Cerberus creates a hybrid group designed to capture distressed deal flow
When Oliver Stone and Stanley Weiser, writers of the 1987 blockbuster film 'Wall Street', put the words "greed is good" in the mouth of the fictional buyout baron Gordon Gekko, played by Michael Douglas, they probably thought they had created the perfect characterization of a new type of capitalist emerging from the ranks of junk-bond empires, like Michael Milken at Drexel Burnham Lambert. After all, they were pulling much of their material from the headlines of the day.
But even these writers of contemporary business history probably wouldn't have ever believed what the next step on Wall Street's evolutionary ladder would be. It's unlikely in 1987 that anyone could have foreseen the real heir of the fictional Gordon Gekko and the managers of the soon-to-fall Drexel Burnham Lambert. That heir was the decidedly un-Gekko-esque Steve Feinberg.
The intensely private...