Black Holes
…just keep sucking up the government’s your money:
From the WSJ: GMAC Asks for Fresh Lifeline. The WSJ is reporting GMAC is in “advanced” talks with Treasury for another bailout: “The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into [GMAC], on top of the $12.5 billion that GMAC has received since December 2008 … “
It just never ends. It would be hilarious if it wasn’t so sickening.
Update: I see I’m not the only one with the ‘black hole’ image: “GMAC Joins the Black Hole Club”:
The numbers aren’t as impressive as AIG’s but the general premise is the same. The automaker’s financial service arm it asking for a third taxpayer-provided cash transfusion. Might help if someone stanched the bleeding first.
But no, bleeding is part of the game plan. The reason for more dough to GMAC is so GM and Chrysler can continue to finance auto purchases, not as a result of greater than expected losses on its existing portfolio. So this is cash for clunkers under another brand name.
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FDIC guarantees $2.9 billion in GMAC bonds.
Comment by BMB — 10/28/2009 @ 2:50 pm
Disgraceful.
Comment by Maria — 10/28/2009 @ 3:14 pm