Beyond the general arguments against a bailout of the Big Three there are specific arguments against giving any taxpayer dollars to Chrylser:
Why is the U.S. taxpayer on the hook for Chrysler? Unlike GM or Ford, Chryslerâ€™s rich owner, a private equity fund with multi-billions in private capital available, has $7b to invest in its portfolio company.
Cerberus should be responsible for saving its investment in Chrysler. Period. Congress doesnâ€™t see want to see union workers out in the cold and doesnâ€™t want to pick winners and losers among the auto makers. So Chrysler gets dollars now too. Too bad for the taxpayers, but itâ€™s the wrong decision Ms. Pelosi. Chrysler will only come back for more. Thereâ€™s no way that $7b plus Section 136 billions (thatâ€™s the Energy Department program for fuel efficiency technology) gets this company to a profitable future. That takes years, not months, and a miracle that the public will find sudden virtue in the Chrysler badges. Are you outraged yet?
If you’re not, you should be.
Cerebus, Chrylser’s owner, is sitting on billions of dollars in cash right now and they’re asking the American taxpayer to bail them out. Someone needs to tell them to shove it.
Originally posted at Below The Beltway.