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Edited on Fri Dec-19-08 09:36 PM by Joe Fields
I've touted the auto bailout as much or more than anyone here, but something very interesting caught my eye today, and it makes me wonder, did George Bush just bail out the automakers, or was it another sweet deal for his financial buddies?
Read and discuss.
The Cerberus Bailout Connection
* Bush gave General Motors Corp. and Chrysler LLC up to $17.4 billion today.
* Cerberus bought 80.1 percent of Chrysler from Daimler AG for $7.4 billion in 2007. Cerberus said it doesn’t have the funds necessary to bail out Chrysler.
* General Motors sold a 51% stake in its GMAC finance unit to an investor group led by Cerberus Capital Management in November 2006.
* On Oct. 19, 2006, John W. Snow — President Bush's second Secretary of the Treasury — was named chairman of Cerberus.
* Dan Quayle is chairman of global investments for Cerberus Capital Management.
* Why would George W. Bush choose to bail out two companies controlled by Cerberus Capital Management, which is controlled by Bush cronies?
This information has not been fully vetted, as it was on the (don't tar and feather me) Michael Savage website.
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