Cerberus... would get nothing, the report said!

[metapunditedgy]

Recall that Cerberus was the investment company set up around a bunch of GOP castoffs (Snow, Quayle, etc.), perhaps trying to turn political influence into $$ for their investors. Of course, they've probably already gotten their investment back skimming off bailout money.

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http://money.cnn.com/2009/04/29/autos/chrysler_survival/index.htm?postversion=2009042917

Chrysler creditors would get $2 billion and no equity stake while Cerberus Capital Management, which now owns most of Chrysler, would get nothing, the report said.

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Wiki on Cerberus:

http://en.wikipedia.org/wiki/Cerberus_Capital_Management

[hugo_from_TN]

1. They get to dump their money pit on the taxpayers.

They'll be drinking Champagne tonight.

[metapunditedgy]

2. Perhaps, but I don't think this is a victory for them. n/t