My gut felling, GM will file for bankruptcy in the very near future. -----Original Message----- From: Gruss Gott [mailto:[EMAIL PROTECTED] Sent: Thursday, October 23, 2008 8:53 PM To: cf-community Subject: GMAC Going Down. Will GM?
Word on the street is that GMAC is this close >< to being swarmed by the feds. (1.) Their rates SUCK! (are car loans even avail right now? below prime? I dunno ...) (2.) GMAC is cut off from any source of capital. They can't get a bank loan and NOBODY is in the mood to buy their securities (thaaaat's right. Those pesky derivatives!). This mean not only does nobody want their money, but they have no money to give. (3.) GMAC has ~$150B of assets against ~$175B of debt, $20B of which is bank deposits. And it's majority owner, PEG Cerberus, would be insane to try to save it. So GMAC is goin' down VERY soon. Word is that the Feds are going to lock down the bank tomorrow night. So what about GM?? (1.) GM still owns about 50 percent of GMAC so if it goes bankrupt GM will take a hit. (2.) GM's customers will have to find loans on the open market. (3.) 80% of GM's dealers use GMAC for loans. They'll have to find a new lender and/or go down too. Not looking good for GM. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:276344 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
