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