The Artist Formerly Known As GMAC Comes Back To Mami - Partially
Bailed-out GM agreed to pay about $4.2 billion for the European and Latin American operations of likewise bailed-out Ally Financial, formerly known as GMAC.
Ally, 74 percent owned by the U.S. government, did put the international operations up for sale to raise money for the repayment of bailout funds. The money now comes from GM.
The deal is expected to add $300 million to $400 million to GM Financial’s annual earnings before taxes.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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Yep. GM needs to be investing this money into their product line and making quality vehicles. Then again, had it not been for bad mortgages and what not, GMAC would have been able to keep GM afloat and no bailout would have been needed. So I read somewhere once.
I thought that this site was about car topics. The election is over. It does not matter who you voted for, the election is over. I am not a GM fan. I will never buy another GM car. I have owned a 55 Chevy, a 57 Chevy, several Corvairs and last and least a Chevette. I do not like GM. However, this constant GM bashing by some of the "best and brightest" is becoming old very quickly. GM management made mistakes that drove the company into bankruptcy. With the economic situation in the country, the company could not be allowed to fail. The economic situation is better, if GM gets into a bankruptcy situation again, it will be allowed to fail. Can we please get over the politics and get back to auto topics?
Business in America... Step 1: Sell finance unit before markets collapse. Step 2: Let govt bailout said financial unit and restructure it back to profitability on taxpayer's dime. Step 3: Buy back the profitable parts of the financial unit for pennies on the dollar. Step 4: ?????? Step 5: Profit.
to hell with akerson yo