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The Cerberus-Chrysler deal: The case for public ownership of the auto industry
Continue to the storyWith the sale of Chrysler Corporation to the private equity firm Cerberus Capital Management, the most powerful Wall Street financial interests are in position to press ahead with their plans for a radical restructuring and downsizing of the North American auto industry. The buyout—the first by a private equity firm of a major auto producer—threatens the jobs and livelihoods of Chrysler’s 80,000 workers in the US and Canada and sets a precedent for an intensified attack on all autoworkers.