GMAC, U.S. Government Said to Discuss $4 Billion More in Aid

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ASusilovic

Dec. 29 (Bloomberg) -- GMAC Inc., the home and auto lender, is discussing with the Obama administration an additional aid package of about $3 billion to $4 billion, according to a person familiar with the matter.

The size of the assistance remains under negotiation, the person said on condition of anonymity because the talks are private. A deal may be reached within days as Detroit-based GMAC incorporates losses from its home-loan businesses, the person also said. The objective is to restore the company to profit in the first three months of next year, the person said.

“We have been conducting a strategic review of our business and evaluating options to address the challenges at ResCap and at the mortgage operation,” GMAC spokeswoman Gina Proia said today in an interview.

“As we stated on Nov. 9, Treasury is in discussions with GMAC to ensure its capital needs, as determined last May by the stress tests, are met,” Treasury Department spokesman Andrew Williams said in an interview.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aP4fyIZ3f.sI&pos=1

Everything just fine in the US of A...
 
Throwing more billions at a worthless company. What do these free handouts prove to a failing company?? Anyone.... Guess you can fuck up all you want and still receive all the free money you want. I never learned this in business 101, the textbooks I read never said anything about failing companies being able to receive free handouts, wow is this a fucked up economy or what. Of course all the fools will tell you everything is fine and dandy. Another fucking joke being played.
 
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