- Aug 14, 2009
The tale that wagged the dog: Cerberus' Stephen Feinberg speaks
The first quote – "I don't know what we could have done differently. From the day we bought it, we worked hard to improve it" -- is the kind of statement that, no matter how true it is, would likely elicit numerous objections. Yet the issue of whether Cerberus should have bought Chrysler or whether it knew what is was doing is only the second most compelling theme of the Times piece.
The real hook is the competing justifications of why Cerberus bought Chrysler. On the one hand, many feel that it was a play to get Chrysler Financial and marry it with GMAC. The other hand, as Feinberg notes more than once, was supposedly holding an American flag – that is, the Cerberus deal was about patriotism and doing what's right for the country. That's a narrative we had never even considered – private equity and The Good of America don't often dine together in our world – but have a read and decide for yourself.
[Source: New York Times | Photo by Bill Pugliano/Getty]