Bailout Watch 147: Cerberus' Snow Job

Robert Farago
by Robert Farago

John Snow was the U.S. Treasury Secretary under President George W. Bush, from 2003 to 2006. Snow is now drawing a paycheck– the size of which dwarfs all but GM CEO Rick Wagoner’s imagination– for shaking-down Uncle Sam on behalf of Cerberus’ Chrysler play. As you’d expect, Snow is wasting no time in pursuit of your tax money. “Cerberus Capital Management LP Chairman John Snow said Wednesday that president-elect Barack Obama and his treasury secretary need a bipartisan plan to counter the worst economic downturn in about 50 years. ‘What we need is to make sure that a vital industry like autos… which is such a big part of the overall economy, doesn’t lead us into a deeper and harsher downturn,’ Snow said in an interview on the CNBC cable channel. ‘The collapse of the auto industry at this time would be devastating for a new president.'” Note: president. Not American workers. And I’d like to take this opportunity to remind TTAC’s Best and Brightest that Cerberus claims income of over $100b per year from its various businesses. OK, right. Where were we? Changing the subject slightly, how about GM’s “welcome” to the new prez?

GM, in a statement issued Wednesday, said it welcomes Obama’s pledge to support the domestic auto industry and efforts to develop new technology. “This support comes at an especially critical time as our industry confronts one of the most difficult economic periods in our nation’s history, caused by the global financial crisis,” the statement said. “This support will enable a competitive U.S. industry to contribute significantly to our nation’s economic revival.” So where is this competitive U.S. industry then? Let’s ask Honda, shall we? [thanks to polishdon for the link]

Robert Farago
Robert Farago

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  • Willman Willman on Nov 06, 2008

    That GM statement is interesting; -all except the "Caused by..." part. :P Re: Volvo-Saab. Couldn't Ingvar Kamprad just go ahead and buy both of them with the spare change he has rolling around in his pockets?

  • Voice of Sweden Voice of Sweden on Nov 06, 2008
    willman : Re: Volvo-Saab. Couldn’t Ingvar Kamprad just go ahead and buy both of them with the spare change he has rolling around in his pockets? If he wanted, he could. But because of the bad tax regmise in Sweden back in the 1980's (now it's much better) Ingvar Kamprad now "lives" and pays tax in Switzerland, though spending much time in Sweden, and the entire IKEA konglomerat is owned by a foundation in the Netherlands. As I said it is much better in Sweden now, but Obama could see this as a warning what happens if you try to "punish the rich".
  • MaintenanceCosts It's not a Benz or a Jag / it's a 5-0 with a rag /And I don't wanna brag / but I could never be stag
  • 3-On-The-Tree Son has a 2016 Mustang GT 5.0 and I have a 2009 C6 Corvette LS3 6spd. And on paper they are pretty close.
  • 3-On-The-Tree Same as the Land Cruiser, emissions. I have a 1985 FJ60 Land Cruiser and it’s a beast off-roading.
  • CanadaCraig I would like for this anniversary special to be a bare-bones Plain-Jane model offered in Dynasty Green and Vintage Burgundy.
  • ToolGuy Ford is good at drifting all right... 😉
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