A Wisconsin Congressman is opposing an auto industry bailout for Chrysler.
Congressman Steve Kagen (D-WI) is among many on Capitol Hill who want to know why Cerberus, the private equity firm that owns Chrysler, won't put up the money to bail out the auto maker. He says the company could raise the money needed to keep the automaker afloat, eliminating the need for taxpayer funding.
Kagen also has issues with Cerberus. The company owns New Page paper mills in Kimberly and Niagara, which are currently shut down. The Appleton Democrat wants those mills either reopened or sold, and says this is an opportunity to compel them to do the right thing.
Kagen admits Ford and General Motors may need part of a $15 billion loan package, but thinks it's wrong to lump the Big Three into one bill.
The allergist says it's like treating three patients with the same illness. You treat each patient individually with different prescriptions to help them recover.
Members of Congress are currently working on a compromise for an auto industry bailout. Kagen says he will not be voting in favor of the plan if Chrysler is included.
