Phil Turland is Mad As Hell And He's Not Going to Take It Anymore

You may recall Phil as one of our Best and Brightest, a forensic accounting gumshoe hot on the trail of who owns Chrysler. You know, the company that sucked-up $3b of your tax money, looking for $4b more. And the rest (DOE loans and whatnot). Well, Phil outed Franklin Templeton Investments as one of the firms holding Cerberus CNG Investor I – III paper. Phil and I wanted to know a few things about Franklin’s folly. Why did they list the funds under “Consumer Credit” in their annual report? What’s with the Cerberus’ bonds paying 12 percent by 2014? So Phil called Big Ben. And . . . nothing. Despite a promise to answer his questions. So Phil’s not a happy camper. Not at all.

E-mailed SEC Enforcement. I’m really tired of this crap. You and I shouldn’t have to play Woodward and Bernstein to find out about these funds. I complained about the report and Cerberus’ obfuscation of the information. I deal with really small Broker/Dealer firms that may go under because of all of the regulations thrown at them, yet those same useless regs are doing nothing to stop the big guys from doing what they want. One of the little guys would have been toast by now for what’s in (or not in) that Franklin statement. What if we were trying to decide whether to put your retirement into that fund. Oh Robert, don’t worry—I don’t see any failed automaker investments in their portfolio—go ahead and invest. This is not the way it should be. Even if I’m wrong, where’s the data to prove I’m wrong? Why is it hidden and missing? No wonder Madoff got away with what he was doing for so long.

Meanwhile, a tipster’s listed the original investors in Chrysler [via Cerberus]:

JP Morgan, Morgan Stanley, Goldman Sachs (Bear but they are dead) and Citigroup as a syndicate lent Cerberus $12 billion to make this deal, I would guess they are stuck with a lot of it.