"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Monday, May 14, 2007

Cerberus gobbles up nearly all of Daimler

United Autoworkers, President Ron Gettelfinger, has announced that they have given their approval to Cerberus Capital Management taking on 80.1 % of Daimler Chrysler stock and injecting US$7.4 BNn - saying that it is in the best interests of their workers and that they are, "satisfied, now,that the decision has been made that our membership and management can focus on designing, engineering and manufacturing the finest quality products."

DaimlerChrysler (to be renamed Daimler) will retain 19.9% - and write off US4- $5,4 Bn from this year's profits and will aso see see a cash outflow of up to US$900 to discharge long-term Chrysler liabilities.

New York based Cerberus is one of the largest vulture capitalists private equity outfits in the world , with holdings in excess of US$24 Bn , in May 2005they bought Daimler Chrylser's share of an aircraft finance company debis AerFinance.

US Attorney Carol Lam (pic) began an investigation into 14-term Republican congressman from Redlands, Calif. Jerry Lewis's contributors in 2006. He is the Chairman of the Defence Appropriations Sub- Committee and had previously ensured the continued funding of a US$1 Bn. contract with a Cerberus company, MCI in 2003 , whose managment of a navy /Marine computer network was subject to problems of cost overruns and poor management. MCI (the company that rose out of Bernie Ebbers spectacularly bankrupt World.com has been a major subcontractor since 2000 on an $8.8 billion project to build a secure computer network for the Navy and Marines.

It appears that Cerberus had thoughtfully provided the Congressman with at least US$110,000 for his Future Leaders PAC funds the day previously at a New York fund raiser.

Carol Lam also oversaw the investigation that led to the corruption conviction of then-Rep. Randy "Duke" Cunningham, R-Calif., who pleaded guilty in late 2005 to accepting $2.4 million in bribes. He was sentenced in March 2006 to eight years and four months in prison.

On May 11, 2006, the Los Angeles Times reported that the Cunningham probe was being expanded to look at the actions of another California Republican, then-House Appropriations Committee Chairman Jerry Lewis.

On the same day chief of staff to Attoney General Alberto Gonzalez , Kyle Sampson, sent a fascinating e-mail to deputy White House counsel William Kelley, asking Kelley to call to discuss "the real problem we have right now with Carol Lam that leads me to conclude that we should have someone ready to be nominated on 11/18, the day her 4-year term expires."

The e-mail did not spell out what the "real problem" was, and it was unclear whether Kelley and Sampson talked later - it's contents became public as part of a congressional investigation into the firings last year of Lam and seven other U.S. attorneys, and the Bush administration's changing explanations as to what role politics or performance played.

On March 18th this year Kyle Sampson resigned.

Another group company is IAP Worldwide Services a leading government contractor providing "a broad spectrum of services focused on global mission support for the Department of Defense and other U.S. government agencies." They recently hit the news as they had the contract for running the Walter Reed Hospital whose failings hit the headlines in February.

1 comment:

Polpetti said...

Goodness folks, there's a lot of dirt to the formidable Cerberus group.
See here, read it all, friends, and ponder le big picture.

"A large global hedge fund, Cerberus Capital Management (dba, Cerberus-Gabriel), is at the center of an emerging Pentagon and CIA contracting scandal that has the attention of three Congressional Committees.

In each case, the companies under investigation have links to prominent GOP figures, including Vice President Dick Cheney, former Vice President Dan Quayle, former Defense Secretary Donald Rumsfeld, and several Republican Congressmen indicted for corruption involving kickbacks from defense contractors. The Republican Congressional Campaign Commitee (RCCC) has also received substantial contributions from conservative fund managers running Cerberus, a virually unregulated $30 billion hedge fund, which owns the second largest bank in Israel.

This scandal involves the mismanagement of VA hospital facilities privatized during the Bush-Cheney Administration, as well as intelligence abuses by private CIA contractors.
Much more.

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish