Or rather, at his friends in the UAW:
The U.S. Treasury said today it will inject another $3.8 billion into troubled lender GMAC, part of a deal that will boost the federal government’s stake to 56% and attempt to staunch the company’s losses from bad mortgages.
All of the money injected by the Treasury will essentially go to shoring up GMAC’s ResCap unit, the arm best known for ditech.com and other housing-boom related mortgage offers that crashed as housing prices withered over the past couple of years. GMAC said the move, along with a $3.3 billion write-down in mortgages at ResCap and Ally Bank, should allow it to explore a sale or other action for ResCap.
"By protecting the financial performance and strength of our core automotive finance operations, we expect to increase the pace at which we can fully repay the U.S. taxpayer,” said GMAC Chief Executive Officer Michael A. Carpenter.
The money comes on top of $12.5 billion that the U.S. Treasury had previously invested in GMAC to keep it afloat as the lender of choice for car buyers and dealers at General Motors and Chrysler
We now own a majority stake in this rapidly failing enterprise:
GMAC will become the sixth company the U.S. has taken control of in the past two years.
Public-private mortgage lenders Fannie Mae and Freddie Mac, auto manufacturers General Motors and Chrysler and the largest commercial insurer in the U.S., American International Group.
Ain't it fun playing with other people's money? Heckuva job, Barry ( to quote that well known right wing whacko,The New York Time's own Maureen Dowd).