Companies must take care of doing their job and if they need money they can always turn to the market with simple bonds
Over the years the FIAT has received all possible and imaginable funding. Why? Very simple. Until the 2000s it could count on having 223,953 employees worldwide divided into 75 factories and 70 research centers with a turnover of approximately 46.7 billion euros and a respectable supply chain, ergo it could ask for whatever it wanted. When FIAT was unable to have sufficient sales on the market systematically resorted to redundancy pay. I am a good witness of this. Near my house there are those who were able to enjoy it until retirement age by returning to the Po Delta (i.e. where they had their roots) and for years without working anymore they enjoyed this “incentive”.
Do you know how much it has cost us in loans over 37 years? 220 billion euros (translated into the old Italian lire at the exchange rate of ₤ 1936.27 – 425,979,400,000). Just try to think about the redundancy fund that has cost us thousands of billions, I tried to look for the data without success, but anyone who wants it can ask the INPS. However, it is now clear why 5,300,000 people receive a pension, provided by INPS, of less than 1,000 per month, while in Italy there are still, according to Caritas, 2,187 – 2.9 families oscillating between absolute and relative poverty . Now to return to FIAT in June 2020 a 6.3 billion credit line was opened, obviously guaranteed by the State, which repaid, in advance, in January 2022. Of course, we must not forget that FIAT (then FCA) moved its headquarters to Amsterdam (Netherlands) in 2014 where taxation is more favourable.
Today it continues show up “with hat in hand” to get other incentives and here comes the question immediately? Will we have a house in exchange? Today FIAT no longer exists except with the brand, everything has been incorporated into the Stellantis company (ISIN NL00150001Q9) as Wikipedia.it informs us, born from the merger between the FIAT ChryslerAutomobilies and PSA groups, the company has its registered office in Amsterdam and controls fourteen brands automotive: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DsAutomobilies, FIAT, Jeep, Lancia, Maserati, Opel, Peugeot, Rum Trucks and Vauxall. Now it seems the Government intends to bring capital into the Holding team, as the French did, but we ask ourselves the question immediately: what sense does it make to sell shares in ENI, Ferrovie dello Stato, Poste, Leonardo, Terna and Snam and then decide to invest in Stellantis? Isn't that a contradiction? Italy has control of the above companies, but will certainly never have control of the latter. Now, it will be good to put things in order a little. Companies must take care of doing their job and if they need money they can always turn to the market with simple bonds or with convertibles or with capital increases.
I close with a thought, why do these companies have to run under the cover of the relevant State every time instead of asking where they pay their taxes? The Netherlands is part of Europe and nowhere is it written that they cannot ask them for what they need. I close with what I have read regarding privilege. “The problem with privileges is that they are too often confused with rights”. (Comeprincipe, Twitter).
#incentives #Fiat #cost #billion #Stellantis #asks #Netherlands
