"GMAC Financial Services is seeking a third round of bailout funds from the U.S. Treasury Department, according to a report in the Wall Street Journal....the U.S. government could provide an additional $2.8 billion to $5.6 billion to the lender....The U.S. has already injected $12.5 billion in the lender since December 2008 and owns a 35.4% stake in the firm, which is the primary lender to customers of General Motors and Chrysler."
One of the things that the capital market is reasonably good at is knowing when to say when and to cut off a dying firm from new capital. Politics make this a much more difficult task to taxpayer owned firms.
1 comment:
It's the usual throw money around and see if anything improves basically by accident because of it. All this money, yet still no jobs being created, but the knuckleheads in DC, including Obama, convincing the bozos that believe anything they say they actually "saved" jobs despite not able to tell us which ones and how.
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