U.S. taking majority ownership of GMAC

[tpsbmam]

Source: Washington Post

Breaking, developing story -- no article yet

The federal government said Wednesday it will take majority control of the troubled auto lender GMAC, providing another $3.8 billion in aid to the company, which has been unable to raise from private investors the money it needs to staunch its losses.

GMAC, which already has taken $12.5 billion in direct federal aid along with other forms of government support, is the largest lender to General Motors and Chrysler dealerships and to their auto-buying customers.

Read more: http://www.washingtonpost.com

[AngryAmish]

1. Of course we are

We are just constantly shit upon by our banking masters, are we not?

[notadmblnd]

2. don't forget mortgages.

This problem wasn't caused by people defaulting on their car payments.

[saigon68]

3. Disgusting Just Disgusting

The base will be staying home

[Romulox]

5. Perhaps you missed Citi's recent $35 billion tax break?

:shrug:


edit: typo! :blush:

[saigon68]

8. What's a "Task Break"?

A tax break maybe-- and yes if its that I missed it.

[Romulox]

9. It's a typing error. Very clever of you to point it out while missing Citi's massive new bailout!

Ready to get really disgusted? :eyes:

"IRS Tells Citigroup to Keep $38 Billion in Tax Breaks"

http://www.allgov.com/ViewNews/IRS_Tells_Citigroup_to_Keep_38_Billion_Dollars_in_Tax_Breaks_91218

Citigroup deal includes huge tax break

http://www.upi.com/Business_News/2009/12/16/Citigroup-deal-includes-huge-tax-break/UPI-93521260979862/

IRS Gives Citigroup Huge Christmas Present

http://www.cbsnews.com/stories/2009/12/16/politics/washingtonpost/main5985234.shtml

[saigon68]

11. Doubly disgusting

I heard about it

Thanks for the links. ;-), :-)

My bride spends time volunteering at the local food bank. Last week they ran out of everything except a load of bread that was about to expire. Hunger is rampantly present in amerika. :-(

Glad I fought for "democracy" </sarcasm>

[Dr.Phool]

4. They're still very heavy into mortgages.

I saw one of those Ditech commercials on late night TV. The interest rate was low, about 4.6% for a 30 year fixed, and I figured I'd check it out. I was thinking about a re-fi, just on the mortgage. No cash.

I filled out the app online, and they Fed Ex'ed me a package the next day. They bait and switched me to a one point higher interest rate, and the loan came with almost $10,000 in fees.

They called a couple of days later to ask if I signed it and sent it back yet. I said "Fuck You"!

[Goldstein1984]

6. They need to hear more of that

[NJCher]

19. had the same experience, to the letter

at one time they actually were OK--I had them as my lender for awhile but it was a long, long time ago. At some point they went totally, 100 per cent greedy.

I just laughed in their face when they told me 10,000 in closing costs. I went to a local bank and got my closing costs down to something like 4500.




Cher

[BP2]

7. Bailing out the bankers and badly-run businesses is a shitty

business model for the US government to be involved in.

If these businesses do good, or badly, they still keep going because the taxpayer is there with open wallets.

Why should they even bother to do well when their survival is assured?

[WriteDown]

10. Considering GMAC employs about 13K....

this is understandable.

[Romulox]

12. How many GM jobs have Steve Rattner, Timmy Geithner axed?

Way more than 13K, I'd wager.

[WriteDown]

13. True enough.

They basically made GMAC into the new Fannie Mae.

[SpartanDem]

14. How many were saved by not letting the companies go under?

[treestar]

17. True

That's probably the motivator. Banks don't employ CEOs only.

[twitomy]

15. The marriage of business and govt is a fascist trait.

Seems to be a lot of that going around lately starting with Bush and continuing w/ Obama
Horrible.

[robcon]

16. Stupid idea. Let them fail.

n/t

[hugo_from_TN]

18. Another $3.8B flushed down the toilet.