News Reports on the John Snow Speech

By July 19, 2007General

Interesting variety of media takes on former Treasury Secretary Snow’s remarks Wednesday at the National Press Club, which we reported on here.

Associated Press:

WASHINGTON – Car makers are embracing fuel-efficient vehicles and bringing a new perspective to energy challenges, the chairman of the firm that bought an 80 percent stake in Chrysler said Wednesday.

“We’re not the old automobile industry,” said former Treasury Secretary John Snow, chairman of Cerberus Capital Management, in a speech at the National Press Club. “I know a lot of people feel that the auto industry has had its head in the sand – that it’s stonewalled for 30 years.”

Detroit News:

WASHINGTON — Former Treasury Secretary John Snow defended the role of private equity in the auto industry, saying it offered “underperforming” companies like Chrysler Group the best of hope of returning to profitability.


WASHINGTON, July 18 (Reuters) – Former U.S. Treasury Secretary John Snow, who now heads Cerberus Capital Management [CBS.UL], said on Wednesday that proposed tax increases on private equity managers would reduce the amount of capital in U.S. markets and “carries a lot of risks.”

“If you reduce taxes on capital, you get more capital. More capital has a beneficial effect on the economy as a whole,” said the Cerberus chairman in remarks at the National Press Club. “If you tax it more heavily, you get less of it.”

UPDATE (9:30 a.m.) Cerberus has posted the prepared text of Snow’s July 11th speech to the Detroit Economic Club here. He covered a lot of the same territory.

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