Comments on: GMAC Teetering on the Abyss

By: Landcrusher

Landcrusher — Fri, 15 Feb 2008 17:38:08 +0000

Gardiner,

There is a big difference with Cerberus. They are doing it with their own money. I say that means they can act as cocky as they want.

By: Sherman Lin

Sherman Lin — Fri, 15 Feb 2008 16:32:01 +0000

And it couldn’t happen to any nicer guys

By: Gardiner Westbound

Gardiner Westbound — Fri, 15 Feb 2008 15:49:30 +0000

Cerberus, like Enron, think they are the smartest guys in the room. Hubris will bite you in the ass every time.

By: windswords

windswords — Fri, 15 Feb 2008 15:09:34 +0000

Caption for the picture:

Dieter: “Zo, I told ze customer, dat’s not a defect, dat’s superior German engineering!”

By: jaje

jaje — Fri, 15 Feb 2008 14:31:33 +0000

Well it’s nice when GM tells the truth once in a while.

By: starlightmica (Richard Chen)

starlightmica (Richard Chen) — Fri, 15 Feb 2008 13:26:41 +0000

Bloomberg.com take on this story (non-sub)

FTA: “The good news is that we bought GMAC cheaply enough so that even with all the bad news in the mortgage market and credit markets, we still are in reasonable shape with our overall investment,” Feinberg, 47, wrote in the nine-page letter.

The letter outlines worst-case scenarios for investors, Cerberus partner Tim Price said in an interview today.

“The point of the letter was to underscore the risks in the investment,” Price said, referring to GMAC. “We don’t expect everything we outlined to go wrong and we remain bullish on the investment.”

By: Bill Wade

Bill Wade — Fri, 15 Feb 2008 13:04:31 +0000

I wonder how Ford’s credit arm is doing? Wasn’t the financing division the bright spot of their revenues for a while?