Bloomberg Backpedals for WSJ on Cerberus' Demand for GM CEO Rick Wagoner's Scalp
You see? That’s exactly the kind of trouble you get into when you rely entirely on unnamed sources, as Bloomberg, The Detroit News, The Detroit Free Press, The Wall Street journal, The New York Time and Automotive News (to name them all) have for the Chrysler – GM merger story. How can we tell the difference between refutation, reporting and rumor when all we’ve got is smoke and mirrors? Answer: we can’t. “Chrysler LLC owner Cerberus Capital Management LP isn’t seeking to remove General Motors Corp. leaders including Chief Executive Officer Rick Wagoner in a merger of the automakers, a person familiar with the talks said,” Bloomberg “reports.” Hang on; is this one of the same “people familiar with the matter” quoted by The Wall Street journal who claimed Cerberus wanted to disappear Red Ink Rick? F-bomb knows. Meanwhile, wait! There’s less! “Cerberus also wants a ‘meaningful” stake, not a majority, in a combined company, said the person, who asked not to be identified because the negotiations are private. It’s too early to say whether the New York-based buyout firm would have board representation, the person said.” Not to put too fine a point on it, the mainstream coverage of this story is like the Keystone Cops chasing the Three Stooges.