While Detroit preps for another visit to Washington and a second attempt at a bailout, LA meanwhile is hosting its annual auto show.  The Big 3 are in their usual spots on the LA Convention Center floor, however, in a sign of the times, it appears as though one non-public domestic car company is reducing expenses where it can.

In comparison to the neighboring bright and showy displays of Kia, VW and Audi, Cerberus backed Chrysler’s brands are practically in the dark (see Jeep on the left vs. Audi on the right in pic below).  Despite opting for the basic-lighting package and no LED displays, at least Chrysler is still committed to presenting its line-up.  Not sure if it was ever in the works, but notably absent is heavily funded Tesla.

Bloomberg is reporting that Cerberus Capital would be willing to forgo any profits from a future sale of troubled portfolio company Chrysler should the federal government pull the trigger and bailout the auto industry.

Given Chrysler’s private-owner status, CEO Bob Nardelli is hoping the offer elminates questions of unfair gains for Cerberus should government assistance give the company time to turn things around.

If a bailout does go through, this will mark a full circle for Chrysler, which would enjoy its second bailout in the last thirty years.  This time around however, it will need to rebound under private equity ownership which will be a true test for Nardelli.

Even if Robert is able to perform a successful turnaround, no doubt he won’t be looking at the upper end of his orginal compensation package.  The new best-case scenario for Cerberus is a free lesson in the US auto business.