Friday, November 14, 2008

Bailing out Chrysler or do I mean Cerberus?

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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