After $17.2 BILLION Of Your Tax Dollars GMAC Still Has No Plan To Repay ANYONE

I'm confused, I thought I heard they were ahead of their payments? Or is this some technical detail?

GM the car company is on pace for partial payback.

GMAC is the financial wing that reorganized itself as a financial institution in order to gain access to TARP funds. So far they have proved to be a money pit.

Lets remember that GMAC isn't owned or operated by GM anymore at all. It became a part of Chrysler before the controlling firm (I can't remember the name) decided to keep GMAC and let Chrysler go BK.

GMAC did not become a part of Chrysler. Cerebus Capital Management purchased 50+ percent of GMAC and got caught up in the morgage lending mess. When Chrysler went through Chap 11 there lender was Chrysler Financial which still exists. The Obama Admin tried to force Chry Financial to take tarp money and ChryFi refused it saying they were fine and did not need it which was the case. The Obama Admin then made the statement that ChryFi wouldn'take the money because there CEO and upper management wanted there "Big Bonuses" which was not the reason but most likely happened. In turn The Obama Administration told the public that GMAC would be the primary lender for Chrysler. That was the payback for Cerebus to let go of its controling interest in Chrysler. Currently GMAC mortgage arm is the one in trouble and the Treasury Dept wants to break it up and give the auto are back to GM.

Thanks BFG, I didn't remember the details but did know that GM wasn't an owner anymore.

SInce the Government invested so much in GM, there is a business plan..
Milk the Toyota issue for what its worth, bring in a few dodgy witnesses.. pay them off.. follow the money trail !! and after all this the customers should hopefully flock back to GM !!

91z4me- Actually as of 12/31/2009 The Federal Government owns a majority interest in GMAC. GM and Cerebrus both stepped away as huge shareholders.

WSJ 12/31 - The Treasury Department has said for months that GMAC would need more federal money, but the decision to increase the government's ownership stake came as a surprise, cutting against the grain of the Obama administration's recent efforts to wind down its bailout of large banks.

I think we spent 20 Billion in one day in Iraq, I dont see any plans to get that back either.

GROSS STUPIDITY and corruption that led us to iraq, is NO EXCUSE for small stupidities and corruption like gmac.

Iraq, you don;t necesary see it paid back to the Government.. what is has done is to stabalise the oil supplies and further stamp the rule of trading in Dollars for oil which keeps demand for dollars..

Oh..well that makes perfect sense them. Spend over a trillion $$ and send soldiers out there to perish to stabilize oil costs and unceremoniously dispose of a mouthy tyrant. Got it!

The whole economy in USA depends on dollars demands.. The whole of the US economy is worth alot more than 1 trillion right !! Is money well spent don't you think..

It isn't well spent if they do change over to use the euro as the new international standard.

There are talks to do that? I can't see it happening but..

the dollar has bounced back, and fears now are the the Euro will take a dump as greece, portugal, and the other little piggies come home to roost! (to mix metaphors).

the fact remains, the estimated $3 TRillion iraq will ULTIMATELY cost is one of the huge cement shoes on the u.s. economy. (there are others too.)

3 trllion is nothing right ? The Fed will just print it and sell the debt to other nations.. all part of the game plan..

you got it.

BUT, we still gotta pay interest on the debts. (which yes, will be paid with YET MORE printed greenbacks.)

the big gripe/question is, why do the Feds pour out all this money (real and printed) to greedy corps, ceos, etc. etc. but yet is SO STINGY when it comes to helping ordinary americans?

Another predictable one from Agent009.
You seem to have a penchant for articles that either blame the government for everything or hates American car manufacturers. When you can't find such an article you make conjectures.
Sorry Agent009 there won't be a revolution to topple to the governmnent nor will there be a backlash.