Ally’s mortgage misery needs a clean ending

March 27, 2012

The home loan mess still ails GM’s ex-finance unit and is still hampering its ability to repay $14 bln of taxpayer aid. Bankruptcy should be the ideal solution. But as an activist investor points out, that could get messy. Without greater clarity, Ally may want to hold fire.

from Rolfe Winkler:

GMAC shouldn’t have a government ally

November 17, 2009

Al de Molina’s tenure as CEO of GMAC was short and rocky, punctuated by bailouts and controversy over the morally hazardous tactics of subsidiary Ally Bank. His strategy hasn’t worked and Ally’s anti-competitive behavior is hurting other banks. The new chief executive, Michael Carpenter, needs to restructure GMAC so that it is no longer dependent on a government lifeline.

GMAC shows it’s time to roll up TARP

November 2, 2009

The end result is a sort of crony capitalism where TARP money -- originally meant for buying toxic bank assets -- is propping up a politically sensitive sector of the economy while subjecting it to political control.

Pull the plug on GMAC

By Christopher Swann
October 28, 2009

It is becoming ever harder to justify the drip feed of government funding to GMAC.