Time For Cerberus To Testify
The Big 3 automotive CEOs are currently testifying on Capitol Hill, alongside UAW president ron Gettelfinger. Later this aftenoon, the Congress will listen to a panel of academics and U.S. Comptroller General Gene Dodaro. It's a good witness list, but one name is glaringly absent: Stephen Feinberg, CEO of Cerberus Capital Management. Or if the spotlight is a bit too bright for the reclusive Feinberg, at least Cerberus chairman John Snow -- a former Treasury Secretary who's used to these sorts of things. Representative after representative have asked Chrysler CEO Bob Nardelli why U.S. taxpayers should inject capital into his company, when its majority equity owner has declined to do so. Nardelli has replied that Cerberus has: (a) Allowed Chrysler to draw down $2 billion in equity, (b) Convert its
