GMAC Q4 Loss Comes In At $5 Billion A Week After Taxpayers "Acquire" The Defunct Company
Well at least US taxpayers, who are now proud majority owners of GMAC aren't blowing their money, $3.8 billion most recently to be exact, for nothing. Oh wait, they are. But at least Obama still has the union vote: GM December sales came in at -13% YoY and GMAC still lost $5 billion in Q4. But don't worry, the bottomless hole will return all this and much more for taxpayers. After all, Obama said so. In the meantime, everyone clean out your pockets: several tens of billions of more GMAC losses coming our way until GM finally gives away enough cars for free to have its VPs beaming on CNBC about what great a prospect giving cars away for free is, courtesy of endless taxpayer financing. In other news, nobody gives a rat's ass: after all China and the Primary Dealers will buy the one eighth of the next 5 year auction needed to finance this loss at 2.6%. And all shall be well.