Mr. Snow and Mr. Feinberg declined to comment for this article. Cerberus does not have much of its own money riding on Chrysler and GMAC. The two investments amount to about 7 percent of its assets under management, and this past July Cerberus and its co-investors lent $2 billion to Chrysler.

From NYT “Crysler’s Friends in High Places”, http://www.nytimes.com/2008/12…..;st=Search

No, I’m sure Cerberus doesn’t have much of ITS OWN money riding on Chrysler.
It has a little bit of its own, and has ‘hedged’, ‘leveraged’, or whatever-they’re-calling-it-today. Which it has now set up the rest of us to cover, no doubt in some clause in that agreement.
So they’ve ‘hedged’ that the US Federal Treasury will cover those bets; why not? It worked for Wall Street, so why not this time out, too?

I wouldn’t want to be running for election when citizens figure out that the TARP $$ has been covering hedges that went south, and Cerberus’s move on GMAC is Phase ? in this ongoing nightmare.

ferrarimanf355 – go over to NYT and search on “Cerberus”, or else just google “Cerberus + GM”.

Unfortunately, my entire family doesn’t have a lot of sympathy for my kid brother. We’ve warned him for nearly a year to change jobs and take his engineering degree somewhere else. He’s made decent money and could have paid his inexpensive house off, so if he’s in financial straits we’ll have a tough time being charitable about it.

Sounds like tough love, but everybody in my family knew this was coming, could see the handwriting on the wall with Chrysler’s troubles. There are other more personal details here, trust me on this; there’s no excuse for him to have stayed until this “detonated,” and far more reasons for him to have left.

He serves as an indicator, though, that this mess is spreading, and it’s personal. At this point nearly all of us in and out of the blogosphere know somebody who’ll be directly impacted.