Clock ticking at GMAC

Discussion in 'Economy' started by NOBama, Dec 20, 2008.

  1. NOBama
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    NOBama Senior Member

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  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    I strongly suspect that a GMAC bankruptcy would take GM down regardless of the Bush Cash Give-away.
     
  3. JimH52
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    JimH52 Gold Member

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  4. Neubarth
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    Neubarth At the Ballpark July 30th

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  5. JimH52
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    JimH52 Gold Member

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    So who owns 51%? Cerberus, right? Is that controlling interest?

    But you are right. If GM can get their sticky fingers on some of the cash, they will use it.
     
  6. Neubarth
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    Neubarth At the Ballpark July 30th

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    It doesn't work that way, there podner.
     
  7. NOBama
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    NOBama Senior Member

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    If/when GMAC becomes a bank holding company. Cerberus and GM will be happy campers. GMAC can lend GM money that came to them from the heavens and 3 companies would enjoy the profit if GM survives to pay it back. If they don't, who cares, it was free TARP money to begin with.

    It's a circle jerk, IMO.
     
  8. Neubarth
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    Neubarth At the Ballpark July 30th

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    Ahhh!, but the TARP money is not free! I know you know that, and I know that, but does everybody understand that we the taxpayers have to pay it back?

    Right now, the Bush Administration is grasping at straws while hanging on the edge of the cliff, and slowly slipping and losing ground and looks to be about to fall and fall and fall and fall......
     
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  9. JimH52
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    JimH52 Gold Member

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    and we or my great grand kids will take a screwing...
     
  10. Neubarth
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    Neubarth At the Ballpark July 30th

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    Toyota reported Wednesday that global vehicles sales plunged 21.8 percent in November-- its biggest drop in eight years.

    Folks, this is serious. It looks like the whole world is screwed. When Japanese car sales plunge that much in just one month we are going to be in trouble for a lot longer than most of us thought when this mess got started.
     

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