***Update: Now $6 billion!
Did you hear? We are bailing out hedge funds now. GMAC got $5 billion from U.S. taxpayers.
Cerberus Capital Management (a hedge fund) owns 51% of GMAC. A few days ago there was talk that Cerberus would give up some of Chrysler so it could receive federal bailout funds. Our government gives them our $5 billion dollars through GMAC instead. No need to worry. I’m sure Chrysler will still get our $4 billion.
Should we Bailout Bernie Madoff too?
Treasury to Buy $6 Billion GMAC Stake (Bloomberg)
Cerberus Capital Management (Wikipedia)
What’s Bigger Than Cisco, Coke, Or McDonald’s? (BusinessWeek)
Steve Feinberg’s Cerberus, a vast hedge fund that’s snapping up companies — lots of them.
I am LIVID! I am now going to find the addresses & phone numbers of every rich stupid Cerberus executive. The masses may not be smart, but they do know how to find Greenwich, CT and they’re googling billionaires.
Aim for Answers