Or
Posted on 10/28/2009 8:39:39 AM PDT by Kartographer
GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. auto industry.
The Treasury Department mandated earlier this year that GMAC Financial Services raise an additional $11.5 billion in capital after undergoing a "stress test" along with 18 other banks. While other banks deemed undercapitalized have been able to raise funds from private investors, GMAC has been forced to go back to the government.
(Excerpt) Read more at google.com ...
“I can’t decide which picture is most appropriate for this story this.”
#####
How about some dead-assed Union slobs picketing productive people at work.
PREDICTION:
GM goes bankrupt in another 3-7 years.
Saw a UAW memo to employees boasting how they gave away no concessions except for those on a pension. That means GM still pays people 70 dollars per hour to turn a screw.
THE BIGGER QUESTION IS---WHERE IS THE MONEY?
Circa Jan 2009, Ben Bernanke, Hank Paulson, and GMAC's J Ezra Merkin---salivating to divvy up the taxpayers' billions. Americans have not yet learned the full extent of official corruption, thievery, schemes and scams involving $TRILLIONS of tax dollars aided and abetted by the dupes on Capitol Hill.
CONGRESS (gag) ACTS---Taxpayers Face Heavy Losses on Auto Bailout. A Congressional Oversight Panel recommends the Treasury Dept perform a legal analysis for providing TARP funds to (1) GM, (2) Chrysler, (3) GMAC, their financing arm.
THE WHIFF OF MADOFF J, Ezra Merkin---ousted head of GMAC (GM financing arm)---got a $6 Billion taxpayer bailout---and was also feeding hundreds of millions to jailed money launderer Bernie Madoff from Merkin's four offshore investment vehicles.
BAILOUT SWILLERS Stephen A. Fineberg's private equity firm---Cerberus Capital Management LP--- also owns Chrysler Motors. The US Treasury bought a $5 billion stake in GMAC (GM financing arm), and lent $1 billion to GM. This latest loan is IN ADDITION to the $13.4 billion the US Treasury lent earlier to Merkin's GMAC, and Fineberg's Chrysler.
SWILLING TIMELINE In 2006, GM sold 51% of Merkin's GMAC to Feinberg's private equity firm Cerberus Capital Management LP (which also owns Chrysler).
HOGGING AT THE PUBLIC TROUGH In May 2004, Feinberg's "private investment group," Cerberus Capital Management, LP became majority owner of IAP Worldwide Services, Inc, one of the US Army’s largest contractors in Iraq. In Afghanistan, Feinberg's IAP runs a drug/addiction center" in Kunduz---Kunduz is the largest opium supplier in the world. BUSY LITTLE BEAVER IAP also provides infrastructure support for the British Ministry of Defence in Kandahar....apart from supporting the US Army in Basra.
BAILED OUT AND STILL SWILLING Stephen A. Feinberg's IAP also serves a broad array of federal clients including the US DOD, NASA, the US Geological Survey, the US Agency for International Development, the IRS, and a variety of other federal agencies.
BACKSTORY GMAC's Merkin and Chrysler's Feinberg paid the Israeli govt $500M to buy Bank Leumi. An “inside” deal not just anybody could get. Bank Leumi looms large in the missing billion dollar taxpayer bailouts since Israel is the only place in the world where an individual can fly-in, got o a bank with a suitcase full of cash, and nobody asks where they got it, or whether taxes were paid on it.
“THE BIGGER QUESTION IS-—WHERE IS THE MONEY?”
####
Paying off thousands of boats and deluxe cottages around hundreds of lakes in Michigan, the property of those hard-working Union members.
The tax payer has been so screwed by Tarp. if Jorge had just had enough back bone to let them go under. Just damn.
Yeah, well that would be some of their ”toys.”
The Really Big Money is stashed offshore in numbered accounts............we're talking billions here.
One thing you know for sure...
GM is solid until Nov 6, 2012
GM and chrysler are fast becoming a much larger version of amtrak. Never show a profit, bleed money, and advertise your product with taxpayer funds.
If I could represent the Treasury Department, those would be very short talks: “No!”
“The Really Big Money is stashed offshore in numbered accounts............we’re talking billions here.”
####
If that is indeed the case, I hope Sarah Palin in her upcoming Presidential Administration, hires an aggressive Attorney General with cojones the size of bowling balls.
========================================
This'll make you feel better, FReepers (/snic).
Obama appoints Biden to handle stimulus trillions
American Spectator | 6.8.09 | By Philip Klein
FR Posted by Behind Liberal Lines
"Hi there, Americans. Hunter and James, my son and brother are gonna help me disperse the trillion dollar stimulus. "
FOLLOW THE MONEY (Reuters) – A fund of hedge funds run by two members of VP Joe Biden's family was marketed exclusively by firms controlled by Texas financier, R. Allen Stanford, charged by regulators with an $8 billion offshore fraud, the WSJ said.
The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the WSJ said.
Stanford-related offshore companies marketed the Bidens' fund to investors. Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James.
My goodness this has been kept rather quiet:
Obama appoints Biden to handle stimulus trillions
American Spectator | 6.8.09 | By Philip Klein
FR Posted by Behind Liberal Lines
“Hi there, Americans. Hunter and James, my son and brother are gonna help me disperse the trillion dollar stimulus. “
FOLLOW THE MONEY (Reuters) – A fund of hedge funds run by two members of VP Joe Biden’s family was marketed exclusively by firms controlled by Texas financier, R. Allen Stanford, charged by regulators with an $8 billion offshore fraud, the WSJ said.
The Bidens $50 million fund was jointly branded between the Bidens’ Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the WSJ said.
Stanford-related offshore companies marketed the Bidens’ fund to investors. Paradigm Global Advisors is owned through a holding company by the vice president’s son, Hunter, and Joe Biden’s brother, James.
*Big* BTTT 4#5. ;^)
“FOLLOW THE MONEY (Reuters) – A fund of hedge funds run by two members of VP Joe Biden’s family was marketed exclusively by firms controlled by Texas financier, R. Allen Stanford, charged by regulators with an $8 billion offshore fraud”
“Stanford-related offshore companies marketed the Bidens’ fund to investors. Paradigm Global Advisors is owned through a holding company by the vice president’s son, Hunter, and Joe Biden’s brother, James. “
Grand theft, misappropriation of funds, malfeasance, financial fraud, tax evasion, ah whatever! They are Democrats, so it’s all for the common good.
“Larceny on Parade”
What ever happened to the bond holders of GM ?
“What ever happened to the bond holders of GM ?”
Obama burned them all.
RIP
I would. However, years from now, when they try to con God, they will be out of luck ;-)
"Grand theft, misappropriation of funds, malfeasance, financial fraud, tax evasion, ah whatever! They are Democrats, so it’s all for the common good."
BWWWWHAAAAAAAA!!!
Notice how it's everyone *around* these thieves who takes the fall, never them. One of those "Make you a deal you can't refuse" things, huh. LOL
As the onion's layers are peeled away?
Things just keep getting more & more peculiar.
This calls for a BIG Shazam!! LOL
"Larceny on Parade"
Yea, minus a marching band.
Good grief.
“Notice how it’s everyone *around* these thieves who takes the fall, never them.”
Funny how that works ;-)
Obama burned them all.
RIP
So it is totaly over now for them?
Uh-huh, hilarious. ;^)
Regular ol' barrel of monkeys.
Only in America. LOL
LOL! That’s one con job that won’t work. ;o)
I believe that if hell freezes over, they get the icicles ;-)
Afraid that was the case. My Father-in-Law REALLY took a huge hit.
If he was an investor, I don't think he did due diligence. The signs were in place for a long time about where GM was headed.
If he was a supplier, I can understand. It's very difficult to diversify away from a company that big.
That is what surprised us so much.
The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the WSJ said.
Stanford-related offshore companies marketed the Bidens' fund to investors. Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James.
Stanford Investors Could Get 20 Cents on the Dollar - CNBC, 2009 October 28, by Scott Cohn
The receiver, Dallas attorney Ralph Janvey, says that could mean recovery of 20 cents on the dollar for investors in the alleged $8 billion fraud. But Janvey says the recovery is being hampered by, among others, the Antiguan government, Allen Stanford himself, and even other Stanford investors. In a court filing Wednesday, Janvey says the lion's share of the money - $894 million - is money he is trying to "claw back" from investors who managed to get their funds out before the alleged scheme collapsed. Those proposed clawbacks are the subject of contentious litigation. ..... The court-appointed receiver who is trying to unwind the alleged Allen Stanford Ponzi scheme says he has identified $1.5 billion in assets that could be returned to victims.
Madoff Ponzi losses clear $21.2B - NYP, 2009 October 29, by Kaja Whitehouse
Trustee Irving Picard revealed the eye-popping number yesterday as he also announced that the Securities Investor Protection Corp., the entity established by Congress to help repay swindled investors, had set aside $534 million to repay Madoff victims. The half a billion-dollar set-aside exceeds all payments made by SIPC since it was formed in 1970. Madoff is currently serving a 150-year sentence after admitting he had run a $65 billion Ponzi scheme. However, the actual losses have been far less because some of that $65 billion includes phantom gains, since it's become clear Madoff didn't invest all the money he stole from investors. In a June court filing, federal prosecutors tallied the losses at $13 billion, but that figure has since swelled to $21.2 billion as Picard sifts through some 16,000 victim claims. He said the loss figure could easily go higher, since the number so far reflects just 2,335 investor accounts. During his progress report, Picard said he and SIPC have recovered around $1.4 billion to repay victims ..... The losses linked to Bernard Madoff's Ponzi scheme were bigger than initially thought, and now top $21.2 billion, according to the government-appointed trustee in charge of returning the convicted fraudster's ill-gotten gains to investors.
Bernie buddy beaned - NYP, 2009 October 29, by Kati Cornell
Manhattan federal Judge Richard Sullivan spoke at a hearing on a joint prosecution and defense request to spring DiPascali -- who has agreed to cooperate with federal investigators -- on a $10 million bail package. "Do I need to read 'Cooperation for Dummies?' " snapped the no-nonsense judge. "I get it. I want to make sure the victims and the public get it." ..... But he noted the government did not seem to have "the slightest clue about what turned out to be the biggest fraud in US history" until Madoff confessed. The judge went as far as suggesting that DiPascali's request might be part of his massive scheme. ..... A judge yesterday questioned the value of any testimony from Bernard Madoff's right-hand man -- coldly declaring that anyone who could be hurt by Frank DiPascali is "in prison in Butner, North Carolina, or at the bottom of a swimming pool someplace."
Madoff knew he was "protected” from the law. Most observers know it is a career-killer for any L/E agency to suggest that someone of Jewish heritage is doing something illegal.
In effect, Madoff was running (1) a tax evasion scheme, and, (2) a protection racket.
Madoff and his “affiliated investors,” money launderers, tax evaders, and so-called "philanthropists," colluded to keep the law at arms length----they colluded to enforce the message: "You come after us, you lose your job."
If anyone dared to suggest wrongdoing---Big Abe was hauled out to beat them down with the dreaded club of anti-Semitism.
There was no law that required anyone to invest in Madoff. It was what you might call a ‘free’ enterprise operation that made money for some while taking from the rest. A bit of Animal House reenactment.
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