Yesterday Cerberus generously (LOL) said that they would forgo any profit made on their Chrysler investment if they received bailout money from the federal government click here.
At first blush, it looks like Cerberus is doing their part and offering to forgo any profit if recognized from the sale of Chrysler. This is laughable considering that Cerberus's $7.4 billion in Chrysler is in no danger of making a profit. Becoming worthless in bankruptcy reorganization yes but a profit? Not a chance in this lifetime. This is just another attempt by the super smart and conniving Steve Feinberg to try to change the political winds in his favor.
Cerberus's investment will be zero in a reorganization and he knows that. If our politicians fall for something this transparent we are all doomed!
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Now that the Government is bailing out General Electric do you think we will see the talking heads on CNBC screaming for a limit on corporate junkets, caps to the high pay levels of the CEO (and talking heads).
How about Cramer? Do you think he will be out saying "they know nothing" let these guys fail?
How about and this is my personal favorite. Do you think they will start calling it the "GE Bubble". It doesn't surprise me that GE is in trouble. If you look back on my posts on this subject I was calling for GE trouble.
Personally, I want to see them have a hour long special on "Saving GE". One thing I bet we don't hear on CNBC is "Why should we support these guys if they are a failed enterprise"
I suspect they will stop calling themselves "Squawckovia". Maybe they should just call themselves GE.
It just keeps getting better and better. You truly cannot make this stuff up.