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GMAC by another name Ally

So for all of you out there, GMAC has had at least 4 seperate bailouts as no credible investment house would lend GM, GMAC, or Ally any money. Now, Ally advertises and does not up fron disclose it is GMAC and has a sub-zero credit rating.

One could call it GM 's banktrupt bank loaning out money to people with bad credit and who cannot pay back. Government just keeps tossing money at them.

GMAC realized it's name was so tainted with bailout corruption, it used Ally for the bankrupt bank brand.

Know that GMAC and GM creditors were severely screwed screwed over. Lending to Ally is a very high risk.

Compound it with interest rates and inflation going up, the sheer risk of GMAC screw debtors again, and again... you would be crazy to lend money to Ally.

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Not disclosing it is government. Not disclosing is is zero-credit worthy GMAC. Not disclosing it is bankrupt.

Government fraud sponsorsed, GMAC/Ally has cost American taxpayers the following bailouts: (I amy have missed some)

$5 billion on December 29, 2008 $7.5 billion on May 21, 2009

GMAC Ally is in default, it needed to raise $11 billion in private capital, but private capital is too smart to get sucker punched twice by a GM/GMAC debt mongering welsher. Anything GM touchs like GMAC, Delco, etc ends up screwing everyone who lends to or invests with these fraudsters.

You have been warned.

Reply to
Canuck57
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Fed money manipulators are holding interest rates down to keep Wall Street equities inflated and avoid the home loan foreclosure wave from worsening further. GM is the least of their woes. I keep my liquid cash in Ally. Best MM/Savings account interest rate you'll find. About 1.4% now, was 5% a little over a year ago. Easy on-line transfers to my non-interest checking account. FDIC guaranteed. Consider your warning ignored.

--Vic

Reply to
Vic Smith

In part, but if you are the government, and $12 trillion in debt, 1 simple percentage point is 120 billion a year. Sort of like asking a debtor what interest rate they would like to pay, near zero of course.

But yes, with reduced earnings expected, 2 dividend versus 0 at the bank looks good. Problem is that it can't last long. No one is going to lend money at 0 percent, it in essence CAUSED the imbalance at the banks.

If you keep in Ally, make darned sure it is FDIC insured. With their GM hertigage, they haven't got a track record of paying up. In essense, you are on deposit with the US government. And I would not lock in, or long term with them. But on principle, I wouldn't deal with them either.

Reply to
Canuck57

Wrong again. ALL Banks are self insured by the FDIC"

Reply to
Mike Hunter

You are a net debtor, so it does not mater to you.

But why put money in Ally? Even if it is FDIC insured, which only certain accounts are, that only covers $250,000. If you have $500,000 in there, and they screw up again, and history tells us they probablt will you run the risk of loosing a chunch of change. Even if FDIC insured, how long does it take to get your money? And FDIC does not insure the interest portion.

Just not worth the hassle. We talk of banks know> Wrong again. ALL Banks are self insured by the FDIC"

Reply to
Canuck57

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