Treasury Pledges $7.5 Billion to GMAC, Still Has No F^%&ing Idea Where the Money Will Come From

Thursday, May 21, 2009 , , , , , 3 Comments



Nasty European porn on the Internet just got a new piece of sublime dialog (not that I'd know): "inject me with another $7.5 billion!"

So says GMAC to the Treasury. And Tim Geithner, as we know, is more than happy to give it hard to any and everyone he can.

Look at him. His brother may think he's sexy but we can all safely guess that Timmy did not get much hot tail back in the day while he was going through Diabolical Evil Puppet Training School with the other boys who'd grow up to fuck shit up. Ben Bernanke at 25? That's another story that most people probably don't want to get into. 2nd most powerful man in the world fucking everything up right under your nose, America, and you didn't even know his name a year ago. Good job. How'd American Idol turn out?

I digress. Via MarketWatch, let the great American looting continue:


WASHINGTON (MarketWatch) - The Treasury Department on Thursday evening injected $7.5 billion into auto-financing company, GMAC LLC, as part of a financial infusion that could reach $14 billion and leave the U.S. government with a majority stake in the troubled corporation. The capital injection, which is made in preferred equity, is intended to prop up the ailing auto sector by helping the GMAC make loans for purchasers of General Motors Corp. and Chrysler cars. The investment in GMAC will be made in the form of 9% convertible preferred securities. Treasury also expects to exercise the exchange rights to a $884 million loan it made to GM for common equity interests in GMAC. The investment includes $4 billion to back GMAC's anticipated growth in Chrysler dealer and retail loans. Treasury already pumped $5 billion into GMAC from the rescue package in December, but the company has been in talks for several weeks to get more money.


First Bank United, now this. The United States government is on a fucking spree today aren't they? Don't let the Treasury near late-night infomercials or we'll all be wearing mandatory "HOPE" Snuggies.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

3 comments:

Jonny said...

Fucking wonderful blog! Absolutely brilliant!!

These days I can't help but think of dear old William Burroughs and 'Naked Lunch.' I never really got that book but I always loved the story of how it got its title... Apparently, Ginsberg came up with it saying that the book seemed to catch a moment in time "when everyone would see exactly what was on the end of the fork they were being fed with..."

That feels like a very apt description of where we are now. It is all out there. Plain as day. Right in front of our faces. Any idiot can see exactly which fork they're getting and exactly what is on the end of it. Even the people on TV who play journalists can't hide it any more, it's that fucking crystal clear.

But, of course, as you also know, no one, or hardly anyone seems to give a shit.

Trawling FB last night it was like NOTHING IN THE WORLD HAD HAPPENED YESTERDAY EXCEPT AMERICAN IDOL. Nothing.

A few years ago, I would be depressed by all of this. Depressed, angry... exhausted. Not anymore. Maybe it's age. Maybe I'm just giving up. These days I'm just long $FAZ and $SRS and waiting for the shoe to drop.

Don't stop the blog.

Jonny,

Thank you for your kind comments.

I won't stop until they do, which I means I've got a long couple years ahead of me. Good thing I'm young :P

Hang in there.

$FAZ? really? but there's so much more fun to be had.

If you don't mind losing a few limbs in battle, I guess.

Jr

Jonny said...

Yeah, nothing wrong with a bit of $FAZ. Almost be rude not to at $4 summat.

Rosenberg formerly of Merrill reckons we'll be back to the March lows in no time and he's been 100% right so far... $FAZ to $10 summat? Why not?

I'll take the kids to the beach.