The Marc Steiner Show

December 4, 2008

The economy is in crisis, and Capitol Hill is debating whether or not to bail out the American auto industry.  Today the CEOs of the Big Three automakers sat down in front of Congress for the second time to ask for billions of dollars to help their companies stay solvent.  Congressman John Sarbanes (D, MD-03) joined Marc today to discuss the terms of the bailout, his thoughts on its feasibility, and what it will mean for the companies, the unions, the workers, and American taxpayers.

But in the face of the impending auto bailout, our guests in the second half of the show wonder why there’s no bailout for the nonprofits that provide services to a growing population of needy Americans.  The financial crisis has hurt the foundations and businesses that provide a large portion of nonprofit funding, as well as individual donors, and nonprofits across the country are feeling the crunch. Mike Mitchell, the Executive Director of Chesapeake Habitat for Humanity, and Teresa DeCrescenzo, Executive Director of the California nonprofit GLASS Youth and Family Services join Marc for a discussion of how their organizations are weathering the financial storm, and what will happen to communities across the country if nonprofits can’t serve the people in greatest need.

Congressman John Sarbanes represents Maryland’s third district.  He was elected in 2006 and serves on the House Education and Labor Committe, the National Resources Committee, and the Oversight and Government Reform Committee.

Mike Mitchell is the Executive Director of Chesapeake Habitat for Humanity

Teresa DeCrescenzo is the Executive Director of the Burbank, California nonprofit GLASS Youth and Family Services.  Read her piece "Where’s the Bailout for Nonprofits?" on the Center for Emerging Media Blog.

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Written by Marc Steiner

Marc Steiner

The Marc Steiner Show airs Monday thru Friday from 10AM to Noon on WEAA 88.9 FM. The show covers the topics that matter, engaging real voices, from Charm City to Cairo and beyond. Call us at 410.319.8888 or email us to participate live in the show, or share your comments on our site! Aren’t in Baltimore but want to listen? Stream the show live.


Comments

  1. Last year, Daimler sold 80.1% of Chrysler to Cerebrus. Cerebrus is a private capital management firm, not a hedge fund. Cerebrus created a Chrysler holding company which has two subsidiaries – Chrysler and Chrysler Financial.

    http://en.wikipedia.org/wiki/Chrysler#Sale_to_Cerberus

    Want a chuckle? Daimler paid 36 billion dollars for Chryler ten years ago. In October, Daimler announced that its remaining 19.9% of Chrysler (including Chrysler Financial, I assume ) was valued at zero.

    http://blogs.reuters.com/reuters-dealzone/2008/10/23/20-percent-zero/

    Cerebrus had purchased 51% of GMAC in 2006, so Cerebrus now is majority owner of both Chrysler Financial and GMAC.

    http://www.centerforemergingmedia.org/radio/the-marc-steiner-show/november-19-2008#comment-7382

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