In the opening moments of the above scene from the flick “Fargo,” Oldsmobile dealership sales manager Jerry Lundegaard is working up some bogus paperwork to cover his tracks with General Motors Acceptance Corporation (GMAC). We can infer that he sold some floor-planned cars and did not pay back GMAC, which was the impetus for the movie’s storyline of his bumbling attempt to extort money from his father-in-law.
Jerry’s store may have been “out of trust” with GMAC on a few dozen 1987 Cutlasses, but that pales in comparison to the scheme concocted by New York car dealer John McNamara.
Between 1980 and 1991, McNamara convinced GMAC to advance him $6.2 billion to pay for 248,000 conversion vans that did not exist. It was one of the largest Ponzi schemes in history and ended up costing GMAC $436 million, equal to $725 million in today’s dollars.
We would like to show you a photo of McNamara but none are to be found. That may be because it is believed he went into the Witness Protection Program a few years after his conviction for fraud in 1992. Just picture Lundegaard with a really big brain.
McNamara’s brilliant swindle was deliciously simple. It was based on one undeniable truth he learned from his years of owning a Buick-Pontiac-GMC dealership on Long Island: General Motors and GMAC were too incompetent and too bureaucratic to figure out that they were being scammed.
Mike BeranekThe suicide door T-Bird in blue is a stunner. I love the look of that car.
CprescottInteresting car. Even in its current condition it looks better than any Honduh made in the last decade. Honduhs already come with a built in junkyard designed look - mishmash of elements that don't work well together.
Arthur DaileySigh ............. now we are getting to the 'interesting' part.1st tier PLC: Mark III, IV, V and Eldorado. 2nd tier: Toronado, T-Bird, Riviera, Cougar. 3rd tier: Regal, Gran Torino Elite, Cordoba, Cutlass Supreme, Grand Prix, Monte Carlo.
CprescottIf you own one of these, the insurance company should refuse to fix any external damage since that IMPROVES the looks. Bone stock, it is hideous.