The Merchant of Turin

7 February 2011 By Pierre Briancon

Sergio Marchionne threatened to move the carmaker’s operations to the U.S. and complained of shyster loans from Washington. Though he has apologised, he must take greater care not to anger the U.S. and Italian governments or undermine his recent victory over Italy’s unions.

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Sergio Marchionne, the chief executive of Italian carmaker Fiat and of Chrysler, its U.S. competitor, apologised on Feb. 5 for remarks he had made the previous day at an industry event in San Francisco saying Chrysler had received "shyster loans" from the U.S. government in 2009.

"I used a term in reference to the interest rate being charged on our government loans that has raised concern. I regret the remark which I consider inappropriate," he said in a statement.

At the same event, Marchionne also raised the possibility that Chrysler and Fiat might merge their operations in two or three years' time, with the joint company's headquarters moving to the United States.

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"I used a term in reference to the interest rate being charged on our government loans that has raised concern. I regret the remark which I consider inappropriate," he said in a statement.

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