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Author Topic: Report: GMAC to get another $3.5 billion in federal aid  (Read 1417 times)

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Offline thundley4

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Report: GMAC to get another $3.5 billion in federal aid
« on: December 30, 2009, 10:21:26 AM »
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WASHINGTON: The government was moving ahead Wednesday on a fresh multibillion dollar cash infusion to stabilize auto financing company GMAC Financial Services, according to a person with knowledge of the matter.

GMAC, based in Detroit, is instrumental to the operations of automakers General Motors Co. and Chrysler Group LLC. It has already received $12.5 billion in taxpayer money and is 35 percent owned by the federal government.

The person, who spoke on condition of anonymity because discussions weren't complete, says the new infusion would be in the range of another $3 billion. That would fall short of the roughly $6 billion the government had earlier thought GMAC would need to stabilize the company.

An announcement of the injection could come late Wednesday or on Thursday, the person says.

After the government conducted "stress tests" on financial institutions earlier this year, it demanded that that GMAC raise an $11.5 billion capital cushion to help it weather further economic decline. GMAC was unable to raise the funds privately.
Ohio.com


Of course the continued operations of GM is necessary for the continued support of the UAW for Lord Zero.   You don't hear the DUmmies complain much about the UAW GM bailouts.

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Offline Hawkgirl

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Re: Report: GMAC to get another $3.5 billion in federal aid
« Reply #1 on: December 30, 2009, 04:04:48 PM »
I will NEVER buy a car made by GM.  I refuse to support a company that lives of the government tit.
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Offline Oceander

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Re: Report: GMAC to get another $3.5 billion in federal aid
« Reply #2 on: December 30, 2009, 04:08:45 PM »
Nice, another sneaky little sub-rosa throwing-away of taxpayer money as additional payola to the UAW.  God I hate the Democrats; they're like bedbugs.
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Offline Hawkgirl

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Re: Report: GMAC to get another $3.5 billion in federal aid
« Reply #3 on: December 30, 2009, 04:24:30 PM »
Quote from: Oceander on December 30, 2009, 04:08:45 PM
Nice, another sneaky little sub-rosa throwing-away of taxpayer money as additional payola to the UAW.  God I hate the Democrats; they're like bedbugs.

Yup...just securing more votes on the tax payer's dime.
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Offline Carl

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Re: Report: GMAC to get another $3.5 billion in federal aid
« Reply #4 on: December 30, 2009, 05:53:58 PM »
Quote from: Hawkgirl on December 30, 2009, 04:24:30 PM
Yup...just securing more votes on the tax payer's dime.

Isn`t about half of the "stimulus" still waiting to hit public employee/teacher union pockets next year too?
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Offline BadCat

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Re: Report: GMAC to get another $3.5 billion in federal aid
« Reply #5 on: December 30, 2009, 06:08:40 PM »
Just FYI...the "new" Ally Bank, which has been advertising on Fox lately....IS GMAC.
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Offline bkg

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Re: Report: GMAC to get another $3.5 billion in federal aid
« Reply #6 on: December 30, 2009, 06:25:27 PM »
Quote from: Hawkgirl on December 30, 2009, 04:04:48 PM
I will NEVER buy a car made by GM, Chrysler or any of their related brands.  I refuse to support a company that lives of the government tit.

FIFY.

I predicted this would happen in September. People thought I was FOS.
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Offline JohnnyReb

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Re: Report: GMAC to get another $3.5 billion in federal aid
« Reply #7 on: December 31, 2009, 01:00:48 PM »
Does this mean our free ponies have been upgraded to a new pickup?
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