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Friday, July 23, 2010
Déjà vu - GM to Buy AmeriCredit
GM – 61% owned by We the People - is buying AmeriCredit for $3.5 billion in order to give un-creditworthy customers a chance to end up in hock to them. It's part of their plan to expand their market by 'qualifying' buyers who haven't the resources to buy a car. Sound familiar? GM once owned GMAC which owned DiTech which was a giant in the sub-prime mortgage business. GMAC – through it's subsidiary Ally Financial – is into Uncle Sam for over $50 billion. How much do you think we'll lose on this new deal?