Cerberus Capital Management

Dennis O'Brien: Snow, Quayle, Feinberg and Merkin: This Is Who Gets Our Bailout Money? — You might not think that your tax dollars should be given to a company like Cerberus Capital Management, L.P., the highly secretive, wildly wealthy, hugely powerful private equity firm. But, well, we're not in Kansas anymore, are we? Cerberus has been the beneficiary of not one, but two government bailouts; getting approximately $10 billion in taxpayer funds. Cerberus made two really bad bets, and the American taxpayer is breaking their fall. Cerberus owns 80% of Chrysler and until recently, a controlling stake of GMAC. Who is Cerberus' chairman? John Snow, Hank Paulson's immediate predecessor as Treasury Secy. Who else is... [Tags: american taxpayer, bailout, cerberus capital management, chairman john, congressional hearings]

Cerberus Says It Was Misled in Chrysler Deal — Cerberus Capital Management said German automaker Daimler "intentionally" misled the private equity firm when it sold the struggling automaker last year.... [Tags: cerberus capital management, chrysler, daimler, german automaker, private equity firm]

GMAC Faces Major Hurdles In Bank Application — General Motors and Cerberus Capital Management, who own the troubled lender, will have to rearrange their ownership structure to win approval.... [Tags: bank application, cerberus capital management, general motors, gmac, hurdles]

CEOs, Pelosi Talk About More Aid For Automakers — WASHINGTON (Reuters) - The White House left the door open on Thursday for potentially backing additional financial aid for U.S. automakers as industry executives prepared to lobby U.S. House Speaker Nancy Pelosi for new assistance. The Bush administration said automakers could now apply for money under a $25 billion package of low-interest loans to help them meet fuel-efficiency requirements but would listen to other ideas as the Democratic-led Congress weighs further loans or other assistance. The Bush administration has never favored a straight bailout and rebuffed General Motors Corp last week on a proposal for capital to help it facilitate... [Tags: automakers, bailout, bush administration, ceos, cerberus capital management]

GM, Chrysler request $10 billion in aid: sources (Reuters) — Reuters - General Motors Corp and Cerberus Capital Management have asked the U.S. government for roughly $10 billion in an unprecedented rescue package to support a merger between GM and Chrysler LLC, two sources with direct knowledge of the talks said on Monday.... [Tags: aid sources, cerberus capital management, chrysler, general motors, general motors corp]

GM, Chrysler request $10 billion in aid: sources — NEW YORK/DETROIT (Reuters) - General Motors Corp and Cerberus Capital Management have asked the U.S. government for roughly $10 billion in an unprecedented rescue package to support a merger between GM and Chrysler LLC, two sources with direct knowledge of the talks said on Monday.... [Tags: aid sources, cerberus capital management, chrysler, general motors, general motors corp]

Chrysler's CEO says auto industry ripe for mergers — DETROIT — Chrysler LLC Chief Executive Bob Nardelli said Thursday that a steep decline in U.S. auto sales has created an environment for industry consolidation, but he would not comment on reports that talks are accelerating for General Motors Corp. to acquire his company. Speaking on the CNBC cable channel, Nardelli said Chrysler has been open about looking for partners and creating alliances, but he would not address the GM discussions. However, he said the U.S. auto sales slump has set the stage for industry consolidation. "It certainly creates an environment for consolidation where you can get synergies of productivity... [Tags: auto industry, bank debt, bob nardelli, cerberus capital management, cerberus capital management lp]

General Motors And Chrysler Discuss Merger — General Motors is in preliminary talks about a possible merger with Chrysler, a deal that could drastically remake the landscape of the auto industry by reducing the Big Three of Detroit automakers to the Big Two. The talks between G.M. and Cerberus Capital Management, the private equity firm that owns Chrysler, began more than a month ago, and the negotiations are not certain to produce a deal. Two people close to the process said the chances of a merger were "50-50" as of Friday and would most likely still take weeks to work out.... [Tags: auto industry, cerberus capital management, chrysler, detroit automakers, general motors]

Being Bob Nardelli: One Year At The Top Of Chrysler [Industry News] — The Detroit News reports today on the marriage of Chrysler and Cerberus Capital Management, which took place one year ago this week. Robert Nardelli, former head of Home Depot, beat out Tom LaSorda and Wolfgang Bernhard for the top job at the new Chrysler, joining an already troubled automaker just at the edge of what would become the country's worst auto sales period in 20 years. What the hell was he thinking? More importantly, what's he thinking now? A Chryslerberus freshman report card after the jump. Sales: D Under Nardelli and Cerberus, Chrysler has only topped DaimlerChrysler year-over-year sales numbers... [Tags: accurate assessment, auto sales, bob nardelli, cerberus capital management, cerberus chrysler]