So Why Didn’t The Plantation Caucus Make Cerberus Put Cash Into Chrysler?

quaylegmcrop.jpgDavid Shuster just made a good point on Countdown — why didn’t the Plantation Caucus (that’s what I’m calling them now, after Maddow) demand Cerberus Capital put money into GMAC/Chrysler in exchange for a loan

Although Cerberus owns 80% of now troubled Chrysler Corporation, it has refused to inject cash into Chrysler, as Sen. Bob Corker pointed out at a hearing about the economic needs of the American automobile industry on December 4, 2008. In response to questioning at a hearing before the House committee on December 5, 2008 by Rep. Ginny Brown-Waite, Chrysler President and CEO Robert Nardelli said that Cerberus’ other fiduciary obligations to its other investors and investments prohibited it from injecting capital.

So the Plantation Caucus accepts that Cerberus (a huge private equity firm that made a bad investment) has "other fiduciary obligations," but assemblyline workers who have to pay their bills in tough economic times do not?

Comments are closed.