Ready For More Tax Dollars To Go Down The Tube? GMAC Expected To Lose $5 Billion In 4th Quarter

GMAC Inc., the struggling Detroit auto finance company, said Tuesday it expects to report a net loss of approximately $5 billion in the fourth quarter of last year.

That means GMAC, which has received $17.2 billion in government support, expects to lose more than $10 billion for all of 2009.

In a conference call with reporters and analysts Tuesday, CEO Michael A. Carpenter disclosed the company's loss, largely driven by a $3.8 billion write-down as it works to shed its money-losing Residential Capital unit and mortgage business.

2010 Detroit Auto Show Photo Gallery

2010 San Diego Auto Show Photo Gallery

2011 Toyota Sienna Photo Gallery

2009 LA Auto Show Photo Gallery

AutoSpies.com Photo Galleries

If you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com

Share on Facebook

There are photos and then there are AutoSpies.com photos!

AutoSpies.com is ranked number one on Google search for auto shows

Read Article

Agent009 - 1/6/2010 12:47:23 PM

0 Boost

LOL.. GMAC is three floors down from my office. Every time the elevator doors open on those floors dollar bills float in.

TexLandRover - 1/6/2010 6:28:46 PM

+1 Boost

It's just 'Monopoly' money so don't worry about it.

EL34 - 1/7/2010 9:06:01 AM

+1 Boost

It's time for GMAC to be discontinued!

The same for GMC as well!