Cerberus Mgmt Capital
===
see quayle
rumsfeld
dyncorp
feinberg trump
===
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an 12 24
President-elect Donald Trump is reportedly set to nominate Stephen Feinberg, a billionaire defense industry investor and major Trump megadonor—despite his lack of military or organizational leadership experience—for the second-highest position at the U.S. Department of Defense, Deputy Defense Secretary. The Washington Post first broke the news on Tuesday afternoon, which comes as Trump’s pick for U.S. Secretary of Defense, Fox News weekend host Pete Hegseth, faces mounting criticism and negative press amid numerous scandals including alleged sexual assault, “aggressive drunkenness,” and financial mismanagement of veterans’ organizations.
Trump has already offered the job to Feinberg, according to the Post, calling it “a decision that could elevate a longtime political supporter with investments in defense companies that maintain lucrative Pentagon contracts.”
“Feinberg is the co-CEO of Cerberus Capital Management, which has invested in hypersonic missiles and which previously owned the private military contractor DynCorp,” the Post reports. “DynCorp was acquired by another defense firm, Amentum, in 2020. During the first Trump administration, Feinberg led the President’s Intelligence Advisory Board, which provides the U.S. leader advice on intelligence assessments and estimates and counterintelligence matters.”
READ MORE: How Democrats and Republicans Look at Hunter Biden’s Pardon and One for J6ers
“The deputy defense secretary typically manages day-to-day operations of the massive bureaucracy with a combined workforce of more than 3 million service members and civilian employees,” the Post explained.
The current Deputy Defense Secretary is Kathleen Hicks. She holds a master’s in national security studies, and her PhD in political science from the Massachusetts Institute of Technology (MIT). Hicks started her career at the Pentagon as a civil servant in 1993. For three years she was a senior fellow at the Center for Strategic and International Studies (CSIS) before returning to the Pentagon under President Barack Obama in 2009. She has served as Deputy Undersecretary of Defense for strategy, plans, and forces, and Principal Deputy Under Secretary of Defense for policy.
In 2020, President-elect Joe Biden chose Hicks to lead “the 23-person agency review team’s assessment of defense and national-security related issues,” Defense Daily reported.
“These teams are composed of highly experienced and talented professionals with deep backgrounds in crucial policy areas across the federal government. The teams have been crafted to ensure they not only reflect the values and priorities of the incoming administration, but reflect the diversity of perspectives crucial for addressing America’s most urgent and complex challenges,” the Biden transition team said in a statement, according to Defense Daily.
Feinberg has a bachelors’ from Princeton.
:{RELATED: ‘Two Things Could Be True’: White House Reveals Why Hunter Pardon Might Not Have Happened
In 2021, The New York Times reported that the four Saudis “who participated in the 2018 killing of the Washington Post journalist Jamal Khashoggi received paramilitary training in the United States the previous year under a contract approved by the State Department, according to documents and people familiar with the arrangement.”
“The training was provided by the Arkansas-based security company Tier 1 Group, which is owned by the private equity firm Cerberus Capital Management,” the Times reported.
In July of 2017, a New York Times report noted Feinberg’s ties to the now far-right podcaster and political strategist Steve Bannon, and Trump son-in-law Jared Kushner.
“Erik D. Prince, a founder of the private security firm Blackwater Worldwide, and Stephen A. Feinberg, a billionaire financier who owns the giant military contractor DynCorp International, have developed proposals to rely on contractors instead of American troops in Afghanistan at the behest of Stephen K. Bannon, Mr. Trump’s chief strategist, and Jared Kushner, his senior adviser and son-in-law, according to people briefed on the conversations.”
A 2012 Rolling Stone profile of then-presidential candidate Mitt Romney, included this statement from Feinberg.
“’We try to hide religiously,’ explained Steven [sic] Feinberg, the CEO of a takeover firm called Cerberus Capital Management that recently drove one of its targets into bankruptcy after saddling it with $2.3 billion in debt. ‘If anyone at Cerberus has his picture in the paper and a picture of his apartment, we will do more than fire that person,’ Feinberg told shareholders in 2007. ‘We will kill him. The jail sentence will be worth it.’ ”
:{READ MORE: SCOTUS Ethics Code Debate Split Liberal and Conservative Justices Amid ‘Legitimacy Crisis’
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https://theintercept.com/2020/08/06/pentagon-jamal-khashoggi-louis-bremer-cerberus/
the TRUMP ADMINISTRATION’S nominee for a top special operations post at the Pentagon is facing questions about whether a company he helps oversee trained members of the Saudi team who killed journalist Jamal Khashoggi.
In May, President Donald Trump nominated Louis Bremer — a former Navy SEAL turned investment banker— to serve as assistant secretary of defense for special operations and low-intensity conflict. In that role, Bremer would be the top civilian in the Defense Department overseeing the special operations community.
Bremer is currently a managing director at Cerberus Capital Management — a private equity company whose founder, Stephen Feinberg, has close ties to the Trump administration and was once considered for a high-up job in the intelligence community. Bremer also sits on the board of directors of Tier 1 Group, an Arkansas-based special operations training company that is owned by Cerberus.
in March 2019, the Washington Post — where Khashoggi was also a columnist — published a columnby David Ignatius, which, citing “Saudi and American sources,” claimed that members of the Saudi rapid response team that killed Khashoggi in October 2018 had been trained in the United States. The column said that the CIA had warned other government agencies “that some of this special-operations training might have been conducted by Tier 1 Group” under a State Department license.
A U.S. government source confirmed the account at the time to The Intercept, saying that the CIA warning was intended to stop members of the Saudi team from being granted U.S. visas again for further training as part of defense liaison programs with the U.S. (The official asked for anonymity because they were not authorized to speak publicly.) The CIA did not respond to an email requesting comment.
At a nominations hearing on Thursday, Sen. Tim Kaine, D-Va., asked Bremer about the allegations, and whether Tier 1 Group or Cerberus ever investigated them. In response, Bremer said that he was unfamiliar with the article, and said neither company had investigated the allegation “to my knowledge or recollection.”
“I do know that we train Saudi nationals as part of our engagements with the Kingdom as an allied nation,” Bremer said. “We train other nations as well. But I have no knowledge of that.”
“So until today,” Kaine asked, “you were not aware that an allegation had been made that a company on which you sit as a director, with a small board of directors, had potentially been involved in training Saudis who were participants in the assassination of Jamal Khashoggi?
Bremer said he would check his records and follow up with Kaine.
Sen. Angus King, I-Maine, responded to Bremer’s account with skepticism.
“Having served on a number of corporate boards myself, it’s hard for me to believe that a mention of your company by name in a column by David Ignatius — one of the leading foreign affairs commentators in the country — would not come to your attention nor to the attention of the board,” King said. “I find it incredibly hard to believe that a five-person board of this company would not have had a fire drill when this allegation arose.”
“We have a culture of compliance at Cerberus,” Bremer said. “That culture is pushed down into our portfolio companies. So as I sit here and think about it in real time, I think it’s probably likely that we did do some sort of investigation, I just don’t recall the specifics of that.”
Cerberus did not respond to a request for comment, and calls to Tier 1 Group’s office went unanswered.
Bremer’s nomination was first reported by Politico, which noted that in a now-deleted Instagram account, he described himself as a “Harley riding, tequila-drinking Navy SEAL and White House Fellow who buys companies on occasion.” His nomination was criticized by former officials who questioned his ability to reset the culture of the special operations community, which has come under fire after a number of high-profile scandals, including a Green Beret being strangled to death, sexual assault charges, drug abuse, and the war crimes trial of Navy SEAL Edward Gallagher.
“When the President’s nominee to be the chief civilian Pentagon leader over U.S. special forces operations is a director of a company that may have trained those who assassinated journalist Jamal Khashoggi, it is critical that the Senate understand all the facts about the claim and whether Mr. Bremer or his colleagues took any steps in response to such a shocking allegation,” Kaine said in a statement after the hearing.
==
:{
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hmmn, ok
:{
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https://www.mintpressnews.com/lawsuit-military-contractor-enslaved-american-employees-sewage-flooded-barracks-tent-cities/250994/
october 24th, 2018
:{:{
}:wASHINGTON — }:A recently unsealed lawsuit has accused two U.S. military contractors of treating American citizens working as military translators in the Middle East like “slaves.” The two contractors — DynCorp and its subcontractor, Global Linguist Solutions (GLS) — are alleged to have housed American translators in Kuwait within a poorly maintained tent city and to have threatened the workers with prison time if they tried to escape. The suit is the second lawsuit to be made public this year that accuses a prominent military contractor of treating its employees as slaves.
The 2016 federal lawsuit, first reported on by the Daily Beastafter it was unsealed earlier this month, revolves around a contract signed between DynCorp and the U.S. Army Intelligence and Security Command (INSCOM) to provide the U.S. military with English-Arabic translators.DynCorp then subcontracted GLS to recruit the translators and bring them to Kuwait where, upon arrival, GLS staff confiscated their passports, originally claiming that the seizure was essential to securing work visas for the translators. However, GLS secured only tourist visas for the translators, making their work technically illegal and placing them at risk of arrest. Yet, this was only the beginning of their troubles.
Translators were subsequently housed in dangerous conditions once in Kuwait, with many of them living in tent cities, such as Camp Ali al-Salem, that had originally been designed to shield American soldiers from the desert sun for a few hours before travel. While the tents may have been bearable for a few hours, they were never intended for long-term living and translators routinely found themselves battered by the elements, particularly dust storms, and scorched by the desert heat owing to a lack of infrastructure, including air conditioning.
Other tent cities, such as Camp Arifjan and Camp Buehring, became infested with rodents, lice and bedbugs as a result of the unsanitary and overcrowded conditions, while others still were regularly flooded with raw sewage. Meanwhile, GLS staff managers “lived in luxury seaside apartments just outside of Kuwait City,” according to the lawsuit.
Given that their passports had been seized, preventing them from leaving Kuwait legally – and because they couldn’t go to the Kuwaiti authorities for assistance owing to the lack of a work visa — translators were essentially held against their will. When one translator tried to complain about the living situation to a GLS manager, the manager told him that “linguists are slaves.” Even the president of GLS, Ken Tolleson, told translators who had complained of their treatment that they “would all be fired and returned to the U.S. to ‘deliver pizzas.’”
After translators had complained, the suit alleges that GLS intentionally placed a number of plaintiffs in situations “where GLS knew that they were likely to be arrested.” The plaintiffs’ then alleged that “GLS did this to make a public example of linguists who strayed off the base and as a means of frightening other linguists to not attempt to leave their bases.”
Eventually, many of the translators did leave despite the risks. However, they soon learned that the Kuwaiti government had issued arrest warrants for working illegally, forcing them to confess to crimes they had never intended to commit. These translators were banned from entering Kuwait and other Gulf nations, greatly impairing their ability to work as translators in the region in the future.
Notably, the plaintiffs have claimed that their treatment by GLS and DynCorp was worse than anything they experienced serving alongside the U.S. military on the battlefield. According to the suit, the translators “experienced deprivation on the battlefield of Iraq; however, nothing compared to the decrepit, overcrowded, open-bay housing of Arifjan.”
While GLS has not publicly commented on the allegations, DynCorp has fiercely denied them, calling them “wholly without merit” and “baseless.” DynCorp spokeswoman Mary Lawrence also :{told the :(style="box-sizing:border-box"):}:*:{Daily Beast:(style="box-sizing:border-box"):}:* that DynCorp “will vigorously defend against these baseless allegations brought by plaintiffs seeking a payday.”
DynCorp: A sordid track record of crime and impunity
This troubling lawsuit is hardly the first controversy for the U.S. military contractor. Indeed, DynCorp is one of the most controversial military contractors, given its past scandals, many of which involved the company facilitating human trafficking and child prostitution. For instance, in the late 1990s, DynCorp employees were accused of raping children in Bosnia as well as buying and selling girls as young as 12 for use as sex slaves. They also assisted the illegal transport of women into Bosnia for human trafficking purposes.
In the years since, DynCorp has continued to find itself accused of enslaving minors as well as its contracted employees, just as the recently unsealed lawsuit alleged. For instance, evidence came out in 2004 showing DynCorp employees sexually assaulting underage girls in Colombia, followed by a separate incident in 2009 where company employees provided Afghan police with drugs and child prostitutes in Afghanistan.
Despite those years of scandals, DynCorp nonetheless continues to receivelucrative U.S. military contracts. Yet, as the newly public lawsuit shows, DynCorp’s old habits of treating human beings as commodities remain as ingrained as ever, largely thanks to the fact that the company has never been held accountable for its crimes against its workers as well as countless children.
Top Photo | In this Dec. 16, 2011 photo, abandoned vehicles stand in a lot behind a barbed wire fence inside Camp Adder on the Iraq, Kuwait border. Lucas Jackson | AP
Whitney Webb is a staff writer for MintPress News and a contributor to Ben Swann’s Truth in Media. Her work has appeared on Global Research, theRon Paul Institute and 21st Century Wire, among others. She has also made radio and TV appearances on RT and Sputnik. She currently lives with her family in southern Chile.
==
https://theintercept.com/2020/08/06/pentagon-jamal-khashoggi-louis-bremer-cerberus/
theTRUMP ADMINISTRATION’S nominee for a top special operations post at the Pentagon is facing questions about whether a company he helps oversee trained members of the Saudi team who killed journalist Jamal Khashoggi.
:{
}:
In May, President Donald Trump nominatedLouis Bremer — a former Navy SEAL turned investment banker — to serve as assistant secretary of defense for special operations and low-intensity conflict. In that role, Bremer would be the top civilian in the Defense Department overseeing the special operations community.
Bremer is currently a managing director at Cerberus Capital Management— a private equity company whose founder, Stephen Feinberg, has close ties to the Trump administration and was once considered for a high-up job in the intelligence community. Bremer also sits on the board of directors of Tier 1 Group, an Arkansas-based special operations training company that is owned by Cerberus.
in March 2019, the Washington Post — where Khashoggi was also a columnist — published a columnby David Ignatius, which, citing “Saudi and American sources,” claimed that members of the Saudi rapid response team that killed Khashoggi in October 2018 had been trained in the United States. The column said that the CIA had warned other government agencies “that some of this special-operations training might have been conducted by Tier 1 Group” under a State Department license.
A U.S. government source confirmed the account at the time to The Intercept, saying that the CIA warning was intended to stop members of the Saudi team from being granted U.S. visas again for further training as part of defense liaison programs with the U.S. (The official asked for anonymity because they were not authorized to speak publicly.) The CIA did not respond to an email requesting comment.
At a nominations hearing on Thursday, Sen. Tim Kaine, D-Va., asked Bremer about the allegations, and whether Tier 1 Group or Cerberus ever investigated them. In response, Bremer said that he was unfamiliar with the article, and said neither company had investigated the allegation “to my knowledge or recollection.”
“I do know that we train Saudi nationals as part of our engagements with the Kingdom as an allied nation,” Bremer said. “We train other nations as well. But I have no knowledge of that.”
“So until today,” Kaine asked, “you were not aware that an allegation had been made that a company on which you sit as a director, with a small board of directors, had potentially been involved in training Saudis who were participants in the assassination of Jamal Khashoggi?”
Bremer said he would check his records and follow up with Kaine.
Sen. Angus King, I-Maine, responded to Bremer’s account with skepticism.
“Having served on a number of corporate boards myself, it’s hard for me to believe that a mention of your company by name in a column by David Ignatius — one of the leading foreign affairs commentators in the country — would not come to your attention nor to the attention of the board,” King said. “I find it incredibly hard to believe that a five-person board of this company would not have had a fire drill when this allegation arose.”
“We have a culture of compliance at Cerberus,” Bremer said. “That culture is pushed down into our portfolio companies. So as I sit here and think about it in real time, I think it’s probably likely that we did do some sort of investigation, I just don’t recall the specifics of that.”
Cerberus did not respond to a request for comment, and calls to Tier 1 Group’s office went unanswered.
Bremer’s nomination was first reported by Politico, which noted that in a now-deleted Instagram account, he described himself as a “Harley riding, tequila-drinking Navy SEAL and White House Fellow who buys companies on occasion.” His nomination was criticized by former officials who questioned his ability to reset the culture of the special operations community, which has come under fire after a number of high-profile scandals, including a Green Beret being strangled to death, sexual assault charges, drug abuse, and the war crimes trial of Navy SEAL Edward Gallagher.
“When the President’s nominee to be the chief civilian Pentagon leader over U.S. special forces operations is a director of a company that may have trained those who assassinated journalist Jamal Khashoggi, it is critical that the Senate understand all the facts about the claim and whether Mr. Bremer or his colleagues took any steps in response to such a shocking allegation,” Kaine said in a statement after the hearing.
==
Business interests also moved to distance themselves from the gun industry, a major funder of the NRA. On December 18, private equity firm Cerberus Capital Management announced plans to sell the gun conglomerate Freedom Group after some investors expressed concern over the firm's relationship with the gun maker. Freedom Group owns Bushmaster, the company responsible for manufacturing the assault rifle used in the Newtown mass shooting, as well as assault weapons manufacturers Remington Arms and DPMS Panther Arms.
Many of the companies that make up the Freedom Group are NRA corporate sponsors, including Remington Arms, DPMS Panther Arms, H&R Firearms, Marlin and Para USA. Since 2005, Para USA has given between $100,000 and $249,999 to the NRA. DPMS Panther gave the NRA between $50,000 and $99,999 during the same period. Remington Arms, H&R Firearms, and Marlin have also all made contributions of $25,000 to $49,999. In 2011, Remington became the sponsor of the Friends of NRAtelevision show that airs on the Outdoor Channel.
On December 18, firearms retailer Dick's Sporting Goods announced plans to suspend the sale of assault rifles, for the time being, in its stores. The company also said that it was pulling all firearms from the shelves of its store closest to Newtown. The same day, the Discovery Channel announced that its America's Guns:{show, which had been }
:{ by NRA News, was cancelled with }:no plans to air reruns:{. A spokesperson for Discovery also }:confirmed:{ that NRA board member Ted Nugent's gun culture special}: Ted Nugent's Gun Country :{"would definitely not be returning to the Discovery Channel." Nugent had }:previously claimed:{ that the Discovery Channel "want[s] to do [the special] as a regular feature."}:
==
Cerberus Capital Management, L.P.
Cerberus Capital Management, L.P. is a private investment firm. Among Cerberus' holdings are IAP Worldwide (which in turn owns Johnson Controls), Chrysler and GMAC. In April 2010, Cerberus entered into an agreement to purchase DynCorp International.
Federal Contract $: $2612.0m
Total Number of Instances: 2
Total Misconduct dollar amount: $ 0.2m
Instances of Misconduct
1. Inadequate Storage of Hazardous Waste
On February 1, 2006, the State of California Environmental Protection Agency and IAP Worldwide Services subsidiary Johnson Controls entered into a consent decree concerning alleged inadequate hazardous waste material storage that may have released this material into the environment. The first payment under the consent agreement is for $27,800, with costs potentially reaching $55,601....more»
false rumor of soros plot to get all the guns
http://www.snopes.com/politics/guns/freedom.asp
http://www.cerberuscapital.com/Biographies.aspx
owns coal powerplant
IAP Worldwide Services, Inc.
IAP Worldwide Services, Inc. is a privately-owned company with "about 5,000 employees working in more than 25 countries" that serves the U.S. Department of Defense, "as well as other federal US and non-US government agencies." For IAP, "the customer is the government, and the company's services range from building Army camps in Iraq to providing ice to US hurricane victims." [1]
"In Iraq, it builds and operates Army camps the size of small cities. In the southeastern United States, it provides emergency ice and power generation to hurricane victims. IAP supports domestic and foreign military installations, provides technical employees for the US Geological Survey, crafts mock foreign military hardware for US war games, and operates trucks and heavy lift equipment that support US combat forces in Kuwait and Iraq." [2]
Contents[hide] |
Connected to Halliburton and Walter Reed Army Medical Center
"IAP is owned by Cerberus Capital Management LP, an asset-management firm chaired by former Treasury secretary John W. Snow. The company is headed by two former high-ranking executives of KBR, formerly known as Kellogg Brown & Root. Al Neffgen, IAP's chief executive, was chief operating officer for a KBR division before joining IAP in 2004. IAP's president, Dave Swindle, is a former KBR vice president. The company has worked at Walter Reed since 2003, providing housekeepers, computer analysts and clerks under a Treasury contract," Steve Vogel and Renae Merle reported March 10, 2007, in the Washington Post.
Background
"IAP's heritage dates back to the days of Pan American Technical Services, Inc., a company that built America’s first space launch complex at Cape Canaveral, Fla., more than 50 years ago. The namesake International American Products (IAP) was formed in Irmo, SC, in 1990 by Doyle McBride, a retired US Army professional logistician. In response to a burgeoning US government contracting market, McBride’s IAP was growing as well. Providing a variety of logistics and contingency services, the company had grown by 2003 to $156 million from $18 million. McBride soon decided to take on a partner, selling 74% of the company in 2005 to a private investment group." [3]
In 2005, IAP acquired Johnson Controls World Services, Inc. and its wholly owned subsidiary, Readiness Management Support." [4]
Leadership
- Dave Swindle, President
- Al Neffgen, CEO since 2005
Related SourceWatch Resources
Competitive Sourcing Initiative: Push for WRAMC Privatization
The Bush administration's push for privatization of WRAMC "may be responsible for the 'deplorable' outpatient care for soldiers," Ron Brynaert reported March 3, 2007, for The Raw Story. A "five-year, $120 million contract" was awarded to IAP Worldwide Services, Inc., a "firm run by" Al Neffgen, a former senior official at Halliburton, "a multi-national corporation where Vice President Dick Cheney once served as CEO."
"Before the contract, over 300 federal employees provided facilities management services at Walter Reed," according to Rep. Henry A. Waxman (D-Calif.), "but that number dropped to less than 60 the day before IAP took over. ... 'Yet instead of hiring additional personnel, IAP apparently replaced the remaining 60 federal employees with only 50 IAP personnel,'" Waxman wrote in a March 2, 2007, letter to Maj. Gen. Weightman.
A September 2006 memorandum which "Garrison Commander Peter Garibaldi sent through [Weightman] to Colonel Daryl Spencer, the Assistant Chief of Staff for Resource Management with the U.S. Army Medical Command," Waxman wrote, "describes how the Army's decision to privatize support services at Walter Reed Army Medical Center was causing an exodus of 'highly skilled and experienced personnel' ... As a result, ... 'WRAMC Base Operations and patient care services are at risk of mission failure.'"
External links
- Griff Witte and Renae Merle, "Defining Small," Washington Post, October 20, 2005.
- Corporate Spotlight: IAP Worldwide Services, Inc., August 2006.
- "They Couldn't Deliver Ice... Now They Are in Charge of Support Services at Walter Reed," Politics As Usual Blog/ABC News, March 2, 2007.
- Steve Vogel and Renae Merle "Privatized Walter Reed Workforce Gets Scrutiny. Army Facility Lost Dozens Of Maintenance Workers," Washington Post, March 10, 2007.
https://www.thenation.com/article/archive/cerberus-collected-ex-government-opportunists/
no lnx
originally appeared at Truthdig. Robert Scheer is the author of The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street (Nation Books).
How fitting that Dan Quayle, a bumbling excuse for a vice president of the United States, should end up as a top executive of a $20 billion private equity firm mired in controversy. Quayle, who signed on with Cerberus in 1999, was with that company during its takeover and subsequent bankruptcy of Chrysler, questionable military contracting deals in Afghanistan and, most recently, manufacturing the assault rifle used in the Newtown massacre.
The former Indiana senator, to whom most of us in the press corps covering George H.W. Bush’s presidential campaign in 1988 referred to as the Ken doll, must have found life in the private sector so much more rewarding, but how much so is not known, since Cerberus is privately held.
Dan and his son Ben Quayle, a congressman from Arizona, have been ardent supporters of the NRA, but even they must have been shocked by the latest—and not only—incident involving one of Cerberus’ product lines. The company now acknowledges that its gun unit, Freedom Group Inc.—which refers to itself as “the largest manufacturer of commercial firearms and ammunition,” sold in eighty countries—is a public relations embarrassment and has put it up for sale.
In case you missed the connection, as did too many in the mainstream media, the former vice president was rewarded for his gaffe-filled performance in that job with the far more lucrative position of chairman of Cerberus Global Investments LLC. He was hired for that post by Cerberus CEO Stephen Feinberg, an alum of the disgraced and defunct junk bond emporium Drexel Burnham Lambert.
In addition to owning Bushmaster, the manufacturer of the assault weapon used in Connecticut, Cerberus’ holdings have included Chrysler Corp., bailed out by US taxpayers, andDynCorp, the military construction contractor that is the subject of a major special inspector general’s investigation of its activities in Afghanistan. All three businesses are deeply dependent on decisions of the federal government once served by Quayle and other high members of the Cerberus team.
One of those is John W. Snow, listed on the Cerberus website as another member of its “senior executive leadership.” Snow was secretary of the Treasury in the George W. Bush administration. He resigned from that position effective June 29, 2006, and four months later, on October 19, Cerberus issued a press release announcing that Snow had been named chairman of Cerberus Capital Management LP. The appointment proved helpful, given Snow’s government experience, when Cerberus took over Chrysler in 2007 and soon went shopping for Washington’s assistance to keep the company afloat.
Feinberg, who in reality runs all of Cerberus as its CEO and chief investment officer, is one of those financial backers of the GOP who derides government interference in the market any time it threatens to help ordinary folk. But when he bought Chrysler, one of those distressed companies that he specialized in dismembering, he quickly found a need for massive federal intervention to preserve a fraction of the Cerberus investment.
With the aid of Quayle, Snow and other politically connected members of the firm, Feinberg made the rounds in Washington at the end of the Bush administration begging for what right-wing free-marketeers would label as the socialization of Chrysler to the tune of $4 billion in federal aid. It was not enough to avoid eventual bankruptcy and additional government support, but by then Feinberg and Cerberus had bailed.
Cerberus’ use of the various Bush administration veterans was on full display in a call between Treasury Secretary Henry M. Paulson Jr. and his predecessor Snow, then chair of the investment firm. “That investment company,” wrote New York Times reporter Louise Story, “is Mr. Snow’s employer, Cerberus Capital Management, which has used its wealth and deep connections in Washington to shape the debate over the foundering automakers to its advantage.”
In its attempt to save Chrysler, Cerberus had hired former Home Depot CEO Robert Nardelli to turn the company around, but he failed. He reappeared in 2010 as CEO of Cerberus’s Freedom Group Inc., with its “family” of fifteen gun and ammo companies including Bushmaster, Remington and other top selling brands. Nardelli continued in that position until March of this year, when he stepped down. During his tenure, he was instrumental in advocating against stronger gun control as well as enlisting endorsements from the NRA, and he remains a senior adviser to Feinberg.
In mythology, Cerberus is the three-headed dog that guards the gates of Hades. How perfect a name for a company whose leaders have sold their souls.
Robert ScheerRobert Scheer, a contributing editor to The Nation, is editor of Truthdig.com and author of The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street (Nation Books), The Pornography of Power: How Defense Hawks Hijacked 9/11 and Weakened America (Twelve) and Playing President (Akashic Books). He is author, with Christopher Scheer and Lakshmi Chaudhry, of The Five Biggest Lies Bush Told Us About Iraq (Akashic Books and Seven Stories Press.) His weekly column, distributed by Creators Syndicate, appears in the San Francisco Chronicle.
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