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October 28, 2009
Another Bailout for Government Motors
Posted by Gregory of Yardale at October 28, 2009 5:53 AM
Remember my post last weekend linking to an article in which Obama Car Czar Steven Rattner bragged about how he and his brilliant team of super-geniuses saved General Motors? Remember that? Here, I'll link it for you.
Anyway, it turns out the super-geniuses may not have saved GM as good as they thought they did, because GM is fixin' to ask for another bailout; this makes three if you've been counting.
The U.S. Treasury Department is in talks with GMAC Financial Services Inc about a possible third cash infusion to the company, an Obama administration official confirmed. The official declined to say how much additional money was under discussion for GMAC, which already has received $12.5 billion of taxpayer funds. The Wall Street Journal said the government may have to inject another $2.8 billion to $5.6 billion into the Detroit-based lender.
Still, it's a pittance compared to the hundreds of billions Tim Geithner's buddies at Goldman Sachs and AIG got.
(Hat Tip: Jammie Wearing Fool)
Comments
These clowns hold my mortgage. After they outsourced their escrow service to some Texas company called First American (ironicall probably staffed by mostly illegal Mexicans - as per my phone conversations with them), it was a total crapshoot as to whether my property taxes were paid on time. After I threatened to sue GMAC they finally agreed to let me pay my own taxes.
Posted by: Warren Peace at October 28, 2009 8:19 AM
