Wednesday, May 16, 2007

Chrysler deal: Cerberus CEO puts value on privacy -

Chrysler deal: Cerberus CEO puts value on privacy -
"In Greek mythology, Cerberus is the three-headed hound that guards the entrance to Hades. But in the early 1990s, Cerberus was more like a junkyard dog, buying the debt of troubled companies, taking control and improving their operations.

As Cerberus grew and became more interested in larger companies, Feinberg hired prominent public figures — including former vice president Dan Quayle and former Canadian prime minister Brian Mulroney — to put the hell hound image behind him.

Last year, Feinberg succeeded in buying control of GMAC, the finance arm of General Motors. With the help of Cerberus Chairman John Snow, former Treasury secretary under President Bush, he has now engineered the Chrysler deal."
If Bonaventure people need more reason to follow this one, our on campus fitness center is named the Richter Center after Cerberus' co-founder William Richter. (for a nice history of the firm see this Business Week article.)

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