Guess Who Owned Ally Financial's ResCap? You Did
Minutes after Ally Financial, the bs-artist formerly known as GMAC, took its Residential Capital bankrupt, David Shepardson tweeted to his followers that all is fine:
“GM owns 9.9% of Ally Financial Inc, while @USTreasuryDept owns 74 percent”
Isn’t that reassuring?
TTAC readers are not surprised by Ally’s ResCap going under. A bankruptcy by May 14 had been predicted. Shepardson is the Washington, DC Bureau Chief of the Detroit News.
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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The solution to government giving our money to corporations is obvious: more government.
MrIncognito, "This is America. If we cared about facts, more than 25% of us would get a college degree." - I am thankful that I have my degree, otherwise, I would be one of the little people needing those big brains with the degree to take care of me.
The gist of this article is incorrect - 1) Ally owns ResCap 2) ResCap has been a money pit for the past several quarters, losing hundreds of millions of dollars 3) ResCap also faces many billions of dollars in litigation from mortgages 4) Ally decided that supporting ResCap was not worth the current and potential losses of many billions of dollars, so ResCap went bankrupt 5) The bankruptcy saves Ally many billions of dollars 6) Ally is owned by the US Treasury ergo: The bankruptcy saves US taxpayers many billions of dollars
Guys, keep it civil.