumanity of it. There she was, immobile, her face clear and cheeks rosy, but her neck was wedged into the crack between the cellar doors, her body below. No one should ever treat a Barbie this way. That was my undoing. In that moment of hesitation I was spotted and in short order subdued, a hood over my head.

There was much jostling and shouted orders, much of it muffled. What I could make out didn’t sound good. I was to appear, I heard that much, as I was dragged along. Down the cellar stairs, if I had to guess, and plopped into a chair. My wrists and ankles duct-taped to the chair, finally the hood removed.

I was face to face with a Bondar brother, and I was confused.

In our next episode, our hero is tempted to switch sides…but, who’s side is he on? And what of OB and Schwartz, what role will they play?

Tune in next time for the further adventures of the Urban Holler

Sobering Shopping

I just was shopping at Target, late night, getting those last minute gifts for the out-of-town crowd. There was a mostly happy and deliberate group of shoppers, carefully going over shopping lists in the toy isle, looking confused in the small electronics isle.

Speaking for myself, after a few false starts I did pretty well. A few kids and a couple adults will most likely be pleased when they dig into their stockings, or look under the tree, or whatever. It was in that somewhat buoyant spirit of the successful warrior, then, that I approached the checkout lanes. I sidled past the woman with the overflowing cart and moved towards the next register, there was only one person in line and she had only a few things.

As I reached over to grab the little red plastic bar to separate my stuff from hers, I saw that this young woman, who didn’t look more than 19 years old, had only three items: two sizes of Pampers and a pregnancy test multi-pack. A shiver ran through me; I suddenly felt very frivolous and a little smaller.

I watched her go as I asked for gift receipts for the niece’s MP3 players. That young woman had paid her bill in singles and change. She asked for no gift receipts.

I assume she was hoping for some sort of Christmas miracle, I wonder which?

For A Moment

He looked at her face and for just a moment he saw it age — he saw the years fly by in seconds, her jowls settle, her dimples droop — he saw, in that moment, the face he might see decades hence.