Chrylser has gone to the dogs, literally:

Private equity firm Cerberus will buy a majority of DaimlerChrysler's struggling Chrysler Group for $7.4 billion, a fraction of the $36 billion deal that created the transatlantic car union nine years ago.

Cerberus Capital Management gets an 80.1 percent stake in Chrysler and its related financial services business, DaimlerChrysler said on Monday, ending what was billed as a marriage made in heaven but never lived up to the name.

The deal, months in the making and set to close in the third quarter of the year, puts a major U.S. automaker in the hands of a private equity group for the first time.

Commentary

How ironic that this match-made-in-heaven ends up sold to a private equity shop named Cerberus- the 3-headed dog of Greek mythology who guards the entrance to Hell. I wonder if they will turn the iconic five-pointed Chrysler star upside down.