This editorial contains some of the most cogent thought on this situation I've run across. I was unaware of Cerebus' involvement in GMAC and the benefits a gov't bailout would afford them.
I've spent a good part of the morning reading opinion pro/con as well as thoughts on the original Chrysler bailout in 1979.
I now think both companies should be allowed to go Chapter 11, for reasons stated in the following editorial.
Editorial: Why the GM/Cerberus/Chrysler Bailout is bad for taxpayers and doomed to fail without the benefits of a Chapter 11 filing for both Chrysler and GM | The Truth About Cars