Publicity-shy Feinberg is in the spotlight.(News)(Stephen Feinberg of Cerberus Capital Management LP)

Byline: Robert Sherefkin, David Barkholz and Leslie J. Allen

Stephen Feinberg, the intensely private CEO of Cerberus Capital Management LP, is going to great lengths to prove he isn't a "strip-and-flip'' takeover artist.

After announcing the $7.4 billion purchase of the Chrysler group last week, Feinberg personally assured UAW leaders that Chrysler will not lay off more workers.

The union accepts his pledge. But some are skeptical about Cerberus' prospects with Chrysler. How will a company that invests in paper products, swimwear, real estate, energy and glass making succeed as the owner of a troubled U.S. automaker?

Big risk-taker

The hedge model is pretty basic. A money manager raises billions of dollars from rich people seeking outsized returns on their investments. The fund hires bright lieutenants to research deals, recruit managers and …