i guess scorecard reads, "uaw - 1; taxpayers - 0".
http://www.caseyresearch.com/displaycdd.php?id=444
scroll down "ally-oops".
"ally bank (formerly gmac )...has been increasing percentage of leases in portfolio 2 3x on last few months. in fact, company reports in first quarter, had 12% of loans in leases, 4% quarter earlier.
why worrying? because seems comments general motors executives many of these new leases have been subsidized types known inflated residuals encourages lessees drive cars off lot in droves guarantee losses lender.
such, ally acting loss leader captive finance arm, moving crappy inventory gm's balance sheet onto ally’s crappy receivables, making gm lot healthier in interim. scam hit wall when leases start expire in 36-48 months , ally left holding bunch of cars can’t sell paid them.
gm have ipo'd again and, courtesy of mutual funds , other institutional investors, individuals own more of failed/failing car company in 401(k)s. meanwhile, government have sold of stake (at massive loss likely, unless gm miraculously trades @ 2 or 3 times valuation of competitors right through dumping of more half market equity) , left big banks first lenders in line paid before equity holders."
when ipo comes out, don't invest. if have 401(k), guard carefully. otherwise, you'll queen's elevator: royal shaft.
note en passant ally has continued bailout money; somewhere around 5 billion or so, last read.
damn obama!
worst bank loan officer we've ever elected president of united states!!!
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