• 03/04/2015 - 16:46
    What people and central bankers do not understand, is that you can't devalue your way to prosperity. Absolutely nothing has changed since the last crisis. The same too big too fail banks have only...

GMAC

Tyler Durden's picture

Breaking Bad (Debt) - Episode 2





Under normal circumstances, after 2008's conflagration of the calamitous collateralizations, we shouldn’t have seen such irrational, reckless, greedy behavior from Wall Street for another generation. But, Wall Street didn’t have to accept the consequences of their actions. They were bailed out and further enriched by their puppets at the Federal Reserve, the lackey politicians they installed in Washington D.C., and on the backs of honest, hard-working, tax paying Americans. The lesson they learned was they could continue to take excessive, reckless, unregulated risks without concern for losses, downside, or consequences.

 
Tyler Durden's picture

2008 Deja Vu: GMAC Confirms SEC Probe Of Subprime Loans, Will "Investigate Itself"





While not entirely surprising, the fact that GM Financial has admitted that:

*GM FINANCIAL: SEC PROBING SUB-PRIME LOAN SECURITIZATION

Of course, we should not worry about this... we are sure it is "contained" as GM reports it is "investigating matters internally" - just like it did with the ignition switch year ago?

 
Reggie Middleton's picture

The Auto Industry: Financing a bubble like you've never seen before...





Well, actually, we have seen this bubble before haven't we? Is GM really doing that well? In 2007, they did well too. In 2008 their finance arm= .gov bailout, 2009 GM Bankrupt! It's amazing what mainstream media will report, and even more amazing how many "smart" people (including analysts) will go along with it. Reggie's truth laid bare...

 
Tyler Durden's picture

Sayonara Global Economy





The surreal nature of this world as we enter 2015 feels like being trapped in a Fellini movie. The .1% party like it’s 1999, central bankers not only don’t take away the punch bowl – they spike it with 200% grain alcohol, the purveyors of propaganda in the mainstream media encourage the party to reach Caligula orgy levels, the captured political class and their government apparatchiks propagate manipulated and massaged economic data to convince the masses their standard of living isn’t really deteriorating, and the entire façade is supposedly validated by all-time highs in the stock market. It’s nothing but mass delusion perpetuated by the issuance of prodigious amounts of debt by central bankers around the globe. But now, the year of consequences may have finally arrived.

 
Tyler Durden's picture

2014 Year In Review (Part 2): Will 2015 Be The Year It All Comes Tumbling Down?





Despite the authorities' best efforts to keep everything orderly, we know how this global Game of Geopolitical Tetris ends: "Players lose a typical game of Tetris when they can no longer keep up with the increasing speed, and the Tetriminos stack up to the top of the playing field. This is commonly referred to as topping out."

"I’m tired of being outraged!"

 
Tyler Durden's picture

Ally Financial (Formerly GMAC) Admits DoJ Subpoenas On Mortgage-Related Activities





If yesterday's Citi debacle was a buying opportunity (which it is according to the pre-market), then news that Ally Financial (formerly GMAC) is under regulatory and DoJ investigation must be great news:

*ALLY CITES REQUEST FROM SEC ON SUBPRIME AUTO FINANCE PROBE & MORTGAGE-BACKED SECURITIES; REQUESTS INCLUDE SUBPOENAS FROM DOJ

Of course, do not forget that GM itself recently admitted to the DoJ probing its subprime auto loan underwriting practices. But, but, but - isn't this exactly what FHFA's Mel Watt wants?

 
Tyler Durden's picture

The Only Financial Ratio That Truly Matters





When stock prices go all wonky, as they have in recent days, it pays to think a little about what really moves asset prices and determines long term business success.  For ConvergEx's Nick Colas, the key driver has been – and always will be – return on capitalWhat investment analysts know as the DuPont model is now 100 years old, but its lessons and applications still drive innovation today.

 
StalingradandPoorski's picture

Settlements and Fines from TBTF Institutions Since the Crisis





Let's take a look at the amount of settlements/fines from various banks and financial institutions around the world since the crisis.

 
Tyler Durden's picture

GMAC 2.0: ALLY Opens Below Its IPO Price





Another day, another 'failed' IPO. Ally Financial - aka GMAC - that bastion of subprime auto loans and risk management, IPO'd at $25 last night (at the very bottom of the $25 to $28 range) but investors seem to prefer to sell their allocations than pile into this 'bank'. Enabling the Treasury to exit more of its losing proposition (raisng $2.38 billion), ALLY opened well below its IPO price... at $24.25. As a gentle reminder, ALLY filed to go public in March 2011.

 

 
Tyler Durden's picture

Guest Post: The Subprime Final Solution





The MSM did their usual spin job on the consumer credit data released earlier this week. They reported a 5.4% increase in consumer debt outstanding to an all-time high of $3.051 trillion. In the Orwellian doublethink world we currently inhabit, the consumer taking on more debt is seen as a constructive sign. The storyline being sold by the corporate MSM propaganda machine, serving the establishment, is that consumers’ taking on debt is a sure sign of economic recovery. They must be confident about the future and rolling in dough from their new part-time jobs as Pizza Hut delivery men. Plus, they are now eligible for free healthcare, compliments of Obama, once they can log-on. Of course, buried at the bottom of the Federal Reserve press release and never mentioned on CNBC or the other dying legacy media outlets is the facts and details behind the all-time high in consumer credit. They count on the high probability the average math challenged American has no clue regarding the distinction between revolving and non-revolving credit or who controls the distribution of such credit. A shocking fact (to historically challenged government educated drones) revealed by the Federal Reserve data is that credit card debt did not exist prior to 1968. How could people live their lives without credit cards? 1968 marked a turning point for America...

 
Tyler Durden's picture

Single Digit Stock Price Makes RedBerry The New BlackBerry





First it was Research In Motion, then in an act of desperation (remember, it's not GMAC, it's Ally Bank although it can't IPO no matter what) it changed its name to Blackberry. And while we doubt it will happen, perhaps today's plunge of the stock price back to single digits should result in the final and correct name of the company that may have run out of kitchen sinks: RedBerry.

 
4closureFraud's picture

Full Deposition of Angela Edwards “Robo-Verifier” as Servicer for the Plaintiff for Verification of Foreclosure Complaint





No matter the amount and severity of lawsuits, settlements, and bad publicity, it appears that the act of signing without proper authority or knowledge as to that which one is signing, continues.

 
rcwhalen's picture

Fred Feldkamp: The End of Off Balance Sheet Liabilities





The 2011 actions of the FDIC ending the safe harbor for true sales locked in a solution to TBTF

 
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