One objective of this blog is to encourage productive discussion and debate within the "comments" forum. Leaving comments has been made easier. No registration is required. Comments can be left anonymously. A Hassle free and easy forum to leave a comment. However, any inappropriate comments will be deleted by blog administrators. Thank you for commenting so your voice can be heard.

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?

No comments:

Post a Comment