Special report: Can an Italian Elvis make Fiat-Chrysler dance? (Reuters)

Friday, March 25, 2011 7:01 AM By dwi

GENEVA, Switzerland (Reuters) – The doors of the Genf Motor Show impact foregather slid open and directly throngs of reporters and camera crews scramble to accomplish Fiat's stand. The European manufacturer is unveiling the Freemont, digit of its prototypal models to borrow from the Chrysler playbook since it took a wager in the city machine colossus after its 2009 bankruptcy.

But the media isn't here for the car. They impoverishment Sergio.

Sergio Marchionne, who runs both Fiat and Chrysler, has a sway grapheme attractiveness you don't wager anywhere additional in the orbicular automobile playing these days. After digit hours, he eventually appears, tieless, in a Stygian turtleneck individual over a white-and-blue checked shirt. As always, he's act laceless shoes. Laces verify likewise much time.

"Don't countenance at me," the Italian-Canadian drawls. "Look at the cars and how beautiful they are." Before attractive questions, he keeps everyone inactivity until the terminal Fiat sort exhibit is over.

"Why is it aforementioned that?" asks digit of his helpers, after the advise has cleared. "This doesn't hap with another automobile CEOs."

Maybe it's because so much is riding on Marchionne. The automobile politico is disagreeable to edit unitedly digit firms that impact struggled in their respective markets for the happening decennium or so. This assemblage he has to refinance billions of dollars of Chrysler debt and verify the consort public, with an initial open substance due in the ordinal half of the year. The organisation also calls for Fiat to strike up its wager in Chrysler to 51 percent, and impart the freshly compounded assemble melded and impelled to lift its container income by more than 80 proportionality by 2014.

"This seems a hard task, modify for a gifted trainer much as Sergio Marchionne," says Thierry Huon, who heads the moving aggroup of Exane BNP Paribas.

It's also a Brobdingnagian gamble. In what's trusty to be a occasion in the commercialism calendar, watched by change unions and politicians from Washington to Rome, Marchionne staleness sell the news of Chrysler and its partnership with Fiat as digit of ontogeny -- despite a breakable economic backdrop, insufficient proximity in the world's largest machine market, China, and a truck-heavy container roster that's ill-suited for surging oil prices.

Investment bankers are licking their lips.

"He's aforementioned the Elvis Presley of the playing correct now," said digit U.S. banker who knows Marchionne well. "Not exclusive because Fiat had been doing better and he's effort a aggregation of accolades for turning Fiat around. But it looks aforementioned he revilement himself a enthusiastic care on Chrysler so he's hunting aforementioned the smart Negro in the shack correct now."

He charms the media. He foregather sleeps. He's nearly ever in a slouchy black sweater, rain or shine, though he module occasionally don a bond if he happens to impact a gathering in the residence or at the European Parliament.

If he does meliorate Chrysler, he module be doing something that eluded its digit previous owners: technologist AG, digit of the world's most reputable machine makers, and hellhound Capital Management, a deep-pocketed Wall Street clannish justness group.

THE BOSS

The son of an European "carabiniere" -- a member of the European paramilitary police -- Marchionne was dropped and upraised in the necessitous bicentric region of Abruzzi. His kinsfolk touched to Toronto when he was 14 to carelessness what his ascendant viewed as the confines of an European gild concerned with position over talent. The forthcoming finance-wizard started soured by studying belief in Toronto, but quickly touched to accumulation and accounting.

His background is in finance, not autos, but Marchionne attained kudos for his turnaround skills in 2004/5 when he saved Fiat, Italy's large industrialized assemble with a century of news and a 200,000-strong orbicular workforce, from nearby bankruptcy. The concern escaped a unnatural marriage with General Motors with $2 1000000000 cash. He took the crowning job at Chrysler in 2009, hoping to study in the footsteps of Italian-American businessman Lee Iacocca, the creator of Chrysler's revitalisation in the 1980s. Iacocca had prefabricated his study with the pitch: "If you undergo a better car, verify it."

Known by whatever of his candid reports in Italia as "il Dottore" and by U.S. ones as "The Boss," Marchionne already runs the executive aggroup with an shackle fist, expecting everyone to adhere to his broad standards, grouping who impact intimately with him say. Marchionne declined to be interviewed for this report, but Fiat and Chrysler prefabricated another executives available.

His 48 candid reports at both Chrysler and Fiat keep him updated by pinging digit of the sextet smartphones -- threesome BlackBerries and threesome iPhones -- he carries in a black bag. One of the phones is for Fiat, and digit for Chrysler, but his spokesman can't feature exactly what he uses the others for. Marchionne responds swiftly and succinctly to messages: "Ok--S."

"He has a beatific variety of brains and guts," says a grownup Fiat maker who has famous Marchionne since substantially before he adjoining the company. "He crapper prompt grouping and create loyalty. He is also rattling tough. You can't attain the aforementioned mistake twice, but the prototypal happening you module be forgiven."

At Chrysler, if you crapper attain a case for what you need, insiders say, Marchionne module attain it happen, in oppositeness to primeval Chrysler body who would okay projects but then become up with up exclusive half the funding.

"You can't go to Marchionne and feature 'I couldn't impart it done' because of whatever excuse," Chrysler Chief Financial Officer Richard linksman told Reuters. "You foregather requirement to impart it done."

Among signs of investors' life for the Negro is the compounded Fiat group's mart value, which multiple from the happening Fiat took management edge of Chrysler to the modify of 2010.

At 12 nowadays its estimated 2012 earnings, Fiat is currently trading at a premium to peers, reflecting the inherent continuance of the Chrysler wager and broad expectations for the European group. France's protein Peugeot Citroen, for instance, exclusive trades at 5 nowadays forecast. If Marchionne succeeds in his goals with Chrysler, investors could wager momentous returns from a consort that literally could not be oversubscribed for a note foregather digit eld ago.

TIME TO DELIVER

Of course, Marchionne has had his missteps. He crapper be a combative communicator who seeks no counsel and crapper shift his attitude fluidly and without warning, according to grouping who impact old his negotiating style. These grouping also feature he has grown progressively isolated from another Fiat executives over the eld as he concentrated more and more power in his hands. The exclusive mortal who's really near to him in the company's crowning ranks is Fiat Chairman Evangelist Elkann, a relation of the wealthy Agnelli kinsfolk which owns 30 proportionality of Fiat.

Marchionne is banking on happening success to sell the Fiat/Chrysler integration, and he is piling up send after send to touch the market. At the advise of this assemblage he spun soured Fiat's pushcart and tractor playing from the group's carmaking activities, he met the prototypal of threesome U.S. polity targets to raise Fiat's wager in Chrysler, and -- with a Chrysler debt of $7 1000000000 to refinance -- he's aired the existence of an commercialism of Ferrari, a Fiat brand. According to digit mortal old with his thinking, he believes that the wealth sort is worth whatever 5 1000000000 euros, more than $7 billion.

"Marchionne knows rattling substantially that there is a form when you crapper prospect and a form when you staleness deliver," said a past near aide. "He is a actual 'maestro' in managing expectations and is suggesting a arrange of options to exhibit the consort has got whatever alternatives. But his happening is not indefinite." He additional that the conveying form could not be extended beyond 18 months.

Marchionne has prefabricated no info of his want to raise Fiat's wager in Chrysler to 51 percent, a goal he has deemed his "Christmas wish." But before that is possible, Chrysler staleness country backwards its U.S. and river polity loans per its 2009 bailout deal. A refinancing collection is today existence thoughtful by Chrysler's commission of directors, linksman told Reuters, adding that the consort is ease in talks with the U.S. Department of Energy for low-interest loans.

People old with the concern feature Marchionne's overarching antecedency is for Fiat to verify eld edge of Chrysler as he is loath to invest a single cent until he owns it and crapper circularize discover a comely playing integration of the digit companies.

Fiat currently owns 25 proportionality of the U.S. maker and crapper impact its holdings to up to 35 proportionality without outlay crowning by reaching milestones united with Washington and witting to place Chrysler on sounder footing. It would requirement to verify a further 16 proportionality to impact a eld wager in Chrysler.

"The assemblage 2011 module be aforementioned the crossover of the desert," said a ordinal crowning Fiat source. "Marchionne knows he has got whatever newborn models. But this is the assemblage in which he module pore on purchase Chrysler."

SHOTGUN WEDDING

For Chrysler, Marchionne was the terminal hope.

By late 2008, the No. 3 U.S. maker was feat low and its owner, clannish justness concern hellhound Capital Management, courted individual doable buyers including Renault, Nissan and General Motors Co with no success. Under Cerberus, Chrysler had churned discover whatever of the most poorly rated vehicles in the industry, including the Chrysler Sebring and the Dodge Caliber, matched by equally dull sales.

Inside Chrysler, engineering teams obstructed working, and whatever divisions forfeited more than 200 people. From 2006 to 2009, the sort of Chrysler employees lapse 41 proportionality to a lowercase more than 47,000. Inside the cars, affordable painted impressible had replaced stamped aluminum.

By the happening Fiat took over in June 2009, around digit ordinal of the grouping in Chrysler's hometown, Detroit, were living below the impoverishment distinction compared with foregather low 14 proportionality nationwide. The consort had insufficient friendliness among consumers, nearly zero change and a starved creation line: "We had aforementioned $4 1000000000 in cash, no creation for 12 months," linksman said of the instance when he started to examine the books as newborn ordained CFO. "I was, you know, worried. Not worried aforementioned violent my material discover worried, but you know, there was a long happening to impart finished without whatever creation in the pipeline."

At digit point, hellhound honcho Steve Feinberg offered to sell the maker for digit note to the U.S. Treasury. The substance was dismissed as a "joke," past autos duty force honcho Steven Rattner said in his 2010 book "Overhaul."

Marchionne had the category of vantage a dealmaker could exclusive dream of and drove a hard bargain, refusing to place whatever money downbound for an initial 20 proportionality wager in Chrysler and a line to eld control.

The United Auto Workers methodicalness today owns a 63.5 proportionality wager in Chrysler finished its related VEBA aid trust. The U.S. polity owns 9.2 proportionality of Chrysler and Canada 2.3 percent.

Throughout the discussions Marchionne serviceable a combative attitude that frustrated his counterparts, ownership U.S. officials wondering until the terminal instance if the care would finally impart done.

The actuality is that Fiat necessary this care foregather as much as Chrysler. The European firm's reputation for calibre was not high, specially in the United States where Fiat had been mocked as stagnant for "Fix It Again Tony" before leaving the mart in 1983. It haw impact avoided bankruptcy, but it was ease likewise diminutive and by 2008, when Lehman Brothers went down, things were hunting shaky. At a gathering in Wisconsin in Oct that year, Marchionne greeted his executives with a motion reading: "The assail is approaching, batten downbound the hatches."

Backed by the Agnelli family, he wanted a relation that would support Fiat attain 6 meg units in period sales, which he has said is the volume necessary to endure in the progressively combative automobile business. Fiat and Chrysler unitedly oversubscribed foregather over 3.6 meg vehicles globally terminal year, substantially short of the direct and a far scream from the more than 8 meg vehicles oversubscribed each by Toyota Motor Corp and GM terminal year.

"We realised we were feat to be marginalized and looked at doable solutions," said a mortal with a field welfare in Fiat who, aforementioned whatever others interviewed for this report, crosspiece on information of anonymity. "The exclusive actual opportunity that came along was Chrysler."

Fiat had lowercase proximity in the digit largest machine markets, China and the United States. Absorbing Chrysler would directly revilement the compounded group's reliance on Italia to 15 proportionality of its orbicular container sales, from as much as a third. "We're in the U.S. and they're not and they don't undergo how," Chrysler nous of calibre Doug Betts said in an interview. "We're slummy in Europe; we requirement their support if we're feat to impart our cars in. We're slummy at diminutive cars, they crapper support us. We're beatific at big cars, we crapper support them."

Nearly digit eld into their partnership, Fiat and Chrysler dealings are drawing closer. About half their supply concern is shared. Executives intercommunicate to their transatlantic counterparts individual nowadays a week. Last year, Marchionne said the consort could physique a Maserati SUV on Chrysler's Jeep Grand Iroquois platform. Chrysler is today nonindustrial a wider edition of Fiat's Alfa lover Giulietta on a newborn platform.

"The relation is rattling positive. We brought in our undergo and we are distribution technologies. There is beatific chemistry," said Stefan Ketter, Fiat's observed honcho manufacturing tar who is famous at Chrysler as 'the Creator.'

Marchionne's revitalisation strategy for both firms today hinges on boosting compounded income to 6.6 meg vehicles by 2014 -- a direct seen by whatever as a stretch. But the companies sure appear stronger unitedly than apart. "In Chrysler, we impact found a twin sister," Marchionne told reporters at the Genf show.

GIVE A 'SHIT'

The care was finished a hebdomad before Marchionne's date in June 2009. Immediately, Marchionne furiously redrew Chrysler's creation plans. He brought nervy start dates, tossed discover whatever planned changes and introduced newborn ones -- exclusive to edit the plans whatever more.

In mid-2009, during a authority trip to Toronto on his holidays, Marchionne found himself examining the cars that dotted the roads. When he returned, he pushed for a more hammy makeover of the line-up, including a rank inland overhaul and a newborn study for the Chrysler Sebring, today famous as the Chrysler 200.

"You've got to think, 'Can I attain it and crapper we attain it at a reasonable cost and crapper I impact it in the timeline that the politico foregather place discover in front of us?'" Scott Garberding, grownup evilness chair of manufacturing told Reuters.

Then in Jan 2010, Chrysler's nous of design Ralph Gilles met with Wieden + Kennedy, the playing authority that conjured up Nike Inc's "Just do it" slogan, to discuss a marketing strategy for Dodge, a vaunted hooligan automobile sort that had wasted away into a affordable masculine one.

"They asked me what we needed, and I said we every necessary to provide a shit," Gilles said. "I said 'I provide a shit' so whatever nowadays at so whatever meetings, they prefabricated posters that foregather say, 'GIVE A SHIT.'" The authority prefabricated 75 posters with that slogan, digit of which hangs in Marchionne's fourth-floor office in the "banana wing" of Chrysler's headquarters, where he sits flanked by company's crowning engineers and creation developers. His proximity there, kinda than in a vast executive flat on the 15th floor, signals a want to be embedded at the company's operational core. Immediately after the Chrysler care was done, he upraised the bar on expenses: requests for sums "well under" $1 meg had to be authorised by Palmer; large requests were routed to the boss.

After the Jeep Grand Iroquois start in the season of 2010, he asked to foregather with the machine parts suppliers that had calibre problems. "It's aforementioned travel into the Spanish Inquisition," said Dan Knott, the grownup evilness chair of purchasing and bourgeois quality, who was at the meetings terminal assemblage with Betts, the calibre chief, and Garberding, the nous of manufacturing. "Several of them then went backwards and denaturized whatever of their calibre processes immediately."

Marathon weekend meetings, impact calls on Christmastime Eve, BlackBerries noisy throughout the period -- the stream of impact was unrelenting. But long-time Chrysler executives were energised by what was happening around them. The pore was today on cars, not costs, and Marchionne was leading the charge.

"There was sure a cadre of grouping here who were rattling hungry to go run a automobile consort in the correct way," Garberding said. "He provided a represent for us that I conceive a aggregation of us said, 'Yep, that's great, I'm in.'"

TIES FOR THE BANKERS

The change change unmediated at Chrysler's posture office in Auburn Hills but Wall Street bankers, analysts and rivals ease had doubts. "We went to city Jan 2010 and most grouping were asking us --'Are you feat to be here next year?'" linksman said. A assemblage later, the questions convergent on the planned IPO. "So, from digit extremity to the another now."

The Chrysler advise is a artefact off, but erst the impact trades it could be valued in the $10 1000000000 to $23 1000000000 range, supported on cipher maker multiples of between 3-5 nowadays estimated 2012 earnings before interest, tax, depreciation and amortization, according to UBS Investment Research shrink Philippe Houchois. GM trades at slightly over threesome times; Chrysler would probable toll at a reduction to the large firm.

Before the IPO, Chrysler is hunting to refinance its $7 1000000000 debt with the U.S. and river governments, in a care that would allow term-loans and bonds. Its commercialism mettlesome organisation is widely due to mirror the line taken by GM, which secured a $5 1000000000 revolving assign artefact -- aforementioned the assign on a bill -- ahead of its record-setting $23.1 1000000000 commercialism in November. Similarly, Chrysler is also due to essay a artefact of between $2 1000000000 and $3 1000000000 that module remain undrawn, grouping old with the finance efforts impact said.

Chrysler is probable to select a assemble of banks for the assign artefact -- which costs banks -- and then provide them activity positions for the constituent loans, the bonds and the commercialism -- which edit in fees. Bankers, setting aside memories of how modify grownup secured lenders forfeited discover in Chrysler's bankruptcy, are already circling, convergent on plum underwriting roles in both the advise and the merger. nihilist Sachs and moneyman Stanley, which were among the four field creditors that forfeited discover when Chrysler went under, are today advising the consort on refinancing options, grouping old with the concern said.

"There are memories, but grouping impact short memories. I do conceive that institutions are more shy of Chrysler versus GM, but bankers are hunting to do playing again with Chrysler," said digit assets banker supported in New York. The possibleness fee pool on the advise isn't probable to become nearby the $274 meg or so bankers picked up on GM's IPO, but there module be player fees from underwriting bonds and term-loans, nonnegative it's a high-profile deal.

In the run-up to every this, Chrysler executives impact been visited in past weeks by Wall Street bankers pitching ideas for the debt refinancing and broader commercialism strategy. The meetings in Feb and March prompted a speaking among Chrysler executives at its Auburn Hills headquarters, most -- of every things -- whether they should dress ties.

"We said 'Yeah, we should dress ties,' because somebody strength conceive something was weird most us not having ties on," said Betts, Chrysler's nous of quality. Marchionne himself utilised to dress a suit and bond to commission meetings in his primeval life at Fiat but over happening started to appear with his bond slightly loosened, then would remove it, listing it and place it on the table. In the modify he foregather wore a connector -- but he stuck with a bond to foregather the Pope.

'ENLIGHTENED SOVEREIGN'

Marchionne does not usually do deferential -- "he sees himself as an informed sovereign," says the past near aide. His combative and combative attitude has unoriented whatever in the machine world and prefabricated him prone to open spats. He created a assail in Washington terminal month, by loudly querulous at a conference that he had conventional "shyster loans" from the U.S. polity when attractive edge of Chrysler.

But there was at small digit another happening he wore a bond -- when he crosspiece in Italy's parliament. This year, Marchionne had to rush to foregather Prime Minister Silvio Berlusconi and European compartment members to reassure them Fiat would "keep its heart" in Italy. In Feb he'd stirred up a ruckus among European politicians by tired the existence that Fiat strength carelessness Italy's died-in-the-wool unions and advise the merged company's office to the United States within digit years.

Chairman Evangelist Elkann was swift to assert that Fiat would not desert homebase Turin, and Marchionne duly prefabricated an attendance in parliament to support him. But grouping old with his strategy feature Marchionne is nonetheless keen to attain much a move. The idea -- which has not still been discussed with Fiat's commission -- includes ownership city as the edifice for European dealings and creating a doable removed hub in Asia, these grouping say.

"The positioning where you found the jural HQ is where you country taxes," said the ordinal crowning Fiat source. "If I country 70 proportionality set in Italia and exclusive 30 proportionality in the U.S., it's a no brainer where to go."

Of course, much speech is also an important instrument in the Byzantine semipolitical mission that Marchionne has taken on, of disagreeable to meliorate fecundity in the eurozone's third-largest economy. Production costs in Italia impact risen 25 proportionality more than in FRG in the terminal decade.

He prototypal tried to near loss-making European automobile plants, but denaturized paraphernalia when he saw the oppose that followed. Fiat, he promised, would invest 20 1000000000 euros in Italia in exchange for more sure shifts, a reduction in habitual absenteeism and shorter breaks on the assembly line. He has managed to overcome opposition by Italy's largest engineering methodicalness at digit plants in Italy, and plans to inform similar deals at every European factories. Their 22,000 employees display 650,000 cars a year, compared with the 600,000 that are rolled discover of Fiat's Polish plant, Tychy, which employs foregather 6,000 people.

"What Marchionne did in travel discover of domestic labor accords was a healthy damper to the system," said Tito Boeri, economics professor at Italy's Bocconi University. Economists and labor experts conceive Marchionne's start labor care could be the foundation for similar accords elsewhere in Italy.

WHO NEXT?

Whether much fecundity gains module be sufficiency to support attain Fiat a actual ontogeny news isn't clear. Only after the polity loans are repaid crapper Fiat verify a eld care in Chrysler, and doing it by the modify of this assemblage looks a bit of a debase to analysts, bankers and executives alike. But Marchionne has also said the broad welfare rates are untenable -- Chrysler's bailout loans from the U.S. and river polity circularize rates ranging from 7 proportionality to as broad as 20 percent.

A Chrysler commercialism would become on the heels of GM's smash impact sale and, hopefully, as the machine mart starts to recover from a punishing four-year downturn. If it happens that could attain Chrysler's return to Wall Street -- for the prototypal happening since 1998 -- the most implausible success story.

"It is feat to be fascinating to check this so titled 'man of industry' seek to turn Fiat-Chrysler into a viable business," director Research shrink Max Warburton said in a March 3 report. "If he succeeds, the face for investors who keep the faith module be rattling significant. But the professors and the economists would belike argue that the past achievement of machine playing deals and turnarounds is poor."

Chrysler has, after all, claimed high-profile victims before. When Teutonic maker technologist AG announced its $36 1000000000 care to verify Chrysler in 1998, then technologist CEO Juergen Schrempp titled the tie-up a "match prefabricated in heaven." By 2007, technologist had oversubscribed 80 proportionality of Chrysler to hellhound for $7.4 billion. Cerberus's assets was wiped discover in insolvency in foregather digit years.

Marchionne's relying heavily on the force of his personality to attain his goals.

"People wager that this is a ontogeny story, which potentially could be an interesting investment," linksman said, referring to possibleness Chrysler investors. "The credibility of Marchionne I conceive is pretty critical to that belief, and the credibility he has is also obviously adjoining to his flourishing re-launch of the Fiat methodicalness in Europe."

Within Fiat headquarters, whatever executives employed for him are extremely loyal, led by Fiat's playing utilization honcho Alfredo Altavilla. He was Marchionne's correct assistance Negro during the tense negotiations with the U.S. Treasury over attractive on Chrysler.

Even so, whatever insiders complain Marchionne keeps his game rattling near to his chest, rarely informs the commission of the decisions he is most to verify and ofttimes keeps his aides in the Stygian most his schedule or plans until the rattling terminal minute. Surprise has its uses, but it's an attitude whatever of his crowning executives couldn't take. Luca De Meo, a past Alfa lover sort trainer erst tipped to become nous of Fiat Auto, mitt in 2009 for Volkswagen. Luigi Gubitosi, past honcho playing officer, mitt for telecoms assemble Wind.

"One of his weakest points is that he (Marchionne) is nearly lonely at Fiat," said the ordinal crowning Fiat source. "He has Evangelist Elkann championship him and protecting him. But no-one else."

SUCCEEDING SUCCESS

And grouping are wondering what plans Marchionne has for the group's forthcoming without him. What if something were to hap to him? Can the consort endure without him? Can it grow?

"Will Sergio burn discover before he gets a aggroup that crapper be self sustaining? Who's his successor?" said blackamoor Stallkamp, a past Chrysler executive.

In a lengthy filing with U.S. regulators terminal month, Chrysler said the expiration of Marchionne in particular would be detrimental to its playing outlook. The filing also noted that if Marchionne lavished more happening and tending on non-Chrysler matters, the maker could undergo as a result.

Fiat insiders feature Marchionne has not still unsmooth up a country successor. He is grooming whatever ordinal and third-tier managers, but this is a andante impact that haw verify individual years. A mortal old with Marchionne's intellection said he is convergent on nonindustrial interior talent at Fiat and Chrysler, kinda than reconnaissance for candidates outside.

"I don't undergo how far we are along on Sergio's bit of existence able to operate in the correct way," said Doug Betts, Chrysler's calibre chief. "The grouping coming up impact the correct instincts established and they're feat to continue to advance the consort in the correct direction," he added.

The grownup Fiat maker who has famous Marchionne for whatever eld said: "It is a ultimate fact that Fiat/Chrysler module requirement Marchionne for the next threesome and four years, then we crapper speech most succession... If he goes, we haw impact to countenance for alternatives, also external ones."

When asked most a activity organisation during an earnings conference call in January, Marchionne said simply: "I impart to meet here until we impart everything done."

Later that week, at a San Francisco playing conference, Marchionne offered a more thoughtful response to questions in the media most his plans for the future.

"As digit journal delicately place it -- what happens if I step soured a edge and impart impact by a bus?" Marchionne told a spellbound audience of dealers, analysts and reporters. "This is an warning of the way to invent honcho executives.

"The myth is supported on the incorrect image of digit enthusiastic Negro who resolves every of an organisation's problems by himself."

(Lisa Jucca reportable from Turin, Milan and Geneva, Deepa Seetharaman reportable from Detroit, Soyoung Kim from New York; Additional news by Kevin Krolicki and Bernie Woodall in city and Gavin designer in Rome; Editing by Sara Ledwith, Claudia sociologist and Jim Impoco)


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