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Posted by Joe Cimoch on Saturday, December 13, 2008 at 12:41:29 :
In Reply to: Detroit bail out posted by Mike Stone on Saturday, December 13, 2008 at 11:31:35 :
I can't understand why Chrysler's owners, Cerberus, one of the largest private equity firms in the world, isn't willing to invest its own money to keep Chrysler from going under. They want $7 billion from us, and another $8.5 billion in loans from the energy department. Cerberus has spent $7 million on lobbyists like Dan Quayle to get bailout money.
Cerberus CEO John Snow, who spent three-and-a-half 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 not right.
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