nytimes.com — The Treasury will buy $5 billion worth of preferred equity shares in GMAC, which used to be the financing subsidiary of General Motors and is now owned jointly by G.M. and Cerberus Capital Management, the private equity firm that owns Chrysler. A Treasury official said that the deal had already closed and that GMAC already has the money.
Dec 30, 2008 View in Crawl 4
Closed AccountDec 30, 2008
Crap! Cerberus, again?More money for wealthy investor's.
rocketman42Dec 31, 2008
I guess you don't read anything outside of Digg<a class="user" href="http://news.yahoo.com/s/nm/20081230/bs_nm/us_gm_3">http://news.yahoo.com/s/nm/20081230/bs_nm/us_gm_3</a>This is exactly how the bank bailouts were supposed to work. Except all the banks kept most of the money. GMAC is actually loaning it to individuals.
tommcgrawDec 31, 2008
"GM continue to make cars that no one will buy"Sorry but GM has been the industry sales leader for many years. Yes Toyota looks like they caught them finally, but the notion that their cars are not selling is just obtuse. At worst GM is the #2 automaker in the world, after decades at #1.Every auto manufacturer is experiencing major sales drops. Most are receiving assistance from their governments, because most first world societies recognize the importance of heavy industry to the overall health of their economy. Especially in depressions.
damnyooneekDec 31, 2008
i'm from the D.C. area and i would generously say 30% of the cars are domestic. personally i don't know a single acquaintance that owns a domestic car. the reason why they don't buy a domestic car is because the resale value, looks, and the reliability. domestics are way behind. while domestic car makers are still working on engineering for a reliable transmission and engine, foreign car makers like toyota have comfortably surpassed them and now working on things like how their car doors sound when they close.
Closed AccountDec 31, 2008
Yes, a tax revolt has been on my mind constantly of late.
drazen77Jan 3, 2009
I would phrase any withholding of taxes from the govt. as a bailout of my personal economic situation. Surely they would understand that... >.>I mean, I would like the 30+k back in taxes they stole from me.
bsd12Dec 30, 2009
How can anyone in their right mind think this good? I smell collapse 2.0 coming around the corner.