CerberusSellsChryslerStake

The Detroit Free Press is reporting via the Financial Times that Cerberus Capital Management has sold more than 50% of its stake in Chrysler LLC and GMAC LLC to a group of around 90 investors. The Freep reports that the investment firm earned up to $1 billion for selling parts of its stake in both companies. Cerberus bought a controlling stake in GM's financial unit back in April of 2006 for $14 billion and bought up Chrysler from Daimler in May of 2007 for $7.4 billion.