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?

Related posts:

  1. Bush Punted on GM and Chrysler — But Not Cerberus
  2. Should the Supremes Uphold the Chrysler Deal?
  3. Obama: Fast-Tracked Chrysler Bankruptcy Worked, Now I’m Doubling Down with GM
  4. Hedge Fund Concern Troll: Chrysler is a Terrible Precedent
  5. Obama Meeting with Progressives and Caucus Leaders Focused on Triggers, Opt-Out