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Watchdog: GMAC bailout could cost taxpayers $6.3B

WTOP, by DANIEL WAGNER

The Treasury Department sank billions into auto finance giant GMAC Inc. without an exit strategy or proof the company was viable _ a decision that could cost taxpayers $6.3 billion, a new watchdog report says.

The government said the $17.2 billion bailout was a necessary step to save troubled automakers General Motors and Chrysler. GMAC provides critical financing to auto dealers, who borrow to finance their fleets until the cars can be sold to consumers.

Yet GMAC faced far fewer conditions than the bailed-out automakers, the report says. When the automakers were rescued, they were forced into bankruptcy. Shareholders lost their investments, creditors took a hit and executives were forced to detail plans for making the companies viable.


Posted by: Sammy on 03/11/10 at 07:09 AM
    Page 1 of 1 pages
  • 1. · Along with all the bailouts and insatiable spending, I foresee a complete and total collapse of our economic system...but then again, maybe that's the strategy....

    Comment by cheryl  on  03/11/10  at  08:13 AM | [Back to Top] | [Back to Main]
  • 2. · The Treasury Department sank billions into auto finance giant GMAC Inc. without an exit strategy .
    Just like the irac war exept that cost us 10 billion a month for 8 years.
    Guess we can always barrow from china they have more money than they know what to do with.
    they were smart when it came to fuel efficent cars and thanked us for selling hummers,suv s and than raising the gas price.


    But hey maybe we can come up with some more bass asward ideas like sell weapons to our enemys or let everyone out of jail.

    Comment by amphibia  on  03/11/10  at  09:34 AM | [Back to Top] | [Back to Main]
  • 3. ·
    Guess we can always barrow from china they have more money than they know what to do with.


    We have already borrowed billions from China!

    Çhina can literally tell us to put up or shut up anytime it pleases.

    I wonder if you've noticed that China is also buying up large amounts of property (mostly land) in the U.S.

    What's that tell ya?

    Comment by cheryl  on  03/11/10  at  10:27 AM | [Back to Top] | [Back to Main]
  • 4. · "We have already borrowed billions from China!"

    YES- that was my point and you say China is buying land.
    Who is selling it to them and for what?
    $$$$$$$$$$$$$$$$$$$$$
    Insatiable spending goes way back.
    Collapse of our economic system (a strategy)
    Are you really wanting the best possible outcome
    Fine if you are against something but go to negative (I am guilty of this myself) and lose sight of whats realy going on.

    Comment by amphibia  on  03/11/10  at  12:51 PM | [Back to Top] | [Back to Main]
  • 5. · My guess is that the GMAC bailout was a political favor in return for all the union votes that hel;ped put Obama in office. The whole auto bailout stunk of political payback.

    Comment by shadowdiver  on  03/11/10  at  01:18 PM | [Back to Top] | [Back to Main]
    • Page 1 of 1 pages

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