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Chrysler's Hidden Coffers

Discussion in 'The Economy' started by Tropo, 18th Dec, 2008.

  1. Tropo

    Tropo Well-Known Member

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    Chrysler's Hidden Coffers

    When I wrote about the bailout blunders of the auto industry two weeks ago, I thought the Big Three had most likely topped out on the political outrage meter. But that was before the shady story of Cerberus, the uber-connected private equity firm that owns Chrysler, reared its three ugly heads over the weekend.
    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."

    That's right. Not to save the jobs of Chrysler employees or America's disappearing manufacturing base, mind you, but to prevent "one of the world's richest and most secretive private investment companies" from having to take a relatively modest financial hit and use some of its own capital to prop up the smallest of the major automakers.
    more… Chrysler's Hidden Coffers - Forbes.com
     
  2. C3PO

    C3PO Well-Known Member

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    Thanks for a great post Tropo.

    These people in the US car industry are just unbelievable.

    Plus, I wondered what ever happened to Dan Quayle ... Private equity! where else?
     
  3. Tropo

    Tropo Well-Known Member

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    Yep....Makes you wonder who is really running a big business.
    If you are interested in what is money, who makes it and how ... Adam Smith in his book “The Money Game” will give you an answer.:cool: