"GMAC will shed jobs, close 3 offices" by Bloomberg News | February 4, 2010
SAN FRANCISCO - GMAC Inc., the auto and home lender controlled by the US government, plans to cut about 554 jobs and close three offices as it tries to stanch loan losses.
GMAC may report an annual loss of more than $10 billion for 2009.
Taxpayers gave GMAC a $3.79 billion infusion from the Treasury Department on Dec. 30, on top of about $13.5 billion previously earmarked for the firm in two previous bailouts. The government hold a 56 percent stake and could wind up with more than 70 percent, the lender has said.
In this case, GOVERNMENT means YOU, taxpayers!!!!!!
Oh, of course not.
--more--"
And they set a record for losses, folks.
"GMAC posts record quarterly loss
SAN FRANCISCO - GMAC Inc., the auto and home lender controlled by the US government, posted a record quarterly loss in the fourth quarter, driven by charges tied to the declining value of mortgage assets.
WTF is a CAR COMPANY doing in the MORTGAGE MARKET?
The loss from continuing operations was $3.9 billion, compared with a gain of $7.7 billion a year earlier, Detroit-based GMAC said.
Bulls*** accounting, right?
GMAC’s loss was $4.95 billion after writing down mortgage assets at the Residential Capital LLC and Ally Bank mortgage units.
For the full year, GMAC’s net loss was $10.3 billion.
Just dig into that wallet a little deeper, American.
What do you mean there is nothing there?
Chief executive Michael Carpenter, 62, is seeking to restore GMAC’s profitability and has been considering “strategic alternatives’’ - Wall Street parlance for a unit’s sale or shutdown - at ResCap.
Taxpayers gave GMAC a $3.79 billion infusion from the Treasury Department on Dec. 30, on top of about $13.5 billion earmarked for the firm in two previous bailouts.
The United States controls a 56 percent stake and could wind up with more than 70 percent, the lender has said.
In this case, Americans, United States means YOU!
Doesn't always, you know.
--more--"
And WON'T BE GETTING a DIME back from 'EM (as GM hauls ass out of the country)!
Related: GM Getaway Car Hauls $81 Billion in Tax Loot Away
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