Posted on 12/29/2009 3:26:51 PM PST by BurbankKarl
Edited on 12/29/2009 6:46:49 PM PST by Admin Moderator. [history]
GMAC Financial Services is close to getting approximately $3.5 billion in additional aid from the U.S. government, on top of $12.5 billion already received since December 2008, according to people familiar with the situation.
The announcement, expected within days, will coincide with GMAC taking additional steps to absorb losses related to its mortgage operations, these people said. The cleanup is designed to return the Detroit-based finance company to profitability in the first quarter of 2010, according to one of these people.
(Excerpt) Read more at online.wsj.com ...
It is too big too fail, what has to happen is everything else around it needs to sink together...like a big Titanic.
My Ford stock topped 10 the other day. Woo-hoo!
....This is a criminal payoff to the union workers who voted Democrat. The system in now out in the open as corrupt. They are stealing our money and paying workers who should be out of an auto job and into their new jobs by now which they would be under an honest free enterprise system..
Just in time for massive political contributions
BUt they can’t pay us back.....great.....
God, I am so angry right now, 2010 and 2012 cant come soon frakin enough!!
Yes, at all cost we must save Government Motors! If we don’t bailout, Excuse me. If we don’t continue to bailout GM ( UAW ) WE WILL ALL DIE!! We Americans are such selfish, and mean spirited people. I am ashamed :(
The list, ping
this is just fascism, pure and simple.
Hmmm...only a billion dollars of the taxpayers green a month....such a bargain!!!!
I don’t want to invest in GMAC, but the Federal government is forcing me to.
There are no union employees at GMAC.
GM owns 17% of GMAC voting stock.
And another 14% or so indirectly through trust and such.
GM does not own or control GMAC.
They are the primary lender for GM and Chrysler dealers though.
GMAC holds my mortgage, and is also the insurance provider for my motorcycle insurance. They are a financial institution, not an auto manufacturer.
Unless they earn about $16bn in 10Q1, they will not be profitable then.
NEVER EVER buy anything from this communist company. — Never!!!
Talk about the ULTIMATE Sugar Daddy! Buy GM and keep GMAC flush with peasant money!
Its only other peoples money
The UAW needs another Bailout it seems....
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