GMAC

http://online.wsj.com/article/SB10001424052748704234304574626613952095966.html?mod=WSJ_hps_LEFTWhatsNews#articleTabs%3Dcomments

GMAC getting another 3.5 BILLION. This on top of the 12 BILLION they received last year.

Never ceases to amaze me the second a big bank hiccups the US Treasury opens up the cash drawer and starts piling the money on the table. There is no limit for the corporate banks.

Meanwhile where the real people live it is a daily struggle and nobody cares.........

http://www.nytimes.com/2009/12/30/nyregion/30foreclose.html

"In New York City, where 20,000 homeowners faced foreclosure this year, a recent study by the Center for NYC Neighborhoods found that lenders have offered new or trial mortgages to just 3 percent of the homeowners who have sought help."

So basically the big banks took the TARP money. Then they took the 75 Billion (the government handed them) to re adjust people mortgages (but then didn't re adjust them. They simply pocketed the money). In the end they will still foreclosure and get the homes. So it is a win win win for the big banks.

http://www.usatoday.com/money/autos/2006-04-03-gm-deal_x.htm

What is interesting about the GMAC bailout is 1) When GM sold GMAC in 2006 it was profitable. 2) One of the companies that ended up buying them (Citibank) has already received TARP money. So Citibank got bailed out (as Citibank) and then they got bailed out a second time as GMAC. Must be nice.....That is like GM receiving a bailout for Buick, then a separate bailout for Cadillac. I suppose if we wait long enough that might just happen too.