Cerberus note stokes controversy

A recent letter to investors from Cerberus founder Stephen Feinberg has turned into something of a PR nightmare. The fund, which bought Chrysler at a bargain price, argued it does not have to "be heroes to earn a good return on the investment." And "we do not need to transition the car industry or even to return Chrysler to a much stronger relative position in the U.S. car market in order to be successful." The New York Times says the firm comes off as cold and ruthless. It also says that people are worried about Cerberus, which bought some big-name assets at the top of the market. This sort of treatment is nothing compared to the press if Chrysler really tanks.

For more:
- here's the Times article

Related article:
More on Cerberus deal for Chrysler. Report