The federal government Monday deepened its involvement in the U.S. automotive industry by committing $6 billion to stabilize GMAC LLC, a financing company vital to the future of struggling car maker General Motors Corp.
In a sign the government’s role in the industry could become open-ended, the Treasury Department said Monday it had set up a [...]
“A billion here, a billion there, and pretty soon you’re talking about real money.”
WASHINGTON (AP) — The Treasury Department said Monday that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., from the $700 billion bank rescue program.
The government will receive preferred shares that pay an [...]
GRAND BLANC, Mich. (AP) — The financing arm of General Motor’s Corp. has until midnight Friday to clear a final hurdle in its quest to become a bank holding company, even though it already received the Federal Reserve’s stamp of approval earlier this week.
GMAC Financial Services LLC must complete a complicated debt-for-equity exchange by 11:59 [...]
The Federal Reserve has opened Cerberus, oops I mean GMAC, to the TARP money. Cerberus/Chrysler will sell Jeep to GM and finance it with TARP money through GMAC. Genius! Cerberus wins, GM wins, rich get richer, taxpayers get dumped on, only in America.
Is anyone else getting a little bitter about all of this?
http://www.cerberuscapital.com/
I’ll bet [...]
“CHICAGO (MarketWatch) — GMAC Financial Services said Wednesday that its application to become a bank holding company under the Bank Holding Company Act of 1956 has been approved by the Board of Governors of the Federal Reserve System. In addition, GMAC Bank has received approval from the Utah Department of Financial Institutions to convert to [...]
The senate’s reluctance to give Dtetroit $14 billion aside, here are two news items from last night that I think foretell what will happen in the next several weeks:
1. GMAC was only able to get 25% of its investors to restructure their portions of the company’s debt; about 75% of the investors were needed to [...]
MS has sold 3B of CDs. So this is the new business model. Instead of borrowing from the commercial paper market, these newly minted “banks” are gonna use proceeds from CDs and make leveraged bets. Actually a quite interesting model. The CD are stable funding sources that can bring them more staying power. But I [...]
By Christine Harper
Nov. 6 (Bloomberg) — The most senior executives at Wall Street firms will have their bonuses slashed by as much as 70 percent, more than other employees, amid falling revenue and political pressure, according to a report by Johnson Associates.
The executives whose pay is disclosed in public filings will have the [...]
By Christine Harper and Serena Saitto
“Oct. 27 (Bloomberg) — Five straight quarters of losses and a 70 percent slide in its stock this year haven’t stopped Merrill Lynch & Co. from allocating about $6.7 billion to pay bonuses.
Goldman Sachs Group Inc. and Morgan Stanley, both still on track for profitable years, have set [...]
NEW YORK (Dow Jones)–A window has opened for banks large and small to do what
looked like a tough task only a few weeks ago: Raise common equity in the open
market.
That window may close soon, in part because short sellers might be back next
month and third-quarter earnings reports are looming. These two events are
unlikely to make [...]
BCB Bancorp Details Fannie, Freddie Exposure >BCBP
Last Update: 9/12/2008 3:59:46 PM
DOW JONES NEWSWIRES
BCB Bancorp Inc. (BCBP) said Friday that it expects to record a non-cash,
other-than-temporary impairment on its investments in Fannie Mae (FNM) and
Freddie Mac (FRE) preferred stock.
The Bayonne, N.J., bank holding company said in a regulatory filing that, at June
30, it had $3.01 million [...]
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