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Cramer is outraged. This morning, a piece at the Wall Street Journal lauded Cerberus, the private-equity firm that owns Chrysler and even called it a hero. "Excuse me?" questions Cramer querulously. In his mind, Cerberus is hardly a hero and definitely doesn't deserve praise for "risking" its capital in buying Chrysler last year -- especially now that the troubled car manufacturer is seeking government bailout money.
Cramer doesn't believe it was particularly gutsy for the firm to buy Chrysler. He thinks it was probably planned as an easy way to make money by firing a lot of people. Sure, the Cerberus people repeatedly said everything was fine at Chrysler. But so did Bob Nardelli when he was running things at Home Depot [HD
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]. And we know how fine things were there!
If Cerberus was so "gutsy" in risking its capital before, why can't it "put more money into Chrysler" instead of asking for a government handout? It's also a bit suspicious to Cramer that John Snow, chairman of Cerberus, was Hank Paulson's predecessor at the Treasury.
While not a popular move, Cramer believes in the necessity of bailing out Ford [F
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] and GM [GM
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]. But not so with Chrysler. First of all, is it necessary to have three automakers to save the auto industry? Secondly, it is, after all, a private company. If its rich partners are pulling out, then maybe it should file for bankruptcy. Finally, it's important to remember that twenty percent of Chrysler is still owned by German company Daimler. So if Chrysler succeeds in receiving bailout funds, a lot of U.S. taxpayer money will be going to a foreign company. "Why don't we just send some money Volkswagen's way while we're at it?" asks Cramer.
Cramer's Bottom Line: I'm not going to shed any tears if Cerberus loses $7.4B -- the amount it paid for Chrysler, and neither should you. Let's not forget that Cerberus got $800M in cash from Daimler to take over Chrysler either. What the plutocrats at Cerberus are doing begging for money is outrageous, but it's even worse that somebody would actually praise these jokers.
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