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Unread 05-18-2007, 08:58 AM   #16
Chris_
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Quote:
Originally Posted by Double Dog
GM unloaded the finance arm to reduce their exposure to sub-prime mortgages. I have my home financed throught their mortgage division. They are making money off me!
No they didn't. GMAC was making GM's profit, but they couldn't develop anything because they had a junk credit rating over their ties to GM. When they sold a controlling portion, GMAC's credit went up, and they were ultimately expected to be even more profitable resulting from the prospective growth.

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Unread 05-18-2007, 09:19 AM   #17
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Quote:
Originally Posted by Chris_
No they didn't. GMAC was making GM's profit, but they couldn't develop anything because they had a junk credit rating over their ties to GM. When they sold a controlling portion, GMAC's credit went up, and they were ultimately expected to be even more profitable resulting from the prospective growth.
LOL You must own GM. O.K., it was because GMAC was paying 2-3 pts. higher for money than they used to because of their links to GM and GM needed the cash. What was GMAC trying to develop?
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Unread 05-18-2007, 10:20 AM   #18
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Originally Posted by Double Dog
LOL You must own GM. O.K., it was because GMAC was paying 2-3 pts. higher for money than they used to because of their links to GM and GM needed the cash. What was GMAC trying to develop?
I have no idea. Today is my last day to work for GMAC. I'm getting out before this ship sinks.
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Unread 05-18-2007, 01:01 PM   #19
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Originally Posted by sharpie


You may have beat me at this battle, but we will meet again...... yes.... we will meet again....
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Unread 05-18-2007, 01:02 PM   #20
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I just hope that

Cerberus does not = Stealer of American workers pensions for profit
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Unread 05-19-2007, 01:00 AM   #21
Double Dog
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Originally Posted by Chris_
I have no idea. Today is my last day to work for GMAC. I'm getting out before this ship sinks.
Hooah! Gettin's
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