Under normal bankruptcy Cerberus would have received nothing and would have had to relinquish any control they had over Chrysler.Bryan Schwegler wrote:And honestly, even if the government had as much control over the process as you like to claim they did, do you honestly think the government cares less about Chrysler or its employees and dealers than Cerberus Capital Management would have? (who btw is a major donor to the Republican party)
The government had enough control over the process to force bond holders to give up their constitutional rights under bankruptcy law. Obama put a gun to their heads and told them either their brains or signature would be on the contract. Change you can believe in.
The government controls this process and Obama is the government.
By the way, there has been no examination of the billions received by Cerberus over the last few months. How much of it went directly into the pockets of Cerberus? How much found its way into the hands of politicians and their groupies? Don't ask.