"...three years into his tenure as chief executive - and with a host of still nettlesome challenges awaiting him - Mr. Mulally has thus far proved to be the unifying figure that Ford has needed for decades..."
"...All of this is beginning to show up in Ford's bottom line. It reported $1 billion in earnings in the third quarter of 2009, its first profitable quarter in nearly two years..."
Full Story...
Maybe Obama aught to give GM to Ford for $1 just to get them out of our pockets. Then close down the other blood sucker, GMAC too.
GMAC is a FDIC insured BANK, GM has nothing to do with GMAC, dummy.
You mean other than owning part of it? And using it to finance cars?
Ed
The wikipedia article is interesting also -
Not so, GM sold controlling interest in GMAC to Ally Bank before it when into bankruptcy. GMAC in now a bank and no longer a finance Company
That's correct GMAC.... (Financial Services)..., formerly known as General Motors Acceptance Corporation, is a US bank (Ally,) HOLDING company, not a Corporation or part of the new Corporation know as GM.
Search GMAC Bank for a reference. If you are interested in punching CD's, as I did, GMAC Bank has the highest current rates, particularly on CD's over $100,000.
"Not so" what???????
You said "GM has nothing to do with GMAC." This is clearly a false statment since GM still owns an interest in GMAC and GM still depends on GMAC to provide financing to delers and Consumers. Plus you called a person "dummy" because they said "Then close down the other blood sucker, GMAC too." They didn't even claim that GM owned or controlled GMAC. They just said they should close it down without specifying ownership. So you were wrong twice - once for claiming "GM has nothing to do with GMAC" and then for trying to imply that they said GM had something to do with GMAC. Now be honest, don't you owe Canuck an apology for calling him a dummy?
Finally, what makes you think GMAC Financial Services isn't still a Finance Company? GM didn't sell GMAC to Ally Bank. On the contraty, GMAC Financial Services created Ally Bank. From
"Ally Bank is a U.S. online bank chartered by the State of Utah and regulated by the FDIC and the State of Utah. All customer call centers are based in North America. Ally Bank is one of several funding sources for GMAC Financial Services' retail and wholesale automotive, commercial and residential mortgage financing operations."
So GMAC Financial Serives still a Finance Company, that owns a bank (Ally Bank) that they use to provide funds for the finance company operation. These days GMAC Financial Services provides financing to both GM and Chrysler dealerships.
Ed
Apples and oranges, the point is GMAC was a General Motors corporation, controlled by General Motors, that is no longer the case. "GMAC Financial Services" and the new corporation know as GM is not the same thing and yes Canuk57 IS a dummy.
Yep, GM and Carlyle sucked it dry, then had executives give loans to people with bad credit, no problem as long as you buy a GM....
Jus tto keep the GM ponzi scheme going...
Now saddled on the taxpayers.
When GMAC should have just been liquidated.
Canuck57 does not think you should have to pay for m business.
Why do you think I should pay for GM corruption?
Pretty obvious you support corporate tax slavery of Americans.
Mike,
You have this wrong. GMAC was not sold to a bank. GMAC was spun off, with the government having controlling interest (at least for now). GMAC already had a bank, and renamed it Ally Bank. Ally bank did not buy GMAC. Read the link and maybe you'll get it right.
From my prior post...
GM didn't sell GMAC to Ally Bank. On the contraty, GMAC Financial Services created Ally Bank. From
"Ally Bank is a U.S. online bank chartered by the State of Utah and regulated by the FDIC and the State of Utah. All customer call centers are based in North America. Ally Bank is one of several funding sources for GMAC Financial Services' retail and wholesale automotive, commercial and residential mortgage financing operations."
Ed
If you are correct then the information given to us in our stockholders report at the time was false. I guess I should file a stock fraud complaint SEC.
More likely you need to read the information. Go the GMAC Financial Services web site
"Until 2006, GMAC was a wholly owned subsidiary of GM. On Nov. 30,
2006, GMAC began a new era as an independent finance company when GM sold a 51 percent stake in the company to a group of investors led by Cerberus Capital Management, L.P."Dec. 24, 2008 was a key turning point in GMAC's history when it was approved as a bank holding company by the Federal Reserve Board under the Bank Holding Company Act.
"Another defining moment for the company was when GMAC entered into an agreement with Chrysler in April 2009 to provide auto finance products and services to Chrysler dealers and customers. This allowed GMAC to leverage its core strength of auto financing and become part of a solution with the U.S. government to restructure the auto industry.
"In May 2009, GMAC's ownership structure was amended again when GM and Cerberus significantly reduced their holdings in GMAC, leading to future diversity in the ownership structure of the company.
"As of Sept. 30, 2009, the company had approximately $178 billion in assets, with 15 million customers worldwide."
Current ownership structure is shown at:
Ed
Thank you for doing a search for me that confirms what I have been saying all alone, and that is that GMAC has not been owned by GM for several years or has any control over it today. As to provide financing for Chrysler, I though I mentioned that in a previous post, as well.
GMAC has been taken by the government and renamed Federal Unified Corporate Kapital
Which is also how GM keeps it's sales artificially up in the US. Obama says lend - spend - lend... bank part issues credit to GMAC no one would touch ever. GMAC then lends it to people who can't quality at Ford, Toyota, Honda, BMW or other. Just GM & Chrysler.
When it all collapses, taxpayers again get the shaft as they are now the major owners.
Sort of sucks to have the corrupt into our pockets doesn't it?
Obama already squashed two. There were two lawsuits to get GM to open up the books and pay up as is customary in bankruptcies, both judges issued unusually terse and quick judgements as not to hold up GM in bankruptcy. Corruption at it's finest. GM even had an outstanding warrant to pay for false financials, yet Obama didn't use SOX to go after the CEO and CFO.
Go figure. Corruption just like in 3rd world countries. I am sad the US has deteriorated this much.
Good post, Mike should read the facts and not more union drivel. Because this is just a huge scam, biliking of taxpayers and not one executive has been charged. It wasn't too long ago GMAC was flush with cash but then no one wants to disclose where all that money went.
This is the biggest corruption scam of all time. Hopefully someday it will be realized as such.
Yep, GM sold it to Carlyle to keep going, screwing bond holders who would have had that for collateral. Carlyle sucked out the cash as juicy dividends leaving GMAC broke, and made bad loans to keep GM selling and DC off their tails.
GMAC wanted to be a bank as it was bankrupt and no one would lend it money. And Bush/Obama/Federal Reserve let them create one. Obama's private bank of corruption to buy votes.
Corupti> Thank you for doing a search for me that confirms what I have been saying
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