GMAC Wants MORE of your Money!!

What a disgusting pile of paracitical corruption going on and not a poliician with balls. Just talk, debt-spend and corruption gone mad. Maybe scared some Obama deciple will wreck their lives?
This CEO smells money, off to the banks...
For the recod GMAC was reputedly solvant like a bank some 5 years ago. I wonder where all that so called assets of GMAC went? Disapeared for sure.
We need a congressional investigation into this massive fraud. Sort of like Itally did with the mafia, round them all up and toss hundreds in prison. This is unparalleled corruption. And why America is failing.
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http://tinyurl.com/ygbmgtt
GMAC CEO De Molina Resigns
Alvaro de Molina resigned as chief executive of GMAC Financial Services at the request of its board of directors after barely a year in the top job.
De Molina, who had been rumored to be in the running to replace Ken Lewis at Bank of America (BAC: 16.08, -0.18, -1.11%), is expected to be replaced by Michael Carpenter, who has been a GMAC director since May, according to The Wall Street Journal, which was first to report the departure Monday. Carpenter had previously led Citigroup’s (C: 4.25, -0.03, -0.7%) investment bank.
The news, which broke as the stock markets were closing, comes as GMAC is negotiating with the U.S. government for a third round of up to $5.6 billion in TARP cash. GMAC, which is the only U.S. bank to fail the government’s “stress tests,” has already received $12.5 billion in bailout funds.
Carpenter has asked the U.S. to hold off on injecting more cash until he has time to review the company’s finances, the Journal reported.
GMAC’s board asked de Molina to resign due to its concerns over his leadership and his vision for the company, the Journal reported. He was told of the boards’ concerns during a noon meeting with GMAC’s chairman.
De Molina was a driving force behind the company’s strategy to transform into a bank holding company, giving it access to bailout funds. He came to GMAC after a 17-year career at Bank of America, where he served as chief financial officer and CEO of Banc of America Securities.
De Molina clashed with both regulators and executives from Cerberus Capital Management, which owns a 22% stake in the company. His chances of replacing Lewis at BofA were hurt by his recruitment of about 130 employees in the three years since he left the bank, the Journal reported.
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On Tue, 24 Nov 2009 18:46:52 -0700, Canuck57 wrote:

problem at exactly the same time.
I also worked for a company a number of years ago that was not in business to make money, but to get government grants. The plant was originally a part of a major international manufacturer, but the company decided to close down this plant (food manufacturing). The growers bought it and lived off government grants for years instead of even attempting to become profitable. They even turned away customers instead of attempting to build a market for their products.
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I can understand when business and jobs hit the dumper, then high end car sales would suffer, BUT remember that Ford took no money, has shown a profit. Not all three were on the ropes, apparently.
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Once again our friend Canuck57 is telling us the sky is falling LOL

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