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Exxon barred from Iraqi oil, gas auction
DETROIT, Nov. 28 (UPI) -- Some are questioning whether Chrysler LLC is a viable candidate for a federal bailout, considering its status as a private company.
In contrast, General Motors Corp. and Ford Motor Co. are publicly traded companies.
"Where is the win-win for everyone in this room?," Chrysler's Chief Executive Officer Bob Nardelli was asked recently at an Ernst & Young forum, the Detroit Free Press reported Friday.
At that point, Nardelli raised the possibility of Chrysler's owner Cerberus Capital Management forfeiting profits if the company were sold after receiving federal assistance.
Members of Congress have been mute on the topic of Chrysler as a private company, but others are questioning the reasoning behind bailing out a company in which the public has no direct stake.
David Cole, chairman of the Center for Automotive Research, said Chrysler's status "adds to the complexity" of a bailout.
Radio commentator Lou Dobbs said he was dead set against the idea. "When we get into the business of bailing out private companies, we're done in this country," Dobbs said during a radio broadcast last week.
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