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.
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
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.