Whose interest was President Obama serving when on March 30 he ordered Chrysler to either conclude a merger with Italian automaker Fiat within 30 days or lose federal bailout funds? That untimely announcement placed Chrysler in the untenable position of accepting whatever Fiat offered, literally cutting the legs out from under the struggling American carmaker’s negotiating platform. Some financial analysts had already determined that what Fiat was offering was a very bad deal for Chrysler. “The steal of the century,” Forbes columnist Jerry Flint wrote of the deal back in January, “Fiat gets Chrysler for next to no money, and American taxpayers must throw in $7 billion to make it happen.” By most accounts, Chrysler was in real trouble, but by announcing to the world that Chrysler had no other alternatives Obama effectively told Fiat that Chrysler would accept whatever they offered, eliminating Chrysler’s ability to cut a better deal.
Why would President Obama undercut a US company, involved in a heated negotiation, in favor of a foreign company’s interest? Clear answers are not available, but there is one very curious shareholder in Fiat that raises some interesting questions. The African nation of Libya owns at least a 2 to 3 percent stake in Fiat and thus makes Muammar Qaddafi, who controls the wealth of Libya, a direct beneficiary of the deal favoring Fiat.
Does Obama owe Qaddafi? That is a tough question to answer, but Obama’s record-shattering 700 million dollar presidential fundraising operation and a revealing speech made by Qaddafi nearly a year ago seems to undress Obama’s inexplicable sabotage of Chrysler’s negotiating position with Fiat. Before anyone was suspicious of the sources of Obama’s campaign funds, Qaddafi made a speech that was carried by al Jazeera on June 11, 2008 and translated by The Middle East Media Research Institute (MEMRI).
"All the people in the Arab and Islamic world and in Africa applauded this man. They welcomed him and prayed for him and for his success, and they may have even been involved in legitimate contribution campaigns to enable him to win the American presidency."
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