GMAC! Come On Down! You're the Next Company to Get Another Bailout!

courtesy of AMagill

One year in and the TARP money just keeps on rolling. GMAC, which financed the now-bankrupt General Motors, was the only bank unable to raise extra funds to pass the government’s recent stress test. So, what happens now? Will they be allowed to go belly up? Of course not! They will be receiving yet another installment of TARP money, in addition to the $13.5 billion they’re already received. Read the full story from the BBC here.

I can understand the need to keep certain banks afloat. And GMAC has underwritten a lot of mortgages and car loans for consumers. But, really, with the other nine banks tested doing so well that they raised excess capital, you’d think they could afford to chip in and boost GMAC without needing taxpayer money to do it.

Posted by on November 9, 2009. Filed under WorldNewsVine. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.