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      10-31-2009, 10:58 AM   #1
lib
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GMAC asks for third bailout

http://online.wsj.com/article/SB1256...s_Most_Popular
http://www.nytimes.com/2009/10/29/business/29gmac.html
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In a prelude to what is likely to be another direct government rescue, GMAC borrowed $2.9 billion in the bond market on Wednesday with the backing of the Federal Deposit Insurance Corporation.

But that money probably will not be enough to plug all the holes at GMAC, whose disastrous foray into subprime mortgages pushed the company to the brink of bankruptcy. GMAC is seeking as much as $5.6 billion in taxpayer money, on top of the $12.5 billion it received in two previous installments along with the growth in its lending responsibilities.

The government has already pumped more into GMAC than it did into Chrysler’s car business. If the third rescue goes through — the terms were still being negotiated — the government could wind up with a majority stake in GMAC. It currently owns 35 percent.
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      10-31-2009, 08:47 PM   #2
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Lets call this POS a loss.
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      10-31-2009, 09:38 PM   #3
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      11-02-2009, 11:20 AM   #4
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I wonder if this means I can get a good financing deal on a Grand Sport Vette.
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