Agent009 submitted on 1/6/2010 Auto Spies Photos Timestamp: 11:59:02 AM
Views : 6,503 | Category: Misc News | Source: | SOURCE: www.detnews.com
GMAC Inc., the struggling Detroit auto finance company, said Tuesday it expects to report a net loss of approximately $5 billion in the fourth quarter of last year. That means GMAC, which has received $17.2 billion in government support, expects to lose more than $10 billion for all of 2009.In a conference call with reporters and analysts Tuesday, CEO Michael A. Carpenter disclosed the company's loss, largely driven by a $3.8 billion write-down as it works to shed its money-losing Residential Capital unit and mortgage business. 2010 Detroit Auto Show Photo Gallery2010 San Diego Auto Show Photo Gallery2011 Toyota Sienna Photo Gallery2009 LA Auto Show Photo GalleryAutoSpies.com Photo GalleriesIf you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com Share on Facebook There are photos and then there are AutoSpies.com photos!AutoSpies.com is ranked number one on Google search for auto showsRead Article
That means GMAC, which has received $17.2 billion in government support, expects to lose more than $10 billion for all of 2009.
In a conference call with reporters and analysts Tuesday, CEO Michael A. Carpenter disclosed the company's loss, largely driven by a $3.8 billion write-down as it works to shed its money-losing Residential Capital unit and mortgage business. 2010 Detroit Auto Show Photo Gallery2010 San Diego Auto Show Photo Gallery2011 Toyota Sienna Photo Gallery2009 LA Auto Show Photo GalleryAutoSpies.com Photo GalleriesIf you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com Share on Facebook There are photos and then there are AutoSpies.com photos!AutoSpies.com is ranked number one on Google search for auto shows
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