Cerberus Capital, a highly secretive NYC-based vulture investment fund, wants the U.S. government and taxpayers to bailout its failed investment in Chrysler and its failing investment in GMAC. Its partner in this raid on the US Treasury is General Motors, a woefully insolvent automobile manufacturer whose CEO is paid $40k each day. Here’s why a bailout for GM and/or Chrysler is a bad idea.
P.S. Mr. Farago is the author of "General Motors Death Watch", a series of editorials which began April 3, 2005.
Update: Blueprint for a Taxpayer-Funded GM C11, General Motors Death Watch 213