It's inconceivable to me that you are this dim, but apparently you are. Let me try again. The figures you cite are for GM Financial. GM Financial is the former AmeriCredit which was purchased by GM. What was AmeriCredit's business? SUBPRIME LOANS! So, yes, genius, a significant percentage of a subprime lenders portfolio is likely to consist of SUBPRIME LOANS! This is from Wikipedia: "AmeriCredit's loan parameters would originally provide financing (at an interest rate of between 10% and 23% APR) to clients with credit scores around 500 who can prove employment and residency, though the company has become increasingly more stringent over the past few years."
GM Financial is moving into prime loans, but most prime loans for GM cars are held by other lenders at this time. The important point is this - overall, GM does not have a significantly larger percentage of subprime borrowers than their competitors. Can you get that through your incredibly thick skull?!
"It appears profitable right now--but it won't be."
There is at least one major difference between the housing meltdown and subprime auto loans - the value of the underlying asset. A major cause of the housing crisis was the collapse of housing prices. This is highly unlikely to happen with autos - so when the lender is forced to repossess the asset has the value it was projected to have.
"Oh, I know. And GM has lost money on them and will continue to do so."
Do you actually think about the things you write? I realize you have a low opinion of GM management but do you really think they would continue to make loans in a category where they lose money? You do understand that subprime loans carry a significantly higher interest rate? That this higher rate subsidizes the higher rate of defaults?
This business is profitable - which is why all the car companies do it. Smarten up. will ya!
"Was her intent to deceive? That I can't speculate about yet."
Wow - this is new! Since when have you been reluctant to speculate? Your entire posting career is based on speculation - most of them proven wrong. What got you religion?
PM, it's time for you to seriously consider getting back into some inpatient treatment. Stupid questions about old computers? I fear you are becoming deranged.
"OK, I don't care who you are, that's funny"
Yeah, it seems that someone has kidnapped Cobra and replaced him with someone pretty clever. He's definitely on a roll lately!
"Actually, it was killing me that I couldn't see the beating that PM was undoubtedly getting from Wngr..."
I admit I enjoyed it too, but part of me has to feel some sympathy for poor ol' PM. I've noticed even Webby has the sense not to go toe to toe with Wngr - I can't imagine what possessed PM to think he had a snowball's chance. Remember, PM, the reason the story of David and Goliath is so memorable is because it's so implausible - and so rare. If there were even the slightest doubt, you've proven you ain't no David.
"If you need remedial reading, maybe this isn't the board for you."
Careful what you wish for there, Webby. Should that standard be enforced you'd lose most of your basher ilk.
"I'm sure there are other reasons too..."
A very nice explanation Wngr, but, of course, an incorrect one if I may speak for Webby. The correct answer he was looking for is "insiders are selling because they are finally realizing what Webby has known all along - this stock is a loser and they'd best get out while the gettin' is good".
There you go, Webby - saves you the trouble of responding to Wngr. You're quite welcome.
"You must drive people crazy with your convoluted, twisted use of the language."
Not to be argumentative, but I think it has more to do with his incredible stupidity.
"I disagree.Although Jeyes writing skills are not perfect, he has the upper hand on pee wee more times than not."
Agreed! That's why I said "might"!
"Chebster, haven't you ever heard the ancient Chinese saying, 'The enemy of my enemy is my friend'?"
Not so sure the military analogy works real well here. Were we to have an intellectual war of supporters vs. bashers, I'd say you might get past Jeye and then you'd be toast!
"So many people despise GM its not funny"
Wasn't it nice of fallen angel to finally take the bait? You must have been ready to explode!
"And BTW, I'm not making fun of your inadequate writing skills. I just copy and paste what you said."
Maybe not, but would you hire a consultant with PM's mastery of the language? Maybe if you needed consultation on which corner he should wear the sandwich board promoting your income tax service, but that would be about it.
I can see why you would welcome Mo to your basher ilk. He clearly has the requisite intellect. A selection of his recent posts: "lol", "Fart!" "Hi Turd!" (this was so clever it was worth posting three times!), "Piece of shiet".
At least he has a certain economy of language. Welcome to the Ilk, Mo!
" i trust you and i have better things to do than this..."
Apparently not. I invite anyone on this board to decipher this latest PM post. What the devil is he rambling about? I freely admit I have no idea. Shouldn't a consultant be able to communicate a little better than this?
Seriously, PM, this has gone on plenty long enough - what do you really do for a living?
"Apparently, WPP is a giant communications/marketing company"
Actually, they are the world's largest advertising agency. Oddly, someone very close to me interviewed with Satish Korde for this job prior to the LaNeve hiring. Team Detroit was the name created when Ford consolidated all of their external advertising and marketing with one company.
"So HE's the one responsible for making sure the Pace Car doesn't burst into flames. That explains a lot."
Good sleuthing, Webby!
Yep, he was supposed to ensure there were no kinked wires in the Pace Car light installation. As a result, Chevy has lost important sales opportunities for the new SS from highly intelligent people such as yourself who are justifiably worried about trunk fires in case they decide to install similar lights in their new SS trunk. Kind of a shame, really.
"These are just off the top of my head that are officers in their companies. I can get more if you like."
Not bad for top of the head! Nice to have you back, Wngr! Although slapping down PM and the recently resurrected MAllen isn't ordinarily all that impressive, whacking both back to back like this kind of is! Well done!
Here's one that might be more to PM's liking - Brent Dewar was recently named COO of NASCAR.