GMAC/Ally Bank Interesting turn of events for GM

Well, at least the grandkids won't be stuck with paying back that $13 billion that went to GMAC if they go bankrupt.


oh wait



Yes. Yes they will.
 
But at least Detroit was saved, right?

Detroit is not salvageable.
Have you ever been there?
The shear number of "ghost" neighborhoods and abandoned buildings is surreal.

[ame=http://www.youtube.com/watch?v=S9p4z-vfhwg]Abandoned buildings in Detroit - YouTube[/ame]

[ame=http://www.youtube.com/watch?v=LTQFtNLvcl8]Detroit's Ghetto: The worst Ghetto in the USA! Facts and a tour of Dying Detroit - YouTube[/ame]
 
But at least Detroit was saved, right?

Detroit is not salvageable.
Have you ever been there?
The shear number of "ghost" neighborhoods and abandoned buildings is surreal.

[ame=http://www.youtube.com/watch?v=S9p4z-vfhwg]Abandoned buildings in Detroit - YouTube[/ame]

[ame=http://www.youtube.com/watch?v=LTQFtNLvcl8]Detroit's Ghetto: The worst Ghetto in the USA! Facts and a tour of Dying Detroit - YouTube[/ame]

Have you told Clint Eastwood?
 
Can you have corporate bankruptcies this close together? Individuals are restricted to once every ten years.

WHo knows....GM essentially files bankruptcy almost every year via hundreds of subsidiaries. The full GM family of businesses is over 100 companies.

I called someone on this BS last week. Delphi is not owned by GM. First tier suppliers have gone bankrupt, but they are not owned by GM.

Your implication seems to be that the home loan division is going bankrupt for a second time in less than three years. I don't think the laws allow that. That would make this the first time for the company in question.
 
Can you have corporate bankruptcies this close together? Individuals are restricted to once every ten years.

WHo knows....GM essentially files bankruptcy almost every year via hundreds of subsidiaries. The full GM family of businesses is over 100 companies.

I called someone on this BS last week. Delphi is not owned by GM. First tier suppliers have gone bankrupt, but they are not owned by GM.

Your implication seems to be that the home loan division is going bankrupt for a second time in less than three years. I don't think the laws allow that. That would make this the first time for the company in question.

That was me...and I posted a list of all of GM's subsidiary companies for you in that thread - NOT suppliers. Companies they own.
 
WHo knows....GM essentially files bankruptcy almost every year via hundreds of subsidiaries. The full GM family of businesses is over 100 companies.

I called someone on this BS last week. Delphi is not owned by GM. First tier suppliers have gone bankrupt, but they are not owned by GM.

Your implication seems to be that the home loan division is going bankrupt for a second time in less than three years. I don't think the laws allow that. That would make this the first time for the company in question.

That was me...and I posted a list of all of GM's subsidiary companies for you in that thread - NOT suppliers. Companies they own.

All those subsidaries went bankrupt huh?
 
I called someone on this BS last week. Delphi is not owned by GM. First tier suppliers have gone bankrupt, but they are not owned by GM.

Your implication seems to be that the home loan division is going bankrupt for a second time in less than three years. I don't think the laws allow that. That would make this the first time for the company in question.

That was me...and I posted a list of all of GM's subsidiary companies for you in that thread - NOT suppliers. Companies they own.

All those subsidaries went bankrupt huh?

Where did I say that? :doubt:
 
The libs are all out digging deep for some kind of explanation for this.....no fear...they'll show up eventually to let us know how stupid we are.. Lol!

I am not a liberal, but it is my pleasure to point out how stupid you all are (your choice of words).


The following people made an erroneous assumption:

In a nutshell, the government has opted to file chapter 11 for this GM lending branch so it does not have to pay back the taxpayer dollar for dollar......


It will be allowed to go bankrupt. It has only paid about 1/3rd of what it owes the taxpayers - and here is my surprise look at this never being paid back - :neutral:

Guess we taxpayers are sucking hind tit again.

Well, at least the grandkids won't be stuck with paying back that $13 billion that went to GMAC if they go bankrupt.


oh wait



Yes. Yes they will.


GM is not defaulting on the remaining $12 billion still owed to the US taxpayer. I defy any one of you to show it is.

This is one division of the whole which is declaring bankruptcy. That does not excuse the whole from its debt.



The following person has a very good grasp of what the bankruptcy means:
Ally is not going bankrupt. The home lending unit has suffered the same fate as many other loan units. What is curious is, why didn't the government spin that unit off separately at the bankruptcy?

Removal of the home loans can help GM as whole be more profitable and may increase the staock value faster. That would mean a better return on the stock.


Exactly right. This will raise the value of the stock. And it is that stock which the US taxpayer owns. About 500 million shares.

So this bankruptcy INCREASES the value of our holdings in GM.
 
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Guess I paid for that exercise of disguising GMAC as Ally. The advertising blitz for these creeps is one of the biggest in recent bank history.. What idiot would put a bundle into a bank if they KNEW it was GM in disguise?

Who did not know Ally Bank is GMAC? Raise your hand.

Have you noticed the ads for Ally Bank in which they offer CDs whose interest rate actually goes up? Ever wonder how they can do that?

Probably not.
 

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