Cerberus to buy a Bounty Hunter?

In articles published in both the San Francisco Chronicle and the Orange County Register last week, ACS’s role in property confiscation procedures in California was characterized as:

“..acting like bounty hunters that coerce banks and financial institutions into turning over assets that may or may not qualify as lost or abandoned for a percentage of the find.”

ACS’s take in this process is said to be 11% of whatever it seizes, and since 2003 the Texas company has made a cool $40 million. Of course, to be fair, they did donate more than $100,000 to California candidates between 2002 and 2003.

In Tulare County, California, however, officials have decided to stop doing business with ACS after 18 years because, are you ready for this, ending the outsourcing agreement will save them as estimated $2 million a year.

The County is working to place as many of the long-time ACS employees in the new department as possible. Wouldn’t it be great if Cerberus would be as open about its plans for ACS employees?