Tag: General Motors

Coming soon to a theatre near you: General Motors bankruptcy #2

They just never learn…via the WSJ:

General Motors Co. said Thursday it will acquire auto-finance company AmeriCredit Corp. in a $3.5 billion deal aimed at increasing availability of vehicle loans and leases.

Good idea!

GM sees the acquisition as a way to drive up sales, which is critical as the company plans a return to the public stock markets as soon as this fall.

Starting to smell funny. Pump and dump?

Auto companies use finance arms to make credit available to boost sales of cars and trucks. Without a finance arm, GM has said it hasn’t been able to reach as many customers with subpar credit scores with lease deals and financing.

There we go…more subprime loans!

In summary the plan is to close the AmeriCredit deal, lend a bunch of money for auto purchases to people who really can’t pay the money back, then shove the resulting shit pile into the public markets.

Can you say Fannie and Freddie?

High finance deserves the middle finger

The bird is the word…

  • In a ‘who drew up the f-ing covenants’ moment, GM just received bailout money but is [insert still, perpetually, or if you feel like being witty, surprisingly] having problems getting labour costs in line. Bankruptcy filing, a certain middle finger to the public, is still on the table.
  • Long ring fingers as compared to index fingers may point to more success amongst traders. And a longer middle finger on the hands of bank CEOs gets the banks more bailout money too…
  • The same goes for the politicians when it comes to selling more US Treasury securities to unsuspecting investors, before sending out the default notices.
  • As for tech, analysts are giving the middle finger to Sony, and Apple probably isn’t far behind.
  • And on an unrelated note, today in People

  • Paris Hilton’s website is infected with malware. Information Week is actually telling the story instead of the tabloids, so if you’re a ‘Hollywood-type’ you can assume the headline isn’t just some codespeak for Ms. Hilton giving you the middle finger.