Originally Posted by kap17
The more I look at this issue the more I think that this is not a bailout for the auto industry but a bailout for 1 company: GM.

You've got to know when to hold them, and you've got to know when to fold them....

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DaimlerChrysler was founded in 1998 when Mercedes-Benz manufacturer Daimler-Benz (1926-1998) of Stuttgart, Germany merged with the US-based Chrysler Corporation. The deal created a new entity, DaimlerChrysler. However, the buyout failed to produce the trans-Atlantic automotive powerhouse dealmakers had hoped for, and DaimlerChrysler announced on 14 May 2007 that it would sell Chrysler to Cerberus Capital Management of New York, a private equity firm that specializes in restructuring troubled companies, effectively unwinding the original transaction.[3] On October 4, 2007 a DaimlerChrysler Extraordinary Shareholders' Meeting approved the renaming of the company. From October 5, 2007, the company has been titled Daimler AG.[4] The US company adopted the name Chrysler LLC when the sale completed on 3 August 2007.
LINK:

And it doesn't hurt to know who the players are.

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Cerberus Capital Management, L.P. is one of the largest private equity investment firms in the United States. The firm is based in New York City, and run by 48-year-old financier Steve Feinberg. Former U.S. Vice President Dan Quayle has been a prominent Cerberus spokesperson and runs one of its international units.

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On October 19, 2006, John W. Snow, President George W. Bush's second United States Secretary of the Treasury, was named chairman of Cerberus.
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Financial Services - General Motors sold a 51% stake in its GMAC finance unit to an investor group led by Cerberus Capital Management in November 2006. GM expected to receive $14 billion over the next three years from the sale of General Motors Acceptance Corp.
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Yours,
Issodhos

"When all has been said that can be said, and all has been done that can be done, there will be poetry";-) -- Issodhos