On June 7, 2009 I predicted:
This is another disaster waiting to happen. I’m guessing we’ll see the ruins of the 31yr old in charge of GM sooner rather than later.
Well, here it is. GMAC, also known as Ally Bank, is now asking for a further bailout. It’s worth revisiting what the American Banking President, Edward Yingling, said about Ally’s banking practices back in June:
“This aggressive deposit strategy is particularly egregious when it is used by a troubled bank in which the government holds a controlling interest,” said ABA president and CEO Edward Yingling in a May 27 letter to Federal Deposit Insurance Corp. chief Sheila Bair. “Such a bank is significantly shielded from investor and market influences that might otherwise act as a brake on risky financial strategies.”[...]
Who they gonna blame now? This shit will never end… GM and it’s offspring will be the zombie government children of the economic apocalypse, much like Amtrak… Welcome to Obamanomics.
Tags: Ally Bank, Auto Bailout, GMAC, LinkedIn
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on Wednesday, October 28th, 2009 at 11:03 am and is filed under News & Politics.
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