More On The Auto-Bailout...

Check out this link for some really amazing facts.

• Chrysler is more Wall Street than it is Detroit. It's mostly owned by a New York-based private equity firm called Cerberus Capital Management. This super-rich, super-secretive firm bought 80.1% of Chrysler for a song in 2007, and has been very reluctant to dig into its own deep pockets to bail out Chrysler with its own money. In fact, it’s been estimated that Cerberus put out only 8% of its assets into Chrysler and GMAC, which it also bought -- and which also got a TARP bailout.
• But wait, it gets worse…Now Fiat is going to get a 35% chunk of Chrysler, without putting up a penny. How? The Italian car maker is putting up its "technical expertise" instead of money. In other words, U.S. taxpayers will be putting up billions more of hard cash -- so that an Italian car company gets a free ride and 35% of Chrysler. It's bad enough when taxpayers subsidize huge corporate salaries in bailouts. But now we're being asked to subsidize the fortunes of Italian businessmen….