Bailing Out Dan Quayle

Monday, January 12, 2009

Although Larry Flynt’s attempt to secure $5 billion in bailout money may have been little more than a comedic ploy, it raised the question of who exactly is receiving government funds, and why they deserve it. Cerberus Capital Management, a premier private equity firm with $26 billion under management and $100 billion in annual revenue, has received $10 billion to inject into Chrysler Corporation, in which they own an 80% stake. Yet the firm had previously refused to inject its own capital into the auto giant, only agreeing to contribute $2 billion after coercion from lawmakers. No doubt influence assisted in securing the cash; former Vice-President Dan Quayle (international Cerberus spokesperson) and George W. Bush’s former Treasury Secretary John Snow (Cerberus’ chairman) personally lobbied government officials for bailout funding. Cerberus also had a controlling stake in GMAC (the loan arm of General Motors), which it ceded in return for government funds.

Porn Industry Seeks Federal Bailout (by Rebecca Sinderbrand and Mark Preston, CNN)


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