GMAC is going Bankrupt again this weekend. They still owe the US Treasury $12 billion. Who is going to finance those GM new car sales????
Reuters: Bankruptcy may be best option
Reuters: Bankruptcy may be best option
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GMAC is going Bankrupt again this weekend. They still owe the US Treasury $12 billion. Who is going to finance those GM new car sales????
Reuters: Bankruptcy may be best option
Detroit-based Ally Financial Inc., the auto lender majority-owned by taxpayers, has received U.S. Treasury Department approval to put its Residential Capital unit into bankruptcy as the government seeks to recover bailout funds.
Treasury will support directors at Ally and ResCap if they decide that filing for court protection from creditors is the best course for the mortgage unit, said an Obama administration official who asked for anonymity because the arrangements haven't been made public. The approval is conditioned on a review of terms, the person said Monday.
The board of Ally Financial Inc.'s ailing mortgage unit is expected to meet Sunday to authorize a bankruptcy filing, said people familiar with the situation.
A filing for the mortgage subsidiary, called Residential Capital LLC, could come Sunday or Monday and would mark the last chapter for an operation that was once among the country's largest subprime lenders. A filing also would mark the beginning of a legal battle that will likely test whether a big financial firm can shed years-old mortgage problems in court...
Ally Chief Executive Michael Carpenter wants to sever Residential Capital from Ally so the company can focus on core auto lending and online banking business. The hope is the move will pave the way for an eventual public offering of Ally, 74% of whose shares are owned by the U.S. government.
Ally received more than $17 billion in aid during the financial crisis as part of the government's broader rescue of the auto industry. The Treasury Department gave conditional approval to the bankruptcy idea Monday, although it still wants see final terms before it signs off on a filing, said a government official close to the situation.
Ally Financial gets Treasury's OK to put ResCap mortgage unit into bankruptcy
Detroit-based Ally Financial Inc., the auto lender majority-owned by taxpayers, has received U.S. Treasury Department approval to put its Residential Capital unit into bankruptcy as the government seeks to recover bailout funds.
Treasury will support directors at Ally and ResCap if they decide that filing for court protection from creditors is the best course for the mortgage unit, said an Obama administration official who asked for anonymity because the arrangements haven't been made public. The approval is conditioned on a review of terms, the person said Monday.
It is amazing that this does not make the news.
No such thing as "too big to fail" -- especially when they act so dishonestly.Both GM and GMAC have filed bankruptcy many times through "subsidiaries"
We were a vendor of GM some years back, when they filed bankruptcy back in 2006 I think it was, the initial filing had no less than 3 pages listing the "companies" that are filing jointly.
It is how they do business. Losing ventures are made into a "company"..and all of the losses are wrote to that "company" - and stays off of GM's core auto balance sheet.
It would take a team of economist to truly find out how much money GM as a whole loses.
Both GM and GMAC have filed bankruptcy many times through "subsidiaries"
We were a vendor of GM some years back, when they filed bankruptcy back in 2006 I think it was, the initial filing had no less than 3 pages listing the "companies" that are filing jointly.
It is how they do business. Losing ventures are made into a "company"..and all of the losses are wrote to that "company" - and stays off of GM's core auto balance sheet.
It would take a team of economist to truly find out how much money GM as a whole loses.
Are there any social or political thinkers studying how it is the right wing conservatives who profess their love of America hate America? Imagine the power to influence when you can get people who live in a nation hating the companies and people who have built the same nation the wingnuts live and proper in? The wingnuts above probably support Japan Korea or Germany with their purchases, meanwhile they attach an American flag to their foreign car and then listen to Rush and Sean feeling all patriotic inside. They love the constitution too. Too too funny. What a bunch of wackos, if they can't deride America and the American worker they aren't happy.
The Japanese know how it's done. "In corporate culture, keiretsu refers to a uniquely Japanese form of corporate organization. A keiretsu is a grouping or family of affiliated companies that form a tight-knit alliance to work toward each other's mutual success. The keiretsu system is also based on an intimate partnership between government and businesses. It can best be understood as the intricate web of relationships that links banks, manufacturers, suppliers, and distributors with the Japanese government.
These ironclad corporate alliances have caused much debate and have been called "government-sponsored cartels." While some think keiretsu are a menace to trade, others see them as a model for change. Features common to most keiretsu include "main bank," stable shareholding, and seconded directors. Some keiretsu concepts have no American parallel such as "general trading company." The keiretsu system is one of the profound differences between Japanese and US business structures."
Buy American = "Because Ford, GM and Chrysler conduct far more of their research, design, engineering, manufacturing and assembly work in the U.S. than foreign automakers do, buying a Ford, GM, or Chrysler supports almost three times as many jobs as buying the average foreign automobile. Some comparisons are even more striking. Buying a Ford supports 3.5 times more jobs than buying a Hyundai. Comparing a Honda and a Hyundai? Buying a Honda supports more than 2 times more jobs."
The Level Field Institute
Will Obama bail out GM again?????
7 million homes already foreclosed on. 5.59 million more homes are in default. We are only 55% through this mortgage disaster.
A select group of struggling mortgage borrowers is about to get an offer that sounds too good to be true. Executives at Bank of America say that they will begin mailing 200,000 letters offering certain customers mortgage principal reduction.
Will Obama bail out GM again?????
We are only 55% through this mortgage disaster.7 million homes already foreclosed on. 5.59 million more homes are in default.
A select group of struggling mortgage borrowers is about to get an offer that sounds too good to be true. Executives at Bank of America say that they will begin mailing 200,000 letters offering certain customers mortgage principal reduction.
Both GM and GMAC have filed bankruptcy many times through "subsidiaries"
We were a vendor of GM some years back, when they filed bankruptcy back in 2006 I think it was, the initial filing had no less than 3 pages listing the "companies" that are filing jointly.
It is how they do business. Losing ventures are made into a "company"..and all of the losses are wrote to that "company" - and stays off of GM's core auto balance sheet.
It would take a team of economist to truly find out how much money GM as a whole loses.
I think you are misinformed. In 2006, some of GM, Ford and Chrysler's first tier suppliers filed for bankruptcy. Visteon, Lear and a third one I think. Not owned by the manufacturers at all. Your company most likely did business with them as a second tier supplier.
Will Obama bail out GM again?????
We are only 55% through this mortgage disaster.7 million homes already foreclosed on. 5.59 million more homes are in default.
A select group of struggling mortgage borrowers is about to get an offer that sounds too good to be true. Executives at Bank of America say that they will begin mailing 200,000 letters offering certain customers mortgage principal reduction.
You can only be a dumbazz to not recognize the problem.
Hate to bring this up to libnuckleheads: CRA was signed into law by Jimmeh Carter(drunk ass brother billy beer), and was futher amended by wild bill clinTOOL. Our current Campaigner in cheif sued citibank forcing them to make statistically bad loans to under performers in the salary range.
HOW DO YA LIKE THEM APPLES FOR TRUTH?