GMAC Asks For $2.8 Billion More In Taxpayer Money

Wall Street Journal:

The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008, these people said. The latest infusion would come in the form of preferred stock. The government's 35.4% stake in the company could increase if existing shares eventually are converted into common equity.

Read the whole story: Wall Street Journal

Comments

[inorbit]

At least they can tell us what thev've done with it.

I hope.

[NWBrunette]

NO!

[Georgia1992]

H E L L NO!

[Watain]

Government Motors….or Gobamavernment Motors

[viperhawk2k4]

NO MORE BAILOUTS!!­!!!!!!!!!!­!!!!!!!!!!­!!!! FROM NOW ON ITS F***ING TIME THE TaXPaYER GETS tHE MONEY! REPUDIATE ALL DEBTS FOR PEOPLE MAKING 150,000 A YR. AND BELOW! ENOUGH OF THIS MADNESS

[Layman23]

You are so right about that. Everyone wants a handout for failing to do their jobs !

[sheila]

this taxpayer says no. feel free to bill anyone who supports opening their OWN vein for you pigs, but don't you dare spend one dollar of mine on this (or your pathetic wars, if we are ever actually going to see the bill for those). please spend all my money on loan programs so that homeowners can retrofit with efficiency upgrades and solar panels. it's a democracy, right?

hahaha. only kidding. of course you can have all my money. we in the middle class LIVE to serve you in the mercenary class. thank you sir, may i have another?

[Democratuser]

We need more stimulus spending. More jobs programs. Lets pray that Obama can get it done. Millions of lower & middle class Americans are falling through the cracks. We need a bailout to help them, not the banks.

hat tip to http://financeopinionss.blogspot.com

lets get unemployment benefit extension passed

[pissedmichael]

I know I don't know anything about high finance, or 'too big to fail,' but I can't help it, I'm with: 'No,no,no,­no,no,no,n­o,no,no!
GMAC is turning out to be just like private health insurance and banks. They set no limits on how much they are willing to screw us all. For that alone, they need to be done away with. I am, however, sympathetic to the work force that has labored all of these years on their behalf. It's not their fault their company has so wounded their ability to innovate and compete. It's not their fault the shareholder became the reason for existence business model.

[MaxTruth]

Sell off the pieces and be done with it.

[bola47]

NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO

[jsarets]

A few years ago, GMAC got bored of issuing the same old auto loans and decided to have some fun with "innovative" mortgage-derived products. Whoops...

[William50]

Here we have a poorly run business, managed by the same people who ran it into the ground in the first place wanting more money, hay we will give you worthless stock for more money, and the government, also being run by a group that thinks you can buy yourself out of poor business practices and not too great of merchandise, thinking why not, after all its only a few billion and we don't want them to have a bad Christmas.
If you are thinking about more money then every one in management has to be fired with no extra cash. Pack your bags, the security staff will escort you to the door and find a way home as your car has been taken, along with your home. This paying off for bad management has to stop. NOW!
I would also suggest that the make money accountants in Washington be fired and a few hard nosed farmers and small business owners be allowed to take a look at the books. Hell. most anyone who is running a home can do better then the GMAC and federal accountants.
middleamerican2010
Casey

[Carl Caroli]

Is it bonus time already? Goodness how time flies.

[econ1]

Stop......please stop.

[Bloggerrogr]

NO!

Let 'em fail!

Let the shareholders eat the loss.

No more bailouts while Americans scavenge garbage cans to find food!

FWIW