Here Comes Another GMAC Bailout

Wednesday, December 30, 2009 , , 0 Comments

I guess that Ally Bank isn't making as much money as GMAC had hoped as they're sniffing at the great government teat again. Or so we hear from an AP source:

The government on Wednesday was moving ahead with a fresh multibillion dollar cash infusion to stabilize auto finance company GMAC Financial Services as it continues to struggle with big losses in its home mortgage unit, according to a person with knowledge of the matter.

The person, who spoke on condition of anonymity because discussions weren't complete, says the government aid would range around $3 billion. That would be less than the roughly $6 billion the government had earlier thought GMAC (GJM) would need to stabilize the company.

Hmmm, this is absolutely not surprising or anything.

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.