7 Votes

Boost it!

Third Time Around? GMAC Goes Begging For More Cash From The Fed

Agent009 submitted on 10/28/2009 Official Bell & Ross Timestamp: 10:47:51 AM

6 user comments | Category: Misc News | Source: | SOURCE: www.msnbc.msn.com

GMAC, the former lending arm of General Motors Co.

, is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. autoindustry.

The Treasury Department mandated earlier this year that GMAC Financial Services raise an additional $11.5 billion in capital after undergoing a "stress test" along with 18 other banks. While other banks deemed undercapitalized have been able to raise funds from private investors, GMAC has been forced to go back to the government.


2009 SEMA Auto Show Photo Gallery

2010 Porsche 911 Turbo Photo Gallery

AutoSpies.com Photo Galleries

If 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


Read Article

Third Time Around? GMAC Goes Begging For More Cash From The Fed

About the Author

Agent009

"If everything seems under control, you're just not going fast enough."

— Agent009 (View Profile)


User Comments

LexSucks

It's Obama's fault that GMAC doesn't know how to run a business, therefore causing goverment bail-out or takeover. Its all a part of the master plan to create Obama Motors. lol!

— LexSucks (View Profile)

Posted on 10/28/2009 11:24:09 AM | reply to this comment | Votes: -1   

LexSucks

Fwiw, I think that we should allow them all to fail. Throwing money at a failed business model is a waste of money.

— LexSucks (View Profile)

Posted on 10/28/2009 11:26:55 AM | reply to this comment | Votes: 5   

Invisible

I totally agree. Plenty of other places to borrow money! Let GMAC go out of business.

— Invisible (View Profile)

Posted on 10/28/2009 11:36:26 AM | | Votes: 5   

dumpsty

It should be fairly clear now that GMAC can not survive on its own. Doesn't Cerebus Capital still own a major stake in GMAC? The govt should allow them to fail and be broken up through the normal bankruptcy/market process.

— dumpsty (View Profile)

Posted on 10/28/2009 1:04:17 PM | reply to this comment | Votes: 6   

truckman

If they have to bail them out they should fire the execs and hire a team of university grads to take there place and get paid by how much they make for the company, it makes me sick to hear that they gave themselves bonuses on taxpayers money! Its bad enough that they got the money in the first place, just to go into the hands that caused the trouble.

— truckman (View Profile)

Posted on 10/28/2009 3:56:39 PM | reply to this comment | Votes: 4   

CarCrazedinCali

GMAC needs to piss off and just die, they do not deserve any further help. Businesses that are poorly run are supposed to go under, lessons are learned that way.

— CarCrazedinCali (View Profile)

Posted on 10/28/2009 9:47:06 PM | reply to this comment | Votes: 5   

Add your Comments

Images hosted in your AgentSpace can now be posted in the comments section using the following syntax (case matters): [img]IMAGE URL[/img]
Example: [img]http://agent001.myautospies.com/images/sample.jpg[/img]