Ceberus and GMAC get bailed out. Cerberus is run by Dan Potatoe Qualye, John Snow (former Bush Treasury Sec) and about 10 other CONservative republican lobbyists.:
Flying J Update (& Berry Petroleum):
WASHINGTON (Reuters) - The Bush administration on Monday expanded its bailout of the U.S. auto industry, saying it was buying $5 billion in equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $1 billion.
The action was the latest in a lengthy series of emergency government moves aimed at easing the worst credit crisis since the 1930s and limiting the severity of a year-long recession.
The Treasury Department said it would buy $5 billion in senior preferred equity with an 8 percent dividend from GMAC as part of an effort to ensure the solvency of a company considered crucial to GM's survival.
Flying J's bankruptcy has prompted at least one of Kern's large oil companies to scale back production here and other local suppliers to seek out new customers for crude.
The Big West refinery on Rosedale Highway may even have stopped refining oil -- at least temporarily -- as a result of the Dec. 22 Chapter 11 bankruptcy filing of owner Flying J Inc.
But questions remain as to what the company is doing now that some local oil producers are so worried about being paid that they won't sell crude to Big West.
On Monday, one of Flying J's biggest creditors, Denver-based Berry Petroleum Co., said in a federal filing that Big West last week turned away its oil shipments because of "interruptions in (Big West's) other
"They're not refining right now," Berry Chief Financial Officer David Wolf said in an interview. He added that Big West may have shifted to plant maintenance.
For its part, Berry has cut way back on Kern oil production because of Big West's dilemma. On Sunday, Berry's filing said, the company was producing 5,000 barrels a day in Kern instead of the normal 17,000.