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15 Votes
39 Comments
Bailing Out Private Equity?
News Type: Event — Seeded on Tue Oct 28, 2008 11:19 PM EDT
Article Source: Wall Street Journaladvertisement
GMAC LLC, the big lender co-owned by General Motors Corp. and investor group Cerberus Capital Management LP, is seeking to become a bank holding company, a move that would allow it to gain access to a piece of the government's $700 billion financial rescue plan, according to people familiar with the talks....As part of those discussions, Cerberus, which also controls auto maker Chrysler LLC, has sought to swap most of its Chrysler holdings for a larger share of GMAC, the home and auto lender. Cerberus now controls 51% of GMAC to GM's 49%.
So, how do you feel about bailing out those private equity titans at Cerberus and their co-investors with your kids' tax dollars? If you feel like I do about it, call, email, and write to your senators and representative. Here for your representative and here for your senators.
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 | 6 governors ask feds for help for US automakers | Associated Press | Wed Oct 29 | 0 |
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{"commentId":3751211,"authorDomain":"polecolaw"}
I am probably over reacting, but these are some of the wealthiest people in the world who made a bad bet and acquired auto industry assets taking them private. If they need saving they should reach into their very deep pockets and break out some cash, not "structure" their way into a taxpayer bailout.
{"commentId":3751211,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 7 votes
#1 - Tue Oct 28, 2008 11:25 PM EDT{"commentId":3751446,"authorDomain":"Jivatmanx"}
I've not been a fan of any financial institutions of late - they have a Federal-Reserve instituted monopoly on control of money and have abused it;
But truly, private equity and Hedge funds are pretty much the lowest of the low. They're Completely unregulated. No Registration, reportin, nada. They're tax rate is far lower than respectable and regulated industries like Mutual Funds.
Essentially They're the worst, most caricatured example of Fiat, Casino "Capitalism". They do whatever they think will get them money.
Some do nothing but buy up patents and sue people.
Some buy rent-controlled apartments and incessently use legal and other harassment to force residents out.
Many buy up companies, sell off all all the assets of value, then use accounting tricks to keep the company afloat as they sell it to some sucker.
Most use rumors, and naked shorting and other questionable practices to make money driving legitimate companies out of business.
That we're even, in our wildest dreams, contemplating bailout out people Who Should Be In Jail Shows how far we've gone from the Classical Liberal capitalism of Adam Smith, Ricardo, ect.
{"commentId":3751446,"threadId":"402453","contentId":"2050959","authorDomain":"Jivatmanx"}
- 7 votes
{"commentId":3771524,"authorDomain":"tgolferman"}
pole, it's a little more complicated than you think. The Chrysler merger with Daimler Benz that was supposed to be a merger of equals ended up being a hostile takeover and Daimler ended up looting the R&D of Chrysler and forced Chrysler to incorporate into is product line substandard Daimler components. They did to Chrysler what some corporate raiders do when they buy a company and sell it off in pieces. Daimler did their own version of that and then unloaded a cash strapped company on Cerberus. I'm pretty sure Cerberus didn't really understand what they were buying. That's not to say that the Cerberus people are a bunch of wonderful people or anything.
I have relations on the inside of Chrysler. Many union and non union jobs are at stake with Chrysler, GM, and Ford. Since it was our criminal preferential trade agreements that have nearly killed them, don't we need to keep them from going under? I really think our auto manufacturers are needed for potential military production. Did you see some of the other titles on the CFR website. One of their fellows I believe wrote a book on the pending military threat that is China. The U.S. is very weak and overextended militarily and economically; consequently, we may be ripe for the plucking.
I don't like any of this stuff, but we need to prop up the auto's until we get the criminals out of the White House and get our people in there and undo these destructive PTA's don't you think?
{"commentId":3771524,"threadId":"402453","contentId":"2050959","authorDomain":"tgolferman"}
- 5 votes
{"commentId":3783515,"authorDomain":"polecolaw"}
tgolf - even if I agreed that we need to rescue these companies I would rather see them file for bankruptcy, wipe out the equity and cram down the debt with taxpayers coming in as senior DIP financing. Instead, taxpayers are bailing out investors in these companies and I feel absolutely no responsibility to do that. Have you received any share in the profits reaped by Cerberus on its other transactions? Did you receive the carried interest tax treatment they did? This is obscene to me. It is the worst case of corporate welfare I have seen ever. It is being structured to give Cerberus complete control of GMAC which then gets access to taxpayer TARP money. So, taxpayers bail out GM and Chrysler while the equity and debt get protected, and then the taxpayers bail out the interest Cerberus ends up with again protecting the equity. I think it's criminal. Why shouldn't the private equity investors in these transactions put in the money or give up the equity? Please explain.
{"commentId":3783515,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 7 votes
{"commentId":3787417,"authorDomain":"polecolaw"}
tgolf - take a look at this letter from governors to Paulson and Bernanke. The interesting thing I would like to point out is the inclusion of New York - what interest does New York have in the Detroit situation as opposed to, say, California? Could it be there are some very powerful special interests in New York who have a dog in this fight?
{"commentId":3787417,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 5 votes
{"commentId":3814137,"authorDomain":"tgolferman"}
pole, you are right in large measure. Even though I predicted this mess, I am not in favor of innosent workers in any industry losing their jobs because of this Wall Street shakedown. I agree Cereberus should give up equity for any bailout funds. Can your solution be pulled off without plant shut downs and layoffs that will surely take our economy down to the level I have predicted or even lower. I don't know the exact size of their total workforce that would loose jobs in a BK filing, but it would be massive. Smaller firms that supply the big boys would more than likely fail and those jobs are lost too. There's no doubt we're in a death spiral, the question is which cockpit maneuver is going to counter the spin the quickest enough to keep us from total destruction. I'm in favor of your solution if we can ensure a government take over to prevent the job losses and a further erosion of our economy.
There's no doubt much of the money betting on the dog in this fight is out of NY. Obviously, Cerberus is private and knowing who owns what is a little difficult, but it wouldn't be much of a stretch to say some or most of the money could be out of NY.
{"commentId":3814137,"threadId":"402453","contentId":"2050959","authorDomain":"tgolferman"}
- 2 votes
{"commentId":3818693,"authorDomain":"polecolaw"}
Pinched to pay its debts, VeraSun recently hired Skadden, Arps, Slate, Meagher & Flom LLC as bankruptcy counsel, and financial adviser Rothschild Inc. to help craft a reorganization plan, people familiar with the matter said. It has also secured $250 million in debtor-in-possession financing from Ableco, an arm of New York-based hedge fund Cerberus Capital Management LP, at a high interest rate of about 14% to 15%, people familiar with the terms said.
From here. I guess they have some cash available over there at Cerberus. They are willing to lend it at 14% but not put it into GMAC. That's for the taxpayers to do!
Chrysler is done. The only truly viable parts of the business are Jeep and mini-vans. If they go into bankruptcy the purchase price for these viable pieces will be determined by the market and they will move to companies that can take advantage of them. If one of those companies is GM, great. If not, oh well. I just don't see why the job losses would be so many fewer if taxpayers bailed everyone out. They will still absolutely cut whatever jobs they need to cut in either situation. In fact, if an outside buyer comes in to acquire they may have access to more capital and may even cut fewer jobs.
{"commentId":3818693,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 3 votes
{"commentId":3818816,"authorDomain":"polecolaw"}
By the way - what really adds insult to injury is the fact that these private equity firms are beneficiaries of the carried interest tax treatment. So, they pay low marginal tax rates but have no problem running to the taxpayers when their bets go wrong. I think its shameful, honestly. And I have absolutely zero belief that they took over Chrysler for any patriotic reasons. This is a profit maximizing firm to the Nth degree. If they though it was a bad investment they would not have touched it. By the way - Tony Snow is the Chairman. You know, the former Treasury Secretary.
{"commentId":3818816,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 3 votes
{"commentId":3819188,"authorDomain":"legalmind1"}
pole, I concur. Although, I could see a group of Bushies buying into Chrysler on the Cheap after they allowed Daimler to nearly kill it and then either turn it around on their own or if things went bad they'd look to a bailout which is taught in all the Ivy League Business schools today isn't it? It is possible that tgolf is accurate in that there may have been some skeletons hidden in a few closets at Chrysler.
On a side note, have you read the Somalia seed tgolf did yesterday. I'm beginning to understand how he does it. His comment on his business and the industry, which he doesn't name seems to be a den of thieves. Deregulation is doing to his industry what it did to the credit industry. I think I can guess the industry he operates in, but I could be wrong. I believe he's either in agriculture or in telecom. If he's in telecom he is in the cat bird seat so to speak. tgolf compared the direction of our country to that of Somalia with respect to the anarchy that results from deregualtion. On that note I think he hit that out of the park.
{"commentId":3819188,"threadId":"402453","contentId":"2050959","authorDomain":"legalmind1"}
- 2 votes
{"commentId":3820457,"authorDomain":"polecolaw"}
May be skeletons for sure. Assuming there were, even more reason to not bail them out. Again, I don't object to helping if there is a god business model for the future and/or if there is a national security interest at stake. But who wants to see Nardelli walk away with more hundreds of millions from this screw up and the private equity investors escape on the backs of the taxpayers? Help if there is reason to do so, but wipe out the equity and any debt owed to the same interests.
{"commentId":3820457,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 2 votes
{"commentId":3820493,"authorDomain":"polecolaw"}
I went to tgolf's column (btw, I went there the other day too with the same result) but I don't see seeds or articles. tgolf - what's up with that?
{"commentId":3820493,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
{"commentId":3753424,"authorDomain":"youthinasia"}
Greetings Comrades!
Bankers Unite! You have nothing to lose but your toxic debt!
I have decided to become a bank holding company so I too can get some of that action. This Wall Street Socialism is just too good to pass up.
Trotsky Lives!!!
{"commentId":3753424,"threadId":"402453","contentId":"2050959","authorDomain":"youthinasia"}
- 7 votes
#2 - Wed Oct 29, 2008 5:32 AM EDT{"commentId":3771764,"authorDomain":"tgolferman"}
youth, too funny! If the Russians weren't having their own problems right now, they'd be smiling at the U.S. misfortunes wouldn't they?
{"commentId":3771764,"threadId":"402453","contentId":"2050959","authorDomain":"tgolferman"}
- 3 votes
{"commentId":3975899,"authorDomain":"SthPacific"}
And Henry Paulson has a new Lenin Jacket and Cap. :) Mt Rushmore will now be changed to feature the faces of Marx, Lenin Mao and Paulson. The White Star on all Wal*Mart's will now be changed to red and they will be known as Wal*Mao's Little Red books will be given away by evangelical Maoists at the doors.
{"commentId":3975899,"threadId":"402453","contentId":"2050959","authorDomain":"SthPacific"}
- 4 votes
{"commentId":3975926,"authorDomain":"SthPacific"}
@tgolferman Seems Russia literally own all that Chrysler plant equipment now and carried it off home, as they have expertly done in the past, (like in China WW2) Gaz Volga = Chrysler Sebring :) Maybe the Russians could deliver some trabants to the US market to fill that small car gap :)
{"commentId":3975926,"threadId":"402453","contentId":"2050959","authorDomain":"SthPacific"}
- 4 votes
{"commentId":3771933,"authorDomain":"tgolferman"}
{"commentId":3771990,"authorDomain":"tgolferman"}
{"commentId":3772088,"authorDomain":"tgolferman"}
pole, one other thing I forgt to mention on the earlier comment is that Daimler shifted losses onto Chrysler with shall we say Enron type accounting skill. They so decimated Chrysler that spinning it of as a tracking stock that could be eventually divested by Daimler was probably not possible. Cerberus was probably the only option for Chrysler. Our Government should have annulled the marriage once it was apparent the merger was in fact a hostile take over. Complicated isn't it?
{"commentId":3772088,"threadId":"402453","contentId":"2050959","authorDomain":"tgolferman"}
- 1 vote
#5 - Wed Oct 29, 2008 9:37 PM EDT{"commentId":3783600,"authorDomain":"polecolaw"}
I don't think it's all that complicated. Should we look at every deal private equity has done and bail them out of the bad ones whee we can find some reason they made a mistake? These are the most sophisticated investors in the world - just ask them and they will tell you. Former treasury secretary Snow is the chairman (I believe that is his title). This is no accident - it's a rip off of taxpayers to bail out a bad investment made by private equity. Let them file like everyone else does. Then, if we have a matter of national security, we can provide the financing.
{"commentId":3783600,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 2 votes
{"commentId":3814326,"authorDomain":"tgolferman"}
I don't disagree pole. These guys have run aground the U.S. Economy. However, are we going to throw out the baby with the bath water? My low end prediction of the DJI on my other article will certainly need to be revised downward, if we are to allow such massive amounts of job loss to occur. Do you notice the medical industry doesn't appear to be suffering all too much during this crisis? Where do you think much of the private money in Cerebus might come from? Medicine maybe? We've given them the keys to the kingdom and they're going to get as much as they can get before we regulate them and make them operate more like Switzerland, U.K., Taiwan, or Japan.
{"commentId":3814326,"threadId":"402453","contentId":"2050959","authorDomain":"tgolferman"}
- 1 vote
{"commentId":3818893,"authorDomain":"polecolaw"}
A lot of their money comes from national and international sources of wealth. They may also be investing pension fund money - I'm not sure. When CEOs are making 400 times the average worker's salary you can bet a lot of it is coming from them. Also top notch attorneys, accountants, etc. One thing we know for certain is it isn't coming from middle income Americans except for what may be coming from pension funds.
I don't think there is any reason to believe that if we bailed them out there would be fewer job losses. These are profit maximizing firms. Why not take the money and extend unemployment benefits or fund a works project that will hire workers to build something we actually need? Same economic impact but better long term result without a bailout of wealthy investors.
{"commentId":3818893,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 1 vote
{"commentId":3820053,"authorDomain":"legalmind1"}
pole, I don't think tgolf wants Cerberus investors bailed out. Everything you read of his says he doesn't want that. He is right on one point though. Chrysler was bailed out in the Iacoca days because of National Defense issues in large measure. Are we going to allow all the destructive aspects of deregulation to destroy businesses that have been the foundation of our economy? Alan Greenspan in Congressional Testimony just admitted that deregualtion doesn't work, yet we are seeing nothing done about it and we are continuing business as usual with our free (deregulated) trade partners.
I agree that we need to extend unemployment benefits and fund a works project, but who's going to pay for the unemployment? Small Business Owners have to pay into the Unemployment Insurance pool yet they cannot collect unemployment from the fund. From what I understand, a small business owner if forced to close his or her business would have to get a job and then if they lost that they would be able to collect at that point based upon what got paid in for them and their salary at that new job. What do you propose to do for the small business owner that can't get unemployment benefits unless he can find a job in the current job market if forced to close? With a tough job market there may be a lot of small business owners left out in the cold.
{"commentId":3820053,"threadId":"402453","contentId":"2050959","authorDomain":"legalmind1"}
- 2 votes
{"commentId":3820397,"authorDomain":"polecolaw"}
legal - I would much rather see that unemployed small business person find employment on the federal payroll than to see those federal dollars go to private equity in support of a failed business model that will certainly lay of tens of thousands of workers in any event. Why limit the thinking to the existing institutional framework? Why not create a jobs program that hires as managers first any small business people who have been put out by this crunch? Why do we, instead, run to bail out failed businesses owned by private equity and represented by former governmental appointees who are paid enormous sums of money to curry favor with Washington? We need, in my opinion, to be thinking beyond the current "accepted" institutional framework to something that realigns the interests of government with the interests of the population at large.
{"commentId":3820397,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 2 votes
{"commentId":3773312,"authorDomain":"tgolferman"}
Jivatman, the rent controlled thing has been done big time in Hawaii, Obama's birthplace. On Oahu there are tent cities on the ocean. When we were traveling to go on a scuba dive we passed a couple of tent cities. It changed the feel of the vacation after that. In fact, on that trip my father and I walked right past Barrack Obama. That was almost 3 Christmases ago now. We had walked most of Waikiki to the base of Diamond Head and were walking back when we crossed his path. I told my dad, "that was Barrack Obama and he's probably going to run for President. He hadn't thrown his hat into the ring at that point. He was rumored to be considering a run for the big time.
{"commentId":3773312,"threadId":"402453","contentId":"2050959","authorDomain":"tgolferman"}
- 1 vote
#6 - Wed Oct 29, 2008 10:19 PM EDT{"commentId":3974385,"authorDomain":"caltha-palustris"}
Polecolaw,
In answer to your question? I don't like this at all.
This observation below (as usual from me, is off topic from GMAC financing) but...
I was becalmed with Ford's CEO Allan Mulally's assurances about Ford's current "sufficient liquidity", (hope the link works). However, not so much on the discussions about bridge loans.
And, quite frankly, as I listened to Mr. Mulally talk about the economic recovery Ford executives want to be part of when it happens, a little voice in the back of my head said "screw the American automobile industry". Had the domestic automobile makers been developing hybrid technologies, or even appropriate fuel efficiency standards, as Toyota and Honda had done over the last 30 years (with American engineers at the design table, I might add) perhaps the Big Three wouldn't have nose dived down this god forsaken slippery slope the executives of these companies now find themselves in, in the first place. Toyota and, I think Suzuki, are advertising 0% financing for these companies' vehicles.
My mechanic has been telling me for years, it's a classic case of good corporate governance versus poor. Too bad for the Big Three. My verdict: Not today gentlemen.
{"commentId":3974385,"threadId":"402453","contentId":"2050959","authorDomain":"caltha-palustris"}
- 3 votes
#7 - Sat Nov 8, 2008 12:17 AM EST{"commentId":3974526,"authorDomain":"polecolaw"}
I think they should file and then the taxpayers can come in ahead of everyone. This plan is not to rescue jobs - it's to rescue investors in a failed business. On the other hand, lots of anti-labor pundits would love to see the unions get hammered in a bankruptcy. Union workers need to take pay cuts, but not financial executives whose firms are being bailed out with taxpayer funds? I think it's a disgrace.
{"commentId":3974526,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 4 votes
{"commentId":3974713,"authorDomain":"caltha-palustris"}
Union workers need to take pay cuts, but not financial executives whose firms are being bailed out with taxpayer funds? I think it's a disgrace.
Yes, it's never about rescuing jobs. Is it.
And it is a cheap shot by anti-labor fans, clamoring for unions to make concessions, evermore, and never blame the unconscionable business practices, or executives themselves, whom earn their bread and butter on the backs of the poor zhlubs thereby making it possible, via production, for stockholders to earn dividends on their investments. It makes one's blood boil, to see such reckless and imprudent management.
{"commentId":3974713,"threadId":"402453","contentId":"2050959","authorDomain":"caltha-palustris"}
- 4 votes
{"commentId":3974724,"authorDomain":"PamelaDrew"}
It is criminal and people can call their MoC too the Capitol Switchboard 202-224-3121
{"commentId":3974724,"threadId":"402453","contentId":"2050959","authorDomain":"PamelaDrew"}
- 4 votes
#8 - Sat Nov 8, 2008 12:55 AM EST{"commentId":3977233,"authorDomain":"polecolaw"}
Hi Pamela! I've been faxing congressional offices as well.
{"commentId":3977233,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 3 votes
{"commentId":3978136,"authorDomain":"PamelaDrew"}
Good for you, with faxes it's easier to count reaction by the size of the stack!! *smirk*
{"commentId":3978136,"threadId":"402453","contentId":"2050959","authorDomain":"PamelaDrew"}
- 3 votes
{"commentId":3986489,"authorDomain":"youthinasia"}
FYI - President elect Obama has a website that, among other things like explaining policy, is soliciting suggestions from the public. Unlike similar projects that have been done by Congress and I think also the White House, this one appears to be for real, a real live human reads and presumably considers the suggestions. Check it out here. Its called Change.gov
{"commentId":3986489,"threadId":"402453","contentId":"2050959","authorDomain":"youthinasia"}
- 4 votes
#9 - Sun Nov 9, 2008 12:48 AM EST{"commentId":3991190,"authorDomain":"PamelaDrew"}
Thanks for that link; it's great to see we the people have the chance to stay involved.
{"commentId":3991190,"threadId":"402453","contentId":"2050959","authorDomain":"PamelaDrew"}
- 4 votes
{"commentId":3994692,"authorDomain":"polecolaw"}
Thanks youth:-)
{"commentId":3994692,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 3 votes
{"commentId":3998858,"authorDomain":"SthPacific"}
Hmmm Interesting YIA It would appear that mr Obama is using the "Explain it to the people" model of government. This is known to work, and has been demostrated in experiments in the work place too. Notable statesmen who use this model would be in Asia, Paul Keating, and Russia's Vladamir Putin is also an exponent of this type of government. Putin Had a 90% approval rating and most Russian wanted him to have a third term.
I think this will work for Mr Obama, good luck to him anyway.
{"commentId":3998858,"threadId":"402453","contentId":"2050959","authorDomain":"SthPacific"}
- 4 votes
{"commentId":4060513,"authorDomain":"SthPacific"}
And in Breaking News, Euler Hermes, Atradius or Coface, The European insurance Giants, that control 80% of the worlds credit, have blacklisted Ford and General Motors. So their Shares have gone from 100$ to 2$ over the last 10 years, I think we will see then drop below the 1$ mark today, and there will be a wave of Bankruptcies, ending with the closure and bankruptcy of all the US car manufacturers.
{"commentId":4060513,"threadId":"402453","contentId":"2050959","authorDomain":"SthPacific"}
- 4 votes
#10 - Fri Nov 14, 2008 6:10 AM EST{"commentId":4062652,"authorDomain":"gatorhater"}
The European insurance Giants, that control 80% of the worlds credit "Insurance". (Fancy name for collection agencies, IMO.)
While this doesn't bode well for Ford and GM, it primarily affects their European Operations.
Of the 3 companies listed, "Euler Hermes, Atradius and Coface", they or their parent/partner companies .. having suffered significant losses in the past year in stock values and writedowns. It would be natural that they would try to stem the tide.
{"commentId":4062652,"threadId":"402453","contentId":"2050959","authorDomain":"gatorhater"}
- 3 votes
{"commentId":4073950,"authorDomain":"SthPacific"}
But this will mean that the US car companies will have to pay cash for the products they outsource, and cash is something none of them have
{"commentId":4073950,"threadId":"402453","contentId":"2050959","authorDomain":"SthPacific"}
- 4 votes
{"commentId":4074835,"authorDomain":"polecolaw"}
Certainly sounds like this will accelerate the problems. So the real question is not whether there will be taxpayer funds used for the auto industry. Rather it will be how the deal is structured. I, for one, think we need to wipe out the equity, convert most of the debt to new equity, and then put in taxpayer funds as senior debt. Otherwise we are protecting investors, not employees or our industrial base. I understand this means investors will take losses, but that's what is supposed to happen.
All the blabber I hear on the MSM completely ignores the structure of a taxpayer capital infusion in favor of debating whether or not taxpayers should "rescue" the auto companies. If they would elevate the debate to the real issues perhaps the general public would have a better idea what to send their representatives. Into this knowledge void you can bet there is a huge, organized, and well funded fear/special interest campaign to flood the phones and faxes of politicians telling them their "constituents" are in favor of a taxpayer bailout while most people don't know what the options are.
{"commentId":4074835,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 4 votes
{"commentId":4075077,"authorDomain":"SthPacific"}
I agree polecolaw, The public desperately needs to be properly informed about this. Any bailout, taxpayer funded or not, IMHO is a waste of money. These companies will fall, delaying the inevitable is surely just another rort, paying off the CEO's multi-million $ contracts, and the workers will get a letter saying they have no health care, no 401k and no job. Perhaps we should call this bailout "Grand Theft Auto"
{"commentId":4075077,"threadId":"402453","contentId":"2050959","authorDomain":"SthPacific"}
- 5 votes
{"commentId":4075781,"authorDomain":"polecolaw"}
Perhaps we should call this bailout "Grand Theft Auto"
I love that!
{"commentId":4075781,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 3 votes
{"commentId":4133399,"authorDomain":"polecolaw"}
OK, I heard Nardelli testifying today and he said the owners of Chrysler are willing to give up all upside from taxpayer assistance. I give credit where it is due - it was good to hear that. Of course, defining the "upside" from taxpayer help wasn't dicussed. If the company would go bankrupt without the help then I suppose the upside is all of the equity, right? We'll see.
{"commentId":4133399,"threadId":"402453","contentId":"2050959","authorDomain":"polecolaw"}
- 2 votes
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