Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Bail out recipient in trouble again

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-07-12 05:54 AM
Original message
Bail out recipient in trouble again
The so called financial reform bill has done ZERO to stop this kind of thing, though I do appreciate the positive changes to my consumer credit card agreement.

Insight: Time running out for Ally Financial's restructuring

By Soyoung Kim, Rick Rothacker and Paritosh Bansal

NEW YORK/CHARLOTTE, North Carolina | Mon May 7, 2012 12:20am EDT

(Reuters) - In the fall of 2009, the board of GMAC, one of the largest U.S. auto and home-loan companies, gathered in New York to discuss whether to put its troubled mortgage unit into bankruptcy.

GMAC, now called Ally Financial, was just about to receive the last of $17 billion in taxpayer bailouts. The board, including directors named by the government, discussed whether to use bankruptcy to get rid of toxic mortgage assets that were pulling down the rest of the company, according to people who attended the meeting.

<snip>

Today, Residential Capital (ResCap) - Ally's mortgage servicing and lending unit that turned from being a profit engine to a lemon - is again on the verge of being put into bankruptcy, possibly within a week, according to sources with direct knowledge of the situation.

<snip>

Ally still owes the Treasury Department about $12 billion, and people close to the company and the government acknowledge there is no clarity as to how to pay that back.


http://www.reuters.com/article/2012/05/07/us-allyfinanc...


(Treasury refused to comment.)


"Too big to fail is too big to exist." Senator Bernie Sanders.



Printer Friendly | Permalink |  | Top
rpannier Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-07-12 06:41 AM
Response to Original message
1. Of course there's no comment
The press will never hound them for info
The politicians might ban them from the next 'Corruption Open Bar Night' where the politicians and press mingle
Printer Friendly | Permalink |  | Top
 
No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-07-12 06:57 AM
Response to Reply #1
2. U.S. Journalism is dead. It's now the 24 hour propaganda cycle,
and/or the 24 hour "shiny thing for magpies" distraction cycle.

Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Fri Aug 01st 2014, 07:41 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC