Chrysler's Hidden Coffers

[still_one]

"Buried on the business page of The New York Times Saturday were the details of Detroit's biggest snow job yet--literally as well as figuratively. Turns out that Cerberus CEO John Snow, who spent three-and-a-half lackluster, and some might say lap-doggish, years as President Bush's second Treasury secretary, is leading a who's who of crony capitalists in a lobbying campaign for a taxpayer bailout to "salvage Cerberus' investment in Chrysler."

...

"Of course, Cerberus is sparing no expense to spare their investors any exposure. Together with Chrysler, it has spent $7 million to hire such high-rent lobbyists as Dan Quayle (who runs one of Cerberus' international units), former Sen. John Breaux (D-La.) and former Bush legislative liaison David Hobbs. Their goal: $7 billion from the auto industry bailout package Congress is working on now and another $8.5 billion in loans from the Energy Department that have already been authorized."




http://www.forbes.com/business/2008/12/09/chrysler-cerberus-bailout-oped-cx_dg_1210gerstein.html

[ColbertWatcher]

1. Kick and rec for more exposure of the GOP's corruption. n/t

[Traveling_Home]

2. Chrysler can bail out themselves nt

[Hannah Bell]

3. kick

[RB TexLa]

4. I'm sure the stockholders of Ford and GM collectively have millions that

could be used to bail them out as well.

If you go by that logic there is no reason for the government to do anything for any of them as the owners have other money that can be put in the companies.

[still_one]

6. Not the same thing. The company that OWNs Chrysler should be putting up the money

for Chrysler

Ford and GM are an entirely different story

[dysfunctional press]

5. between exxon, chevron, and conoco/phillips they had over $71Billion in profit in 2007...

i think that they should help bailout the other half of their symbiotic relationship.

[drm604]

7. Very interesting article. I read the whole thing.

So if I understand this correctly, if GM merged with Chrysler, Cerberus could save both of them. Am I reading it correctly?

[still_one]

8. Cerberus owns Chrysler, and what I get is that Cerberus doesn't not want to help Chrysler

[drm604]

9. Correct,

but they could help them, if they wanted to, or if they could be pressured into doing so. At least that's how I read it.

[still_one]

10. I agree /nt