Wednesday, April 22, 2009

Obama's Gift to Cerberus

Cerberus is a hedge-fund, with major dollars coming from (inter alia) oil-producing countries and heavy-hitter US investors.

They own Chrysler.

This is kind of interesting:

Chrysler owes ... lenders, which include banks such as Citigroup Inc. and J.P. Morgan Chase & Co., about $6.9 billion. But President Barack Obama and his auto team had demanded that the banks cut that to $1 billion, while gaining no equity stake in a restructured Chrysler.

IOW, Obama's boyzzz want the Banks to give Cerberus about $6Bn.

Those would be the banks which are the recipients of taxpayer money, in effect, YOU are giving Cerberus about $6Bn.

HT: Calculated Risk

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