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General Motors Company Message Board

  • iffydog iffydog Oct 22, 2012 4:39 PM Flag

    21.4 BILLION LOAN TO GM

     

    Bloomberg Sept 21 2012 GMAC LLC bonds rallied after Citigroup agreed to lend 21.4 billion to General Motors Corporation OPEN MOUTH Yes dumber than 2nd grader! A few days later they got the full 25 BILLION.

    Sentiment: Strong Sell

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    • iffydog, you have GOT to be the dumbest person on the planet. That article was written in Sept, 2007, before the bankruptcy. You heard about the bankruptcy, right?? That GM doesn't exist anymore. Did you think I wouldn't check it out? That may work with your pals at the gas station, but not with me. Here's the text from the LA Times on Sept 13, 2007:

      "Bonds of mortgage and auto lender GMAC rallied Wednesday after Citigroup Inc. agreed to lend $21.4 billion to the company, which is owned by General Motors Corp. and Cerberus Capital Management.

      The support enables Detroit-based GMAC to finance new loans after the worst housing slump in 16 years has reduced the company's access to credit and caused losses of more than $1.15 billion at its Residential Capital home-loan unit."

      GMAC is now known as Ally Bank and GM hasn't been a majority owner since 2006 when they sold 51% to Cerberus Capital Management. Currently GM only owns 9.9% of Ally, not even close to being consolidate onto GM's books.

      You really ought to stick to your dumb hit and run one liners, you just don't understand this stuff.

 
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