Wednesday, January 7th, 2009
Ezra Merkin may soon be ousted from his position as Chairman of GMAC, the troubled financing arm of General Motors. There's no point in detailing the many woes facing GM and GMAC since they've been chronicled extensively, but suffice it to say GMAC is facing huge problems which can't ...
Posted in Business Fraud | No Comments »
Sunday, January 4th, 2009
The average person these days in America has to get a sick feeling in the pits of their stomachs every time they think of the "bailout" of the financial industry. Credit lenders went crazy and lent money to anyone with a pulse, and now the taxpayers are bailing them ...
Posted in Stock Highlight | 1 Comment »
Friday, January 2nd, 2009
The US government is now a part owner of auto-loan lender GMAC. Uncle Sam has injected $5 billion of fresh capital into the struggling company. In exchange, they'll receive 5 million shares of preferred stock in the corporation. The shares come with an 8% annual interest rate ...
Posted in Stock Highlight | No Comments »
Thursday, December 25th, 2008
GMAC becomes a bank on the same day the company's chairman, J. Ezra Merkin, is sued for losing billions of dollars. As Don King used to say, "Only in America." Considering the nature of GMAC's business, there were plenty of critics who though their proposal to become ...
Posted in Business | No Comments »
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